Oregon Real Estate Practice Test

For how long must real estate documents be retained?

1. 2 years

2. 4 years

3. 6 years

4. 8 years

The correct answer is: 6 years

Real estate documents must be retained for a minimum of six years as this timeframe aligns with the statute of limitations for contract actions in many jurisdictions. This retention period ensures that all relevant documentation can be accessed in case of disputes or legal actions that may arise after a transaction is completed. In the context of real estate, these documents can include sales contracts, listing agreements, and other transactional paperwork that may be important for verifying the details of a sale or defending against claims of wrongdoing. Recognizing the importance of maintaining proper records aids in compliance with various regulatory requirements and protects both agents and clients by providing necessary evidence of transactions and agreements as needed.