Typically for a Record out the input is routed directly to it, I.e. not through the Volume control or the line stage.
Peter is correct, as usual. See the LS-15 schematic here. You'll note in the lower left corner of page 2 of the pdf that the desired input signal is selected by closure of the contacts of a relay, and the signal passing through that relay is then routed through a 1K resistor to the record output.
Generally the record output (also known as tape out) knocks out the volume control, balance control and the active output gain stage.
The selector switch stays in, and all input rca's, so does the phono stage if any.
This is the way many listen to passive preamps, as the record out goes to the passive preamps input. And yet you still have a phono stage, and line level rca's and input switchability.