Which of the following statements is true regarding record-keeping responsibilities?

Both brokers and salespersons are required to maintain records as part of their professional responsibilities. This requirement ensures transparency and accountability in real estate transactions, which are essential for fostering trust between clients, brokers, and the overall real estate market. Proper record-keeping allows for an accurate account of all dealings and is a vital aspect of compliance with legal and regulatory obligations.

Brokers are primarily responsible for overseeing transactions and ensuring that records are managed properly, but salespersons also play a crucial role in documenting their interactions and activities in real estate. This includes keeping a record of communications, contracts, and any other relevant documents pertaining to the transactions they handle. By mandating that both parties uphold record-keeping practices, the real estate industry can better safeguard against disputes and maintain high standards of professionalism.

The other options suggest limitations or exclusions regarding the responsibilities of either brokers or salespersons. However, the comprehensive accountability of both professionals in maintaining accurate and thorough records is essential for regulatory compliance and the integrity of real estate practices.