For how long must a real estate broker retain transaction records in Illinois?

In Illinois, the requirement for real estate brokers to retain transaction records is established to ensure compliance with regulatory standards and to provide necessary documentation if disputes arise. Brokers are mandated to keep these records for a period of 5 years from the date of the transaction. This timeframe is designed to offer sufficient time for addressing any potential issues or inquiries related to the transactions, such as audits or legal matters that might develop after a deal has been closed. Retaining records for a longer period can protect both the broker and their clients, ensuring that there is clarity and accountability in the handling of real estate transactions. Hence, the correct duration for retaining transaction records aligns with this 5-year requirement.