Virginia Real Estate License Law Practice Test

The correct answer is three years, which aligns with Virginia's Real Estate License Law requirements. Licensees are obligated to maintain copies of any documents related to fully executed purchase contracts, including disclosures. This retention period ensures that all relevant documentation is available for any potential audits, disputes, or inquiries from regulatory bodies.

Maintaining these records for three years provides a reasonable timeframe for managing risks and ensuring compliance with legal obligations. It allows for sufficient time to resolve any issues that may arise after the completion of a transaction. The three-year retention period is consistent with the general practices found in various real estate regulations, balancing the need for record-keeping with the practicalities of handling documentation.

The other options, such as one, two, and four years, do not align with the specified requirements, as they would either provide insufficient time to manage post-transaction matters or exceed the norm established by the regulations. Thus, understanding the retention period of three years is crucial for licensees in order to comply with Virginia's real estate laws effectively.