What must a broker keep for at least five years?

The requirement for a broker to keep books, records, and files pertaining to transactions for at least five years stems from legal and regulatory mandates that ensure accountability and transparency in real estate transactions. This retention policy allows for the proper auditing of transactions and protects both clients and brokers in case disputes arise. The records include various documents such as contracts, agreements, and correspondence related to the transactions, which can be vital for verification and compliance.

While the other choices may involve different types of documentation, they do not reflect the comprehensive nature or the regulatory importance attached to transaction-related records. Keeping a robust set of transaction records is fundamental for brokers to demonstrate adherence to industry regulations and to manage their business effectively.