Current through Register Vol. 54, No. 44, November 2, 2024
(a)
Retention. A broker or
cemetery broker shall retain records pertaining to a real estate transaction
for at least 3 years following consummation except for the following which
shall be retained for 6 months:
(1) The
acknowledgement portion of the consumer notice applicable to the sale or
purchase of real estate in §
35.336 (relating to disclosure
summary for the purchase or sale of residential or commercial real estate or
the lease of residential or commercial real estate or lease of residential or
commercial real estate when the licensee is working on behalf of the tenant)
when there is not a real estate transaction.
(2) The acknowledgement portion of the
consumer notice applicable to time shares in §
35.338 (relating to disclosure
summary for time-share estates).
(3) The acknowledgement portion of the
consumer notice applicable to leases in §
35.336 and §
35.337 (relating to disclosure
summary for the lease of residential or commercial real estate when the
licensee is working on behalf of the owner).
(4) The written disclosure statement
establishing a subagent or transaction licensee relationship required by §
35.281(b)(3)
(relating to putting contracts, commitments and agreements in
writing).
(b)
Production of documents.
(1)
A broker or cemetery broker shall produce the records required in subsection
(a) for examination by the Commission or its authorized representatives upon
written request or pursuant to an office inspection under §
35.246 (relating to inspection of
office).
(2) A corporation,
partnership or association that holds a broker's or cemetery broker's license
shall produce its corporate, partnership or association records for examination
by the Commission or its authorized representatives upon written request or
pursuant to an office inspection under § 35.246.
The provisions of this §35.286 issued under the
Real Estate Licensing and Registration Act (63 P. S. §§
455.101-455.902); amended under sections 404, 606-606.6 and 608-608.3 of the
Real Estate Licensing and Registration Act (63 P. S. §§
455.404, 455.606-455.606f and
455.608-455.608c).
This section cited in 49 Pa. Code §
35.284 (relating to disclosures of
business relationships); and 49 Pa. Code §
43b.8 (relating to schedule of
civil penalties-real estate and cemetery brokers, real estate
schools).
