Agent Davis maintains transaction files for her completed deals. According to GREC requirements, which document must be included in every transaction file she maintains?
Correct Answer
C) Signed agency disclosure and agreement
GREC requires that agency disclosure and agreement documents be maintained in transaction files as they establish the legal relationship between the agent and client. Option A is incorrect because credit reports are typically maintained by lenders, not agents. Option B is incorrect because appraisals are usually ordered by lenders and not required in agent files. Option D is incorrect because insurance policies are the owner's responsibility, not required in agent files.
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Why the Other Options Are Wrong
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Previous Question
A Georgia licensee is the subject of a GREC complaint arising from a purchase transaction that fell through before closing. The licensee argues that because the transaction never closed, the Commission has no basis to take action. Which statement correctly describes the Commission's authority?
Next Question
A consumer files a complaint with the Georgia Real Estate Commission against a licensee. During the investigation, GREC requests that the licensee produce transaction records. How does the Commission typically view a licensee's cooperation—or lack thereof—during the complaint process?