Arizona · A.R.S. §32-2151.01Arizona transaction folders: what goes in the file, the ten-day broker review and earnest money handling

Licensees promptly place all cash, checks or other items of value received in a real estate transaction with the designated broker, and the purchase contract or earnest money receipt must state the type of earnest money – cash, check, promissory note or other item of value (A.R.S. §32-2151.01(C)–(D)). Only a licensee under the broker's license may be given authority to withdraw money from the broker's trust account, except as §32-2174(C) allows (§32-2151.01(B)). Each sales transaction folder includes confirmation that the earnest money was handled as the parties instructed or agreed, the complete sales contract, any escrow receipt, the closing or settlement statement, and – where they apply – the escrow instructions, listing and employment agreements and any release of escrow money (§32-2151.01(F)). The designated broker, or an associate broker authorized in writing, reviews each listing agreement and purchase contract within ten business days after it's signed, initialing and dating it on the signature page (§32-2151.01(G)). Transaction and employment records are kept at least five years after the transaction ends, in an Arizona office or a notified Arizona storage site; a rejected offer is kept one year, or five years when a binding contract followed (§32-2151.01(A), (I)).