For how long must licensed property managers in Maryland maintain related records?

In Maryland, licensed property managers are required to keep related records for at least five years. This duration is important because it ensures that all transactions and activities related to property management can be reviewed and audited if necessary. Maintaining these records for five years allows for accountability and transparency in property management practices, which is crucial given the financial and legal implications involved.

Having a five-year retention period aligns with industry standards and allows both property managers and the Maryland Real Estate Commission to verify compliance with regulations and to address any disputes or inquiries that may arise related to property management. This timeframe also enables property managers to have adequate documentation to support their management decisions, financial reporting, and any dealings with tenants or property owners.