In many states, the state real estate commission requires brokerages (aka market centers) to retain specific required transaction documents for a specific period of time in the event of a transaction dispute or commission audit while the firm is open.
This practice is generally called document retention.
It is common for a state to require multiple forms of document retention. Some common ones include
- compliance system - such as Dotloop (brokerage edition) or CommandMC
- direct digital storage - such as to a Google drive or backup system with direct file access
- physical storage - printed paper copies of required documents in filing cabinets or easily accessible local secured storage
KWRI recommends that all market centers currently using CommandMC maintain a secondary storage site for compliance document retention and establish a schedule for regularly Exporting Documents from Closed Opportunities in CommandMC.
Resources:
Export Documents from an Opportunity in CommandMC (Leadership)
Dotlloop Historical Archive and Password Security