Final answer:
Upon finding gross mismanagement of records, a division can require an audit by an independent CPA, impose the cost of the audit on the broker, or freeze the trust account. Appointing a receiver is a more drastic action that may not be immediately possible unless specified by legislation or regulations.
Step-by-step explanation:
The question pertains to the actions that can be taken by a regulatory division when they find evidence of gross mismanagement of records by a broker. Given the context, it's clear that we're discussing matters of compliance and regulatory oversight within the field of real estate or financial services.
When a division's representative discovers serious mismanagement, several actions may be taken:
- An audit by an independent CPA (Certified Public Accountant) can be required.
- The broker may be responsible for the cost of the audit.
- The Division could freeze the trust account to prevent further mismanagement.
- The Division could appoint a receiver to manage the affairs of the trust account.
However, the question asks for what is NOT a possibility. Based on typical regulatory responses, options (a), (b), and (c) are all plausible steps that the Division could take. Option (d), while potentially plausible in extreme cases, is less likely than the other options mentioned. Without more context about the specific powers of the Division, it's difficult to determine definitively which of these would not be a possibility, but it's generally unusual for a regulatory body to appoint a receiver outright unless it's provided for by specific legislation or regulation.