A broker without employed licensees is required to maintain what type of document?

The requirement for a broker without employed licensees to maintain an office policy on brokerage relationships is essential for ensuring clear communication and understanding of how the brokerage operates regarding client relationships. This document outlines the various types of agency relationships, the obligations of the broker towards clients, and the general policies governing conduct and practices within the brokerage.

Having an office policy establishes a framework for ethical practices and helps in managing client expectations. It serves as a guide for brokers to adhere to state laws and regulations related to brokerage relationships, which is crucial for maintaining compliance and professionalism in real estate transactions. This document becomes especially important in a situation where there are no employed licensees, as it provides the necessary structure and governance for the brokerage's operations when engaging with clients.

Other options, while important in their own contexts, do not address the primary need for a formalized document that delineates the brokerage's policies and procedures specifically related to client relationships. For example, records of transactions or lists of active clients are more about operational management rather than the foundational policies that govern client interactions within a brokerage. Similarly, a policy on property management would be relevant only if that brokerage is involved in property management activities. Therefore, maintaining an office policy on brokerage relationships is vital for a broker operating in an