Question

What is the primary purpose of a trade record sheet in a real estate transaction file, as outlined under REBBA guidelines?

A. To document only the financial transactions involved in the sale.
B. To ensure privacy by preparing separate records for each Salesperson involved in the transaction.
C. To keep a record of documents such as agreements, amendments, notices, and correspondence.
D. To be reviewed and signed by the respective Salesperson and the broker of record.

Which option best reflects the primary function of a trade record sheet in a real estate transaction file according to REBBA guidelines?

Answer 1

The primary function of a trade record sheet under REBBA guidelines is to keep a complete and accurate record of the real estate transaction, including all related documentation such as agreements and correspondence.

Step-by-step explanation:

The primary purpose of a trade record sheet in a real estate transaction file, as outlined under REBBA (Real Estate and Business Brokers Act) guidelines, is to keep a detailed record of the trade.

This includes documentation of the transaction such as agreements, signed offers, amendments, notices, and correspondence related to the sale of the property. Accuracy and completeness are critical as this record serves as an official account of the transaction, which can be reviewed for compliance with regulatory requirements and serves as evidence in case of any disputes or audits. Therefore, the correct answer is C.