What must an auctioneer keep on file for a minimum of three years?

The requirement for an auctioneer to keep closing statements on file for a minimum of three years is primarily rooted in legal compliance and transparency within the auction process. Closing statements are crucial documents that summarize the final terms of the sale, including the sale price, fees, and any agreements made between the buyer and the seller. Maintaining these records ensures that all parties have clear documentation of the transaction, which can be important for resolving disputes, ensuring compliance with financial regulations, or for tax purposes.

Legal statutes and regulations governing auctioneers typically mandate the retention of such key documents to uphold accountability in real estate transactions and to protect the interests of both buyers and sellers. Keeping these statements on file for at least three years allows for sufficient time to address any potential issues or audits that may arise, ensuring that the auctioneer fulfills their fiduciary duty appropriately.