According to GREC regulations, what is the minimum period a Georgia broker must retain records of trust account transactions?
Correct Answer
D) 3 years from the date of the transaction
Under GREC Rule 520-1-.08, brokers are required to maintain trust account records for a minimum of three years from the date of the transaction. This ensures that records are available for GREC audits, investigations, or any disputes that may arise after closing.
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Previous Question
A licensed real estate salesperson places the following advertisement in a local newspaper: 'Beautiful 3BR/2BA home, great location, $250,000. Call Sarah at 404-555-1234.' No other identifying information is included. Which GREC advertising requirement does this advertisement violate?
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Regarding the Georgia Real Estate Commission's authority to handle complaints, which statement is NOT correct?