2006 Minnesota Statutes

82.45 RECORDS.
    Subdivision 1. Delivery. Each real estate broker, real estate salesperson, or closing agent
shall furnish parties to a transaction a true and accurate copy of any document pertaining to their
interests as the commissioner through appropriate rules may require.
    Subd. 2. Examination of records. The commissioner may make examinations within or
without this state of each broker's or closing agent's records at such reasonable time and in such
scope as is necessary to enforce the provisions of this chapter.
    Subd. 3. Retention. A licensed real estate broker shall retain for three years copies of all
listings, buyer representation and facilitator services contracts, deposit receipts, purchase money
contracts, canceled checks, trust account records, and such other documents as may reasonably be
related to carrying on a real estate brokerage business. The retention period shall run from the
date of the closing of the transaction, or from the date of the document if the document is not
consummated. The following documents need not be retained:
(1) agency disclosure forms provided to prospective buyers or sellers, where no contractual
relationship is subsequently created and no services are provided by the licensee; and
(2) facilitator services contracts or buyer representation contracts entered into with
prospective buyers, where the prospective buyer abandons the contractual relationship before any
services have been provided by the licensee.
History: 1973 c 410 s 7; 1989 c 347 s 23,24; 2002 c 286 s 5; 2004 c 203 art 2 s 61