What must a broker provide at the time of license renewal regarding trust accounts?

At the time of license renewal in Georgia, a broker is required to provide a summary of trust account activity using forms completed by a certified public accountant. This requirement is in place to ensure that the broker is maintaining accurate and compliant financial records for the trust accounts, which are crucial for managing client funds. The involvement of a certified public accountant adds a layer of credibility and professionalism, ensuring that the finances are handled according to the legal standards set forth by the Georgia Real Estate Commission (GREC).

This practice not only serves as a way to verify that the broker has been responsibly managing trust accounts but also protects consumers by ensuring that their funds are being handled properly. By having an external, qualified professional review and summarize the trust account activity, the likelihood of discrepancies and mishandling is reduced significantly, which benefits the entire real estate framework in the state.

The other options do not meet the specific legal requirements set forth by GREC for trust account disclosures at the time of license renewal. While unclosed transactions and audit histories may be important for overall management, they do not directly address the necessary verification of trust accounts through a certified professional. Additionally, notarized summaries from attorneys, while potentially useful in certain contexts, do not fulfill the regulatory requirements for trust account summaries