How long does a broker need to keep copies of closed real estate files and old trust account records?
A. For licensing purposes, Wis. Admin. Code RL 15.04 provides that a broker must retain copies of documents and correspondence related to transactions and trust account records for three years, running from the date of the closing, or the date of the listing or buyer agency agreement (if there was no closed transaction). For tax audit and possible litigation purposes, tax advisors and attorneys generally recommend a longer holding period of at least six years.
