How long must brokers retain transaction records in Oregon?

In Oregon, brokers are required to retain transaction records for a minimum of three years after the transaction has been completed. This timeframe ensures that brokers have access to necessary documentation in case of audits, disputes, or regulatory inquiries. Maintaining records for this duration also supports accountability and transparency within the profession.

Retention for less than three years would not align with regulatory standards designed to protect both consumers and professionals. Conversely, retaining records indefinitely can lead to practical challenges in terms of storage and management, thus making three years a balanced requirement that serves the interests of all parties involved. This regulatory framework aims to provide a reasonable balance between accessibility of information for legal and ethical reasons and the practical considerations of record-keeping in the real estate industry.