- Collection:
- Georgia Government Publications
- Serial:
- GREC RENews.
- Title:
- GREC REnews, Vol. 3, Issue 2 (Feb. 2007)
- Creator:
- Georgia. Real Estate Commission
- Contributor to Resource:
- Georgia. Real Estate Commission, issuing body.
- Publisher:
- Atlanta, Ga. : Georgia Real Estate Commission, 2007-02
- Date of Original:
- 2007-02
- Subject:
- Real property--Georgia
Real estate boards--Georgia - Location:
- United States, Georgia, 32.75042, -83.50018
- Medium:
- state government records
- Type:
- Text
- Format:
- application/pdf
- Description:
- Began with: Volume 1, issue 1 (January 2005).
Some issues combined.
Some numbering irregularities in 2016. Volume 12, issue 8 (August 2016) called issue 9 in error; correct numbering issue resumed with volume 12, issue 10 (October 2016).
Description based on: Volume 1, issue 1 (January 2005); title from PDF caption (GALILEO, viewed August 10, 2010).
Latest issue consulted: Volume 16, issue 6 (June 2020) (publisher's Web site, viewed July 15, 2020). - External Identifiers:
- Call Number GA S720.R4 P1 R4 3/2
- Metadata URL:
- https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bs720-pr4-bp1-br4-b3-s2-belec-p-btext
- Digital Object URL:
- https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bs720-pr4-bp1-br4-b3-s2-belec-p-btext
- Language:
- eng
- Holding Institution:
- University of Georgia. Map and Government Information Library
- Rights:
-
Georgia Real Estate Commission
GREC RENEWS
Volume 3, Issue 2 February 2007
2007 Dates to Note
February 15-16, 2007 Georgia Instructor Training (GIT)
February 22, 2007 Trust Account Class Cobb Board of Realtors 770-422-3900
March 14, 2007 Trust Account Class Hall County Board of Realtors 770-534-1564
2006
The Year in Review:
Recent Changes to the License Law and Rules and Regulations
The following is a summary of recent changes to the Rules and Regulations of the Georgia License Law. Not all modifications are mentioned in the following list. The underlined Rule or title is either a link to the actual wording of the ruling as it was modified and adopted or a link to the article where it is described in more detail. Please refer to the actual document for further clarification on any issue.
Effective January 8, 2006 520-1-.04, .05, and .11 Licensure and Brokerage. Amended Clarifies the examination requirements of any candidate for licensure who served on active duty in the armed forces of the United States...
GREC Disciplinary Sanctions
Effective February 1, 2006 520-2-.04 Real Estate Education. Amended. Requires that prelicense courses include instruction in the understanding of, detection of, and reporting of mortgage fraud. Real Estate Education
INSIDE THIS ISSUE:
Year in Review
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Simple Stats
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Effective March 1, 2006 The broker exam was redesigned to include simulation-based questions to focus on measuring information gathering skills and decision-making abilities. GREC RENews June 2006
Effective July 1, 2006 The License Law no longer requires a separate license for certain business entities to be able to receive real estate commissions. The new law eliminates the dual license requirement and permits such payments when the brokerage firm maintains and retains a written agreement includes specific qualifications and authorizations. GREC RENews June 2006.
Focus on Terminology:
"Security Deposit"
Georgia Real Estate Commission Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605
Effective 2006 This North Carolina Real Estate Commission (NCREC) began issuing only broker's licenses. This provision requires non-resident GA salespersons, holding a license in NC to take additional education to maintain active non-resident license in North Carolina. GREC RENews July 2006
Effective August 2006 The Georgia Real Estate Appraisers Board has amended Chapters 539-1 and 539-3 of its rules. The new rules establish state standards for appraisals that are much more detailed than those in the past. Appraisers Act
continued on next page...
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Georgia Real Estate Commission
Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605
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GREC
Volume 3, Issue 2 February 2007
The Year in Review:
Recent Changes to the License Law and Rules and Regulations
continued from previous page...
Last Quarter 2006 New Communication Plan implemented by GREC improved information accessibility, wait time for phone calls and introduction of a new and improved website. GREC Website
Effective December 31, 2006 Charles Clark, Real Estate Commissioner for the state of Georgia, retired after more than 30 years of service.
Effective January 1, 2007 Renewals fees charged to firms for the four-year renewal period shall be reduced by $100. GREC RENews Nov 2006
Focus on Terminology: "Security Deposit"
44-7-30. (2) "Security deposit" means money or any other form of security given after July 1, 1976, by a tenant to a landlord which shall be held by the landlord on behalf of a tenant by virtue of a residential rental agreement and shall include, but not be limited to, damage deposits, advance rent deposits, and pet deposits. The term "security deposit" does not include earnest money or pet fees which are not to be returned to the tenant under the terms of the residential rental agreement. Definition
"The security deposit protects the landlord against default in rent payment from losses due to the tenant's negligent behavior in relation to the landlord's property. Security deposits are not a source of funds for the repair of damages to the property that result form normal wear and tear."
Any money collected by a licensee that has potential of being refunded must be placed in a trust account. 43-40-20 Trust or Escrow Checking Account
Sources: Georgia Real Estate Guide to License Law, Brokerage and Related Topics, 1995 Edition, published by the Georgia Real Estate Commission, Page 32.1, Section 32.01) O.C.G.A. 43-40-20 GEORGIA CODE, Copyright 2006 by The State of Georgia, All rights reserved.
OPM Other Peoples' Money
Simple Stats
Record Number of New Real Estate Licenses!
In the Calendar Year 2006, the Georgia Real Estate Commission issued approximately 18,000 new licenses to brokers, salespersons, community association managers, and firms combined.
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