Arkansas Real Estate Practice Exam

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What must be included in the maintenance of transaction records?

Only closing statements
Only agency contracts
Signed copies of various documents prepared in connection with the transaction
Personal notes and emails regarding the transaction

The correct answer is: Signed copies of various documents prepared in connection with the transaction

The maintenance of transaction records requires more than just closing statements (option A), which only provide a summary of the transaction but do not include all relevant details. Option B, agency contracts, should also be included since they outline the relationship and responsibilities between the parties involved in the transaction. Personal notes and emails (option D) may contain important information, but they should not be the only source of record keeping as they can easily be lost or deleted. Therefore, the most complete and accurate way to maintain transaction records is by having signed copies of various documents (option C) related to the transaction. These documents provide a comprehensive and reliable record of all important aspects of the transaction.