A Nevada broker receives a written complaint from a buyer about a transaction. The broker must retain transaction records for at least how long under NRED regulations?

Explanation

Nevada Administrative Code (NAC) 645 requires real estate brokers to retain all transaction records, trust account records, and related documents for a minimum of 5 years. NRED may audit broker records at any time. Proper record retention protects brokers in case of complaints, lawsuits, or regulatory investigations. Records include purchase agreements, escrow instructions, agency disclosures, correspondence, and trust account ledgers. Electronic records are acceptable if they are retrievable and unalterable.