Leasing License Practice Exam

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How long must an agency retain a copy of the written disclosure for a customer's designated agent?

1 year
3 years
5 years
10 years

The correct answer is: 5 years

The correct duration for retaining a copy of the written disclosure for a customer's designated agent is five years. This requirement is in place to ensure that there is a clear record of the agency's disclosures to customers, promoting transparency and accountability in the real estate transaction process. Retaining the disclosure for five years allows the agency to provide documentation in the event of disputes or inquiries about the transaction, reflecting the standards set by regulatory bodies that govern real estate practices. Keeping this information readily available for a significant period also helps in compliance with legal requirements and ensures that both clients and agents have access to pertinent information related to the agency relationship. The other options suggest shorter or longer retention periods, which do not align with the regulatory standards governing agency disclosures in real estate transactions.