02-039-400 Me. Code R. § 3

Current through 2024-46, November 13, 2024

Section 039-400-3 - Record Retention Schedules; Format

1. Generally

All real estate brokerage records, including real estate trust account and supporting records, transaction files, and other brokerage-related records, are to be under the control of the designated broker and made available to the director upon request. Except for rejected offers and counteroffers, which must be kept for one year from the date of the rejected offer or counteroffer, the following records must be kept by the designated broker for 3 calendar years after all funds held by the designated broker in connection with a transaction have been disbursed to the proper party or until the conclusion of the transaction, whichever last occurs:

A. The original or a true copy of all purchase and sale contracts;

B. Listing or buyer brokerage representation agreements, appointed agent consent forms, disclosed dual agent consent forms and the Real Estate Relationships Form required under Chapter 410, Section 9 of the Commission's rules;

C. Property disclosure forms, data sheets and other property information prepared by the real estate brokerage agency or one of its affiliated licensees to promote property for sale or purchase;

D. Real Estate Trust Account ledger records, as listed in Section 2(7) of this chapter; and

E. Real Estate Trust Account reconciliation records, as listed in Section 2(8) of this chapter.

2. Electronic Format

Real estate brokerage records may be maintained in electronic format, as defined by 10 MRSA Chapter 1051. An electronic record means a record generated, communicated, received or stored by electronic means. Such electronic records must be in a format that has the continued capability to be retrieved and legibly printed. Upon request of the director, printed records shall be produced.

02-039 C.M.R. ch. 400, § 3