If I retake a course, will the course with the lowest grade be removed from my transcript?

No. It will remain on the transcript with notation that the course has been repeated.  All occurrences will show. 

Undergraduate students:  only the occurrence with the highest grade will count in the calculation of the grade point average. 

Graduate students:  the most recent attempt will count in the calculation of the grade point average, even if the most recent attempt is a lower grade.