What can happen if a real estate broker fails to keep accurate records?

When a real estate broker fails to maintain accurate records, they may face disciplinary actions from the Real Estate Commission. This is because accurate record-keeping is essential for maintaining compliance with real estate laws and regulations. The commission relies on brokers to provide transparent and reliable documentation of their transactions to ensure ethical practices within the industry. If records are not kept correctly, it can lead to suspicions of misconduct or violations, prompting the commission to impose various penalties. These penalties can range from fines to suspension or revocation of the broker's license, depending on the severity of the offense. Keeping thorough and precise records is a fundamental part of a broker's responsibility and ensures accountability in their professional dealings.