Which statement best describes what a corrected form is used for?

A corrected form is used primarily to address changes in agency status that may have misled parties in a real estate transaction. When there are inaccuracies or omissions in the documents that define the agency relationship—such as who represents whom in a transaction—these corrections are essential to maintain transparency and ensure all parties are aware of their rights and responsibilities. Misleading information can lead to disputes or misunderstandings, so providing correct and clear details is vital for the integrity of the transaction and the protection of all involved.

The other options, while they may involve corrections or updates, do not align with the primary purpose of a corrected form in this context. Minor errors in advertising may require adjustments, but they typically wouldn't necessitate a formal corrected form. Facilitating faster transactions and updating contact information are important aspects of real estate practice, but they are not the central focus of what a corrected form specifically addresses.