Oregon Broker PSI Practice Exam

How long must real estate documents be retained from the date the transaction was accepted, rejected, or withdrawn?

1. 3 years

2. 6 years

3. 7 years

4. 10 years

The correct answer is: 6 years

In Oregon, real estate documents must be retained for a minimum of six years from the date the transaction was accepted, rejected, or withdrawn. This retention period is established to ensure that all relevant documentation is available for reference in case of audits, disputes, or other legal matters that may arise after the transaction has concluded. Retaining these documents for six years allows for proper record-keeping practices and compliance with legal requirements, as it provides a reasonable timeframe for addressing potential claims or issues related to the transaction. Following this guideline helps brokers and agents protect themselves legally and maintain organized records of their professional activities.