GREC REnews, Vol. 6, Issue 8 (Aug. 2010)

August 2010 Volume 6 Issue 8

GREC RENews MMoonntthllyyNNeewwslseltetetrteorf
of thethGe eGoerogrgiaiaRReeaal EstEastetatCeoCmommmisisssioion

Calendar
GREC Brokerage Course & Trust Accounts Class Dates:
September 15 & 16, 2010 Columbus Board (706) 323-1701
October 25 & 26, 2010 I-85 North Board (706) 335-3044
Common Violations Class Dates:
September 14, 2010 GAMLS Tucker
October 14, 2010 Georgia Institute
October 20, 2010 Camden Board
October 21, 2010 Savannah Board
Georgia Instructor Training Workshop Dates: October 21 & 22, 2010
GIT - Atlanta http://www.grec-git.com/
Click here to see GREC Disciplinary Sanctions
Georgia Real Estate Commission
Suite 1000 International Tower 229 Peachtree Street NE Atlanta, GA 30303-1605 Phone 404-656-3916

This Issue: Competency P.1-2 Focus on Terminology P. 2

Practicing Competency in Real Estate

When the focus of consumers is affected by slow or changing market conditions, service providers must react and change their approach or even the services offered to clients and customers. As a real estate licensee, he/she must be careful not to venture outside a certain level of competence or expertise. A licensee is held to a higher standard when giving advice and assistance to consumers regarding real estate matters. One of the key elements in determining if a

violation of a license law has

occurred is whether the licensee has

committed an Unfair Trade Practice

by,

"Having

demonstrated

incompetency to act as a real estate

licensee in such manner as to

safeguard the interest of the public or

any other conduct whether of the

same or a different character than

heretofore

specified

which

constitutes dishonest dealing."

Chapter 43-40-25 (25)

...continued on page 2

Update on GREC Free Online CE Course

Now compatible for MAC users through the Firefox browser.

TM

TM

TM

Windows users can use either

Internet Explorer or Firebox

as the browser to run the course.

Above graphics are Registered Trademarks of Mozilla Foundation, Apple Inc., and

Microsoft Corporation and are links to their web sites.

Enroll Now For Free CE Course Online Click Here

CAM Corner: Practice in Action
What do you think are the most difficult aspects of practicing as a Community Association Manager?
Send us what you consider the most difficult issues of you CAM real estate practice. We'll compile a list print the results and provide a link to GREC
resources that could help you stay on target in your CAM real estate practice.
Click Here to Send Your Comments
Page1

Enroll Now
For Free
GREC Online CE Course "Practicing
Real Estate & Staying Out of
Trouble" Click Here
To sign up to receive the GREC RENewsletter Click Here
Comments or Suggestions Click Here

Competency...
...continued from page 1 GREC allows Georgia licensees
to select the subject of the courses they take for Continuing Education and Postlicense so that licensees can advance their knowledge and become competent in various areas or specialties of real estate. A link to schools approved by GREC to offer courses for credit is on the GREC web site.
Although it is not a requirement of GREC, the National Association of Realtors Code of Ethics and Standards of Practice is a good example of standards of professional conduct and one that must be followed by members of any Board of Realtors. Article 11 of the NAR Code of Ethics addresses the issue of competency by stating: "REALTORS shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client."
To assist licensees in reaching competency by obtaining a professional designation in a particular area of real estate, the

GREC RENews August, Volume 6 Issue 8
Georgia Real Estate Commission helped establish the Scholarship Program that basically reimburses the licensee for courses taken to obtain a variety of professional real estate designations. Click here for more details and the online Application for Scholarship money.
It is difficult to state exactly what is required to be competent. However, in order to provide competent service, the licensee is expected to 1) use good judgment, 2) obtain training appropriate to the task, and 3) seek the advice of his/her broker. The following list summarizes resources the licensee could use to obtain the needed level of competency: o Resources on the GREC Website:
o Access to How To Articles, License Laws, Newsletters
o Scholarships for specialized training
o Approved Schools Listing o Assistance by or referral to licensees
more experienced or trained in that specialty o Consultation and advice from the broker.
Usually an individual recognizes when he/she is reaching beyond his/her comfort level in a transaction or in providing advice. If that is the case, it is best to seek the advice of the broker or an expert in the matter of concern.

Quick Facts
Georgia House Bill 1050 was signed by the Governor on June 2, 2010 It requires Appraisal Management Companies in Georgia to register with the Georgia Real Estate Appraisers Board. The Board is currently working on regulations and procedures in order to implement the program by September 1, 2010.

Focus on Terminology: "Competent"

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

The definition of competent according to Webster's is,"having requisite or adequate ability or qualities." In real estate, competence goes beyond just having an active real estate license. Competency includes the ability to recognize when to seek the help of a more experienced associate or to refer the client to another licensee who can competently handle the transaction and protect the public interest.
Page 2