A broker advertises that the sales volume for the last calendar year was $40,000,000. The language in this advertisement would be legal only if the:

While having documentation of listings is important for a broker's records, it does not validate the sales volume claim unless those listings have resulted in closed transactions. Listings alone do not equate to actual sales and therefore do not fulfill the requirement for truthful advertising regarding sales volume.

Including pending transactions in the sales volume would be misleading, as these transactions have not yet been finalized. Regulatory guidelines typically stipulate that only closed transactions can be counted in sales volume, ensuring that consumers receive an accurate representation of a broker's sales performance.

Closing escrow accounts is a procedural step that follows the completion of a transaction but does not directly impact the legality of advertising sales volume. While it indicates that transactions have been finalized, it is not a prerequisite for the advertisement to be legal; the critical factor remains that the sales volume must reflect closed transactions.