GREC REnews, Vol. 4, Issue 3 (Mar. 2008)

GREC

Georgia Real Estate Commission
GREC RENEWS

Volume 4, Issue 3
2008 Dates to Note
April 17-18, 2008 Georgia Instructor Training (GIT) Macon State College
April 28, 2008 GREC Brokerage Course Metro South Board (770) 477-7579
April 29, 2008 Trust Account Class Metro South Board (770) 477-7579
May 20, 2008 GREC Brokerage Course Savannah Board (912) 354-1513
May 21, 2008 Trust Account Class Savannah Board (912) 354-1513
GREC Disciplinary Sanctions
INSIDE THIS ISSUE:

Appraisal

1

Reminders

2

Focus on Terminology:
"LCI: Livable Centers
Initiative"
Georgia Real Estate Commission Suite 1000 International Tower 229 Peachtree Street NE Atlanta, GA 30303-1605

March 2008
The Basics of Appraisal Licensure
Real estate licensees are not permitted to perform appraisals unless they are also licensed as a real estate appraiser in the state of Georgia. The Georgia Real Estate Appraisers Board (GREAB) administers the Georgia Real estate Appraisers Licensing Act while the Georgia Real Estate Commission provides staff support, administrative duties and data management for the Georgia Real Estate Appraisers Board. GREAB is composed of different board members and is governed by a separate set of rules and regulations than the real estate license laws.
Licensed real estate appraisers must comply with specific application procedures and educational requirements. Appraisers must obtain continuing education credits as do real estate licensees, but the courses are approved separately. In Georgia, there are 4 classifications of Appraisal licensure. Each classification is listed below as a link. Each type of license requires increasing levels of experience and education.
1. State Registered Real Property Appraiser 2. State Licensed Real Property Appraiser 3. State Certified Residential Real Property Appraiser 4. State Certified General Real Property Appraiser
Each appraiser begins as a State Registered Real Property Appraiser and is limited to certain types of appraisals. Limitations vary by classification and are based upon the property being involved in a federally related financial transaction, having certain maximum value limits, and the type of property such as commercial or residential. The highest level of appraisal licensure is the State Certified General Real Property Appraiser, allowing the licensed appraiser to perform appraisals on any type or value of real property without limitation.
Appraisers must acquire specific experience in different types of property appraisal and obtain a certain number of hours of actual experience in appraisal. Therefore some appraisers are more suited for different types of property appraisals than others. Often a real estate agent is asked to recommend an appraiser and it is best for the licensee to provide a list of several possibilities instead of just one. The licensee can even refer the client or customer to the GREAB website to search for a specific appraiser licensed in Georgia. Disciplinary actions against licensed appraisers are listed on the site as well. http://www.greab.state.ga.us/
More information about the requirements to become a licensed appraiser can be accessed from the GREC website by selecting Appraisers Board from the selection bar.
Short Stats
In 2007, over 8,000 applicants passed the salesperson or broker exam to obtain real estate licensure in Georgia.
The 10-county Metro Atlanta area has reached over 4 million in population, experiencing an average increase of 86,000 persons per year since 2000. 1

Georgia Real Estate Commission Suite 1000 International Tower 229 Peachtree Street NE Atlanta, GA 30303-1605
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GREC

Reminders

Volume 4, Issue 3 March 2008

Signs placed on properties must be removed within 10 days of expiration of the listing. Although signs are only one form of media. Any advertisement such web listings and internet postings must also be removed after the listing has expired. The license law now requires that the licensee's real estate license number and the firm's real estate license number must be stated on all contracts. Brokers must maintain records of transactions and related documentation for a minimum of 3 years from the transaction date.

Focus on Terminology: "LCI: Livable Centers Initiative"
The Atlanta Regional Commission (ARC) gives incentives to communities to encourage the development of a Livable Centers Initiative (LCI). "ARC commits resources for planning studies and transportation infrastructure investments in specific communities that are willing to create new mixed-use development opportunities."
Because of the exceptional growth of many areas and neighborhoods, civic associations are taking it upon themselves to start the process rolling, which may take around a year to complete. A proposal for a LCI requires a study to be done that includes market and demographic research in addition to public meetings for input from the local community. ARC may provide funding for the cost of the study and to support transportation projects needed as a result of the LCI study.
Livable Centers place emphasis on transportation alternatives, pedestrianfriendly environments while using local assets to enhance the desirability of a certain area. "The primary goals of the program are to:
1. Encourage a diversity of mixed-income residential neighborhoods, employment, shopping and recreation choices at the activity center, town center, and corridor level;
2. Provide access to a range of travel modes including transit, roadways, walking and biking to enable access to all uses within the study area;
3. Develop an outreach process that promotes the involvement of all stakeholders."
In addition to grants from the Atlanta Regional Commission (ARC) other funding may be provided by county planning and zoning departments, economic development or even public works to further fund the study. Once a LCI is approved, an overlay district might be imposed so that local zoning could essentially enforce the Livable Center Initiative.
In the nine years of the existence of the Livable Centers Initiative program, over 225 LCI studies have been proposed within the 18-county metropolitan area of Atlanta.
Source for Quotes and Information: More information about LCI can be viewed at the ARC website at http://www.atlantaregional.com/html/308_ENU_HTML.htm
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