Which documents must a broker engaged in property management maintain?

A broker engaged in property management is required to maintain specific essential documents to ensure compliance with legal standards and effective management of the properties under their care. The correct choice identifies the key documents that must be retained, namely leases, ledgers, and bank statements.

Leases are vital as they establish the terms between the landlord and tenants, outlining the rights and responsibilities of both parties. Ledgers are necessary for tracking financial transactions related to property management, including rent collection and maintenance expenses. Bank statements are critical for financial accountability, ensuring that all transactions are transparent and accurately recorded.

By maintaining these documents, brokers can substantiate their management activities, respond effectively to inquiries from tenants or property owners, and maintain accurate financial records which is crucial for audits and tax purposes. The combination of these documents provides a comprehensive view of property operations and financial health, which is fundamental for sound property management.

Other options may include documents that are useful or relevant for the business but do not fulfill the mandatory requirements that are essential for property management compliance.