The agency must keep the material transaction and due-diligence records for foreign property for five years
A worked RES examination question on foreign property marketing, from our Paper 2 bank — with the rule it turns on, and why each of the four options is right or wrong.
The question
On how long Horizon Realty must keep its foreign-property transaction and due-diligence records, which statement is correct?
The answer, and why
Answer: D
The rule. The agency must keep the material transaction and due-diligence records for foreign property for five years.
Why D is correct. The retention period is five years.
The other options.
- B three years understates it.
- C one year understates it.
- A two years understates it.
Exam note. Foreign-property records: five years — the same retention period as the agency's other records.
More on Foreign property marketing
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