Which entity must retain records according to the provided regulations?

The managing broker is responsible for retaining records in accordance with regulations governing real estate practices. This requirement is crucial because the managing broker supervises the overall operations of a real estate office, including transactions and interactions with clients. Retaining accurate and detailed records ensures compliance with legal standards and helps in audits, disputes, and providing accountability.

These records may include transaction documents, correspondence with clients, and other relevant materials that provide a complete history of the business conducted. By retaining these records, the managing broker not only protects the interests of clients but also adheres to the necessary legal requirements mandated by regulatory authorities.

While the real estate commission, property owner, and state government play important roles in the overall regulatory framework and business operations, it is primarily the managing broker who carries the responsibility for recordkeeping as dictated by regulation, ensuring the integrity and transparency of real estate practices.