Kansas Real Estate Broker Administrative Regulation No. 86-3-10

If you’re a real estate broker in the Sunflower State, then you are required to retain your records for a period of three (3) years according to the Kansas Real Estate Commission. Here is a link to administrative regulation 86-3-10 so you can verify so you can verify for yourself.

Here are some guidelines for electronic storage of documents for a real estate broker in Kansas:

Transaction Files
Each transaction file whether PENDING, CLOSED, FAILED, or CANCELED must be indexed and each file should contain all of the following records IF APPLICABLE to the transaction to be in compliance with K.A.R. 86-3-10.

  • agency agreement with seller
  • agency agreement with buyer
  • transaction broker addendum
  • transaction brokerage agreement
  • offers, counteroffers
  • contract, including all amendments, and addenda
  • lot reservation agreement
  • commercial lease
  • option
  • receipt for purchase agreement and earnest money
  • closing statements
  • authorization to disburse earnest money on transaction which did not close
  • any other record generated in connection with the transaction (this would include phone notes, e-mails, inspection reports, estimated closing costs, correspondence, surveys, appraisals, title reports, and any documentation generated during the transaction.)

Trust Account Records (if applicable)
A complete record of all monies received or escrowed on real estate transactions must be maintained:

  • deposit slips showing transaction number, date of deposit, amount and where deposited
  • monthly trust account bank statement, canceled checks and deposit slips
  • a check register which shows the chronological sequence in which funds are received and disbursed
    • for funds received: date of deposit, transaction number, amount
    • for disbursement: date, transaction number, payee, amount
    • the current balance
  • a ledger for each transaction, including:
    • names of principals
    • property address
    • transaction number
    • amount
    • date of each deposit
    • check number
    • date of check
    • payee
    • amount of each disbursement
    • the current balance
  • a ledger for broker’s funds, if applicable

1. Records would need to be scanned into a system by indexing each with a TIN and client or customer name. If you save your files with the TIN as the filename, you’ve satisfied this point.

2. The system would need to allow the auditor or investigator to be able to retrieve the documents and also have the ability to print the documents. This is no problem for Filetwin because you’d just open the files from your backup folder set.

3. This software must be updated periodically so that records are always readable. Filetwin handles this requirement for you.

4. The system should be in a format that once scanned documents may not be altered at a later time. Once documents are backed up, they cannot be edited in any shape or form.

Hopefully, this information helps and if you’d like to continue this conversation in person, please give us a call at  1877-310-2884.

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Nebraska Record Preservation Rules for Real Estate Brokers

If you’re a broker in the Cornhusker State, then you are required to preserve your real estate transaction records for five (5) years according to the Nebraska Real Estate Commission. As always, we’ve included the actual rules and regulations so people can verify our research.

Here are the top 10 reasons why online backup makes sense for brokers in Nebraska:

Number 10 – You need a strategy for backing up desktops, laptops or servers.

Not backing up computers in your office opens your business to liabilities and potential huge losses to your reputation and revenue.

Number 9 – Compliance. Compliance. Compliance.

Stay compliant so you’ll satisfy the intent of any regulation(s).

Number 8 – You don’t have the time to figure out an in-house solution.

There are too many vendors out there offering software solutions. With www.filetwin.com, you get more than software, you get our unmatched service and personalized attention.

Number 7 – You just aren’t willing to compromise security for convenience.

Encryption and our managed service ensures that your backups are completed properly.

Number 6 – You need a backup solution that you don’t have to monitor constantly.

You can request your backups to run daily, weekly or monthly. We offer continuous backup which runs real-time.

Number 5 – Your staff and budget are already overextended.

Stop wasting time and money with external drives, CDs and other traditional backup methods. This allows your in-house IT resources to be productive in revenue generating activities. Check  our video on the advantages of online backup.

Number 4 – You don’t want to pay for something you aren’t using.

You determine how many computers and how much storage you need and that’s what you pay for.

Number 3 – You’re concerned about natural disasters.

If you’re concerned about Mother Nature and that she might disrupt you’re business, then securing your data remotely is a prudent decision for any business and you’re continuity plan.

Number 2 – You’re over the headaches that come with backing up branch offices.

Now you’re able to make sure that your business continuity plan is working throughout your company.

The Number 1 reason why you need online backup is….

A simple payment plan is easier to cover right now because our budget is tight.

With Filetwin, there is no need for any capital investment for hardware, small upfront costs and no administrative overhead to maintain.

We think these are ten (10) pretty good reasons why you should consider Filetwin. If you’d like to speak with one of our Backup Specialists in person, please contact us at 1 877 310-2884 and we’d be glad to answer any questions you might have.

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Online Backup for Real Estate Brokers in Missouri

Since today’s blog focuses on the Show-Me State, we’re going to do just that. If you’re a real estate broker in Missouri, you’re required to retain your transaction records for a minimum of three (3) years according to the Missouri Real Estate Commission.  Here’s the actual document that outlines these regulations, http://pr.mo.gov/boards/realestate/November%202009%20MREC%20Rule%20Book.pdf. On page 54 is the rule CSR 2250-8.160 regarding Retention of Records that’s available for any Broker to review for themselves.

Here is a video we created that talks about the benefits of using online backup versus traditional methods of data storage like cardboard boxes and CDs.

Missouri seems pretty reasonable with their record retention requirements. Three (3) years isn’t too bad to have to hold on to hard copy files. Just remember, that there is a square footage cost issue surrounding boxes stored in offices that we always blog about and the possibility of natural disasters (fire, flood & storm damage) that might never affect your business, however, one incident can bring your entire operation to a grinding halt if you don’t use a solution like online backup. Considering the current storms in Missouri, we strongly recommend that small businesses in these areas seriously consider online backup in their business continuity planning.

If you’d like to learn more about online backup as an option for your business, give us a call at 1 877 310-2884 and one of our Backup Specialists will be pleased to continue this conversation with you.

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