Virginia Law

A. The principal broker must maintain financial records regarding any real estate transactions under the authority of the broker's license. Such records must be readily accessible from the broker's place of business. The records must contain:

1. From whom money was received;

2. The date of receipt;

3. The place of deposit;

4. The date of deposit;

5. The final disposition of the funds; and

6. Any other information required in this chapter.

When a principal broker's office is located outside of Virginia and the firm has a branch office in Virginia, a copy of these records must be readily accessible in the Virginia office.

B. The principal broker must maintain a bookkeeping or recordkeeping system that must accurately and clearly disclose full compliance with the requirements outlined in this section. Accounting records that are in sufficient detail to provide necessary information to determine such compliance must be maintained.

C. A principal broker or supervising broker must maintain and retain the following records:

1. Each brokerage agreement must be retained for three years from the date of execution. Each disclosure and consent to dual agency or dual representation and disclosure and consent to designated agency or designated representation must be retained for three years from the date of execution.

2. All documents pertaining to a transaction, including a complete and legible copy of each executed contract of sale, any executed release from contract, any executed lease agreement, any executed property management agreement, each settlement statement related to a real estate transaction, and unrepresented party in disclosure in the broker's control or possession unless prohibited by law. Such records must be retained for three years from the date of closing or from ratification if the transaction fails to close.

3. A complete and accurate record of such receipts and their disbursements for moneys received on behalf of others. Such records must be retained for a period of three years from the date of the closing or termination of a sales transaction, or the termination of a lease or conclusion of the licensee's involvement in a lease.