What should Jerome do with the transaction records after closing a deal?

After closing a deal, Jerome should store the transaction records in a private transaction file for a period of five years because this practice is aligned with legal and ethical standards in real estate transactions. Maintaining these records ensures that there is a complete history of the transaction, which can be important for future reference, potential audits, or any disputes that may arise.

In many jurisdictions, including Arizona, real estate professionals are required to retain transaction documents for a specified duration, commonly five years. This timeframe allows for sufficient documentation should any issues or claims related to the transaction occur after closure. Furthermore, having a well-organized record-keeping system helps in maintaining professionalism and compliance with industry regulations.

This practice not only aids Jerome personally but also protects his brokerage and ensures adherence to rules set by governing bodies in real estate. Others may suggest actions such as destroying records, posting them publicly, or uploading to a database, which can compromise confidentiality and violate industry guidelines.