What is the minimum time an agent is required to keep copies of each sales report and supporting documents?

What is the minimum time an agent is required to keep copies of each sales report and supporting documents?

• A. One (1) year
• B. Five (5) years
• C. Two (2) years
• D. Ten (10) years

Answer: (C)

Two years is the minimum retention period. ARC requires agents to keep copies of every sales report and its supporting documents for two years to support reconciliation and any potential audits or inquiries. This window is long enough to resolve discrepancies or respond to client or ARC requests, without obligating the agency to retain records longer than necessary for this purpose. Shorter retention (one year) risks missing material if an issue arises later, while longer periods (five or ten years) aren’t required by ARC for this specific requirement, though a firm may choose to keep records longer for other reasons.

Two years is the minimum retention period. ARC requires agents to keep copies of every sales report and its supporting documents for two years to support reconciliation and any potential audits or inquiries. This window is long enough to resolve discrepancies or respond to client or ARC requests, without obligating the agency to retain records longer than necessary for this purpose. Shorter retention (one year) risks missing material if an issue arises later, while longer periods (five or ten years) aren’t required by ARC for this specific requirement, though a firm may choose to keep records longer for other reasons.