How long must brokers retain transaction records according to West Virginia law?

According to West Virginia law, brokers are required to retain transaction records for a period of five years. This duration is in line with state regulations that are designed to ensure accountability and transparency within the real estate industry. Keeping such records for this specified time allows for proper documentation in the case of audits, inquiries, or disputes that may arise after a transaction has been completed.

Retaining records for five years serves as a practical balance; it is long enough to cover the typical duration of legal actions related to transactions, while also not imposing an excessive burden on brokers to maintain records indefinitely. The requirement supports both consumer protection and the integrity of the real estate profession.