A Georgia broker is reviewing the firm's record-keeping practices to ensure compliance with GREC requirements. Which of the following methods for maintaining required transaction records would most likely be found deficient during a GREC audit?
Correct Answer
D) Records kept solely at the licensee's home with no redundancy or documented access procedures
GREC requires that brokers maintain transaction records in a manner that ensures they are secure, organized, and readily accessible for inspection or audit. Records stored solely at a personal residence with no backup system and no documented access procedures create significant risk of loss and may fail to meet GREC's accessibility requirements for regulatory review under GREC Rule 520-1-.08.
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Broker Mike maintains his trust account at First National Bank but wants to switch to Community Bank for better service. What must he do according to GREC rules?
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