GREC REnews, 2021 June

GGRREECC RREENNeewwss June 2021
Volume 17 Issue 6

Monthly Newsletter of the Georgia Real
Estate Commission

Calendar
TBA
Link to the Georgia Real Estate License Laws, Rules, and Regulations
Link to GREC Disciplinary Actions View Current
Suspensions and Revocations

This Issue:

Quick Facts

P.1

Opportunity at GREC

P.1

Disciplinary Stats

P.1

Notice of Intent: Teams

P.2

AMK Section

P. 2

Focus on Terminology

P. 2

Quick Facts...Did you Know?
The Qualifying Broker must be an officer of a brokerage firm organized as an INC or a member or a manager of a brokerage firm organized as an LLC.
A Broker can be a Qualifying Broker for more than one firm. Anyone can look on the GREC website to see the original licensure, expiration
date, and status of a Licensee's license by searching for a Licensee and clicking the "History" button. The GREC Online course titled, "Being a Broker and Staying Out of Trouble" is not just for Brokers. It is written for all licensees with an emphasis on the broker's role and responsibilities. A real estate Licensee can be suspended for delinquency of child support payments. There is a comprehensive reference manual for Georgia Real Estate Licensees accessible online from the GREC website, titled the Infobase. A business broker that sells any business that includes real estate as part of the transaction must also have a real estate license. The firm Status Report is accessible from the GREC website Online Services A Broker can easily view a list of all Licensees with the firm and their license renewal dates including the post license due date for first year salespersons.

Link to Proposed Rule Changes

Georgia Real Estate Commission Suite 1000 International Tower 229 Peachtree Street NE Atlanta, GA 30303-1605 Phone 404-656-3916

Click here to review a legend of the disciplinary actions the Commission may impose.
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GREC RENews June 2021, Volume 17 Issue 6
Notice of Intent for Proposed Rule Change
At its May meeting, the Georgia Real Estate Commission (GREC) proposed revisions to the Rules addressing Teams and Advertising. The purpose of the rule change is to identify the responsibilities of licensees, team leaders, and brokers, clarify responsibilities when advertising as a team, and identify required and prohibited words and phrases used when advertising as a team. Below is an excerpt. View the complete wording of the Notice of Intent for Proposed Rule.
Define the terms "Team" and "Team Leader" and the responsibilities of licensees and brokers and team leaders as they relate to real estate brokerage activity in Georgia.
"Team" means two or more licensees who 1. act on behalf of, and are affiliated with, the same firm; 2. work together on a regular basis to provide the services of a broker; 3. represent themselves to the public as a team; and 4. are identified by a team name.
"Team Leader" means a licensee designated by a broker as a team leader. Each team in a firm shall have a team leader. Each team leader shall maintain an accurate list of the names, license numbers, and contact information for each licensee on the team, and shall regularly provide the list to the broker of the firm whenever a licensee joins or leaves the team.
All advertising by firms that contain a team name or advertising by teams shall include, at a minimum, the last name of at least one of the licensees on the team, either in the team name itself or in addition to the team name.
The rule lists certain words that cannot be included in the team name, such as brokerage, company, Corp., etc.
View the complete wording of the Notice of Intent for the Proposed Rules. Witten comments must be submitted by July 2 and should be addressed to:
Frank Lynn Dempsey Georgia Real Estate Commission Suite 1000, International Tower 229 Peachtree Street, N. E. Atlanta, Georgia 30303.

bsolutely ust now Section
https://grec.state.ga.us/proposed-rule-change/

Proposed changes to the Rules are posted on the GREC website as a Notice of Intent. Following a Public Hearing held at a Commission meeting, the Members vote to adopt/pass the proposed changes.

After the Rules are adopted/passed by the Commission, they are pending until they become effective following a final review and approval by the Governor's office.

Georgia Real Estate Commission Suite 1000 International Tower 229 Peachtree Street NE Atlanta, GA 30303-1605 Phone 404-656-3916

Focus on Terminology: Regulation, Law, Rule
A Law is enacted by a legislative body. New Laws are based upon state and federal constitutions, existing laws, regulations of federal and state boards, commissions, counties, municipal ordinances, and as a result of court decisions.
Regulations/Rules have the effect of the law. The GREC regulates real estate Licensees based upon the Georgia Real Estate Law, Rules, and Regulations.
A Rule is a clarification and further amplification of an existing Law.
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