Connecticut License Law
A Connecticut licensee receives a subpoena to provide records from a client transaction. The licensee must retain real estate transaction records for a minimum of:
A2 years
B3 years
C5 years✓ Correct
D7 years
Explanation
Connecticut real estate licensees are required to maintain records of all real estate transactions for a minimum of 5 years. Records include contracts, agency disclosures, earnest money receipts, and correspondence.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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