# Records audit

A term used when buying property management.

The window in which a regulator may open the books, and the power it opens them with.

California requires a broker to keep listings, deposit receipts, cancelled checks, trust records and everything else executed or obtained in a transaction for three years, running from the closing or from the listing date where nothing closed. Those books must be made available for examination and copying after notice, and subject to audit WITHOUT further notice on sufficient cause. Destroying, altering, concealing or falsifying them is separately grounds to suspend or revoke the license. Washington requires the firm to hold an office or a records depository accessible in the state to the regulator's representatives, which is a physical condition a remote buyer has to plan for.

Part of: Buying a Property Management Company (https://searchspheresource.com/guides/buying-a-property-management-company)

Source: https://searchspheresource.com/guides/buying-a-property-management-company/terms/records-audit
Not dated: The same editorial definitions as the glossary, inside a trade.

Site index for machines: https://searchspheresource.com/llms.txt