(a)

1. (1) A licensee shall immediately deliver to the principal broker any money or other consideration received in connection with a real estate transaction that belongs to others, such as escrow or trust funds, clients' moneys, earnest moneys, rents, advance fees, deposits, etc.

2. (2)

   1. (A) A broker shall:

(i) Deposit all advance fees in the broker's trust account; and

1. (ii) Disburse such funds only in accordance with the terms of a written agreement signed by the owner of the funds.

   1. (B) If such written agreement is not received within a reasonable time after payment of the advance fee, the fee shall be refunded to the owner.
2. (3) "Advance fee" means any fee charged for services to be paid in advance of the rendering of such services, including without limitation any fee charged for listing, advertising, or offering for sale or lease any real property.

(b)

1. (1)

   1. (A) Each principal broker shall maintain complete records of all real estate business handled by that firm.

   2. (B) Separate files for each real estate transaction conducted by the firm shall be maintained and shall contain signed copies of any of the following documents that were prepared in connection with the transaction:

      1. (i) Listing contract;
      2. (ii) Agency contract;
      3. (iii) Offers;
      4. (iv) Offer and acceptance contracts; and
      5. (v) Closing statements, along with any additional documents as may be necessary to make a complete record of each transaction.

2. (2)

   1. (A) Each principal broker shall maintain complete records pertaining to property managed for others.
   2. (B) Such records shall include all contracts, financial transactions, receipts, statements, repair estimates, and other documents relating to management of the property.

3. (3)

   1. (A) All records required by this section shall be:

      1. (i) Maintained by the principal broker for three (3) years or such time as may be required by law, whichever is greater; and
      2. (ii) Open to inspection by and made available to the investigative staff of the Arkansas Real Estate Commission at the firm's office or other location designated by the commission.

   2. (B) All records required by this section may be maintained in an electronic form provided that a copy of the records can be produced as required by this part.

      1. (c)
4. (1) When a real estate firm ceases to do business and to maintain an office, the last principal broker remaining with the firm shall be responsible for all records of the firm, including the firm's real estate trust account and transaction records, and at the time the real estate firm's office is closed, the principal broker shall immediately notify the commission of the address and phone number of the place where those records are being maintained.
5. (2) If for any reason that broker delivers custody or responsibility for those records to another person or firm, he or she shall immediately notify the commission of such transfer and furnish the name, address, and phone number of such person or firm.