Under Georgia license law, which of the following statements about broker responsibilities is NOT correct?
Correct Answer
D) A broker satisfies supervisory obligations by obtaining each affiliated agent's verbal assurance that the agent will independently comply with all applicable rules.
Under GREC Rules and O.C.G.A. § 43-40-18, broker supervision requires the establishment of actual policies, procedures, and systems to ensure compliance with trust account, advertising, and transaction management requirements. A broker cannot delegate supervisory responsibility simply by relying on agents' verbal promises to follow the rules. Supervision must be active, documented, and systematic.
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Previous Question
Broker Taylor's trust account is overdrawn by $500 due to a bank error. The bank corrects the error the next day. Must Taylor report this to GREC?
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A broker receives earnest money deposits from two competing offers on the same property. Under GREC trust account rules, what is the broker's obligation regarding these funds?