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Required Files


The following are the file requirements to be maintained by a broker.

Complete Files

SALES

Required Records

  1. Copies of earnest money receipts
  2. Closing statements showing all receipts, disbursements and adjustments
  3. Sales contracts
  4. Copies of listing contracts (if applicable) [ ARS § 32-2151.01(A)(1) ]

Sales Transaction Folders

  1. Confirmation that the earnest monies were handled according to instructions
  2. Copy of the sales contract
  3. Escrow account receipt
  4. Closing or settlement statement
  5. Copy of escrow instructions (if applicable)
  6. Listing agreement
  7. Employment agreement
  8. Release of escrow monies [ ARS § 32-2151.01(F)(1) and (2) ]

PROPERTY MANAGEMENT

Nonresidential Leases

  1. Confirmation that the deposits or other monies were handled according to instructions
  2. Complete copy of the lease
  3. Copy of the listing agreement (if applicable) [ ARS § 32-2175(F)(1-3) ]

Financial records

  1. Bank statements
  2. Canceled checks
  3. Deposit slips
  4. Bank receipts
  5. Receipts and disbursement journals
  6. Owner statements
  7. Client ledgers
  8. Applicable bills, invoices and statement [ ARS § 32-2175(C) ]

Filing System

SALES

  1. Chronological log or other systematic manner [ ARS § 32-2151.01(E) ]
  2. The Brokers "initials and the date of review" [ ARS § 32-2151.01(G) ]

PROPERTY MANAGEMENT

  1. Management agreements; Consecutively numbered, or an "orderly, easily accessible" system [ ARS § 32-2175(E) ]
  2. On-site residential rental agreements and related documents according to dwelling number or other systematic manner [ ARS § 32-2175(A) ]
  3. Nonresidential leases; chronological or other systematic manner [ ARS § 32-2175(F) ]

File Retention

SALES

  1. In the principal office, licensed branch office in this state, or off-site storage location in this state (with prior written notification to the Department of the street address of the off-site storage location) [ ARS § 32-2151.01(A) & (H) ]
  2. For at least 5 years [ ARS § 32-2151.01(A) & (H) ]
  3. Rejected offers which do not later result in binding contracts, 1 year [ ARS § 32-2151.01(I) ]

PROPERTY MANAGEMENT

  1. In the principal office, licensed branch office in this state, or off-site storage location in this state (with prior written notification to the Department of the street address of the off-site storage location) [ ARS § 32-2151.01(A) & (H) ]
  2. For at least 5 years [ ARS § 32-2151.01(A) & (H) ]
  3. On site residential rental agreements and related documents; 1 year from expiration, unless given to the owner on termination of management [ ARS § 32-2175(A) ]
  4. Financial records; 3 years from the execution date of the document [ ARS § 32-2175(C) ]

rev. 10/09