N.J.A.C. 11:5-5.5 — Inspection of records

(a) A licensee shall make available for inspection by the Commission, or its designated representatives, records of transactions, books of accounts, instruments, documents, and forms used or maintained in the conduct of business, which may be pertinent to an investigation. (b) The Commission may issue subpoenas, administer an oath or affirmation, and conduct hearings in aid of any investigation or inquiry. (c) All files related to pending and closed sales, exchange, or lease transactions, listings for sales or rentals, and property management files shall be maintained at the offices of the employing brokers or corporate or partnership brokers. Upon terminating their employment with such a broker, and/or transferring to the employ of another such broker, a salesperson or broker-salesperson shall not remove, or cause to be removed, the contents of such files from the offices of the broker. The term "files" shall mean all transaction records required to be kept pursuant to N.J.A.C. 11:5-5.4.