According to New Jersey Real Estate Licensing Law, how long must records of real estate transactions be maintained?

In New Jersey, the law requires that records of real estate transactions be kept on the premises of the licensed broker or sales person for a specific period. The requirement to keep records on the premises ensures that they are readily accessible for review and auditing purposes, as well as for the protection of both consumers and the real estate professionals involved.

Maintaining files on the premises helps facilitate compliance with regulations, makes it easier for auditors or investigators to conduct necessary reviews, and enhances the accountability of real estate practices. Proper record-keeping may include transaction files, listings, contracts, and correspondence associated with each transaction, ensuring a comprehensive account of activities within the real estate office.

While it's important to follow these regulations, options that mention availability to the public at all times or that deal with how records are stored (such as on paper) do not align with the specific requirement for keeping files on the premises, which highlights the need for accessibility and regulatory compliance in real estate transactions.