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Loan Status Report means a report in a form, as mutually agreed to by Lender and Borrower, which sets forth, among other things, each Advance and the accrual of interest with respect to each Advance.
Answer: Arizona law requires that real estate brokers keep records of all real estate sales for at least five years, but there is no Arizona law requiring sellers to keep records of real estate sales.
The AAR Organization Application is used by organizations to begin the process of registration and by registered organizations to submit a triennial update. The application is now completed online through the Registry portal. Organizations seeking initial enrollment should first submit the Organization Enrollment Form.
LOAN STATUS UPDATE (LSU)
A licensed broker must retain for three years copies of all listings, deposit receipts, canceled checks, trust account records, and other documents executed by or obtained by the broker in connection with any transaction for which a license is required.
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The AAR Contract is used in at least 95% of resale home sales in Arizona. The Arizona Association of REALTORS is a trade association of Realtors who represent both buyers and sellers in the purchase of homes.
A creditor must retain evidence of compliance with 1026.43 for three years after the date of consummation of a consumer credit transaction covered by that section.
Per California Business Professions Code 10148, licensed real estate brokers are required to retain copies of all listings, deposit receipts, canceled checks, trust records and any additional documents they execute or obtain whilst conducting real estate business for three years.
TREC requires license holders to keep eight types of records in an accessible format for four years from the closing or contract termination date. The statute of limitations for a bdocHub of contract is four years, but an injury claim is two years. Either is possible when dealing with real estate transactions.
The purchase contract prepared by the AAR requires the buyer to have a lender provide loan status updates to the seller and the real estate agents involved in the transaction using the specific Loan Status Update form.

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