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119B.170. Records to be maintained by broker of record; inspection and audit
1. The broker of record shall obtain from each purchaser of a membership a signed receipt for a copy of the public offering statement and shall keep the receipt along with a copy of any contract of sale or other sales agreement and other material related to the sale in his files. The records must be kept for 3 years after the contract is signed or for 1 year after the final payment has been made on any contract for the sale of the property, whichever is longer.
2. If the records are kept at a location other than the principal place of business of the broker of record, the broker of record shall notify the division in writing of the location.
3. The records of the broker of record may be inspected and audited by the division at any time during regular business hours.
Added to NAC by Real Estate Div., eff. 2-18-87
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