GREC REnews, Vol. 7, Issue 7 (July 2011)

July 2011 Volume 7 Issue 7

GREC RENews MMoonntthllyyNNeewwslseltetetrteorf
of thethGe eGoerogrgiaiaRReeaal EstEastetatCeoCmommmisisssioion

Calendar
GREC Brokerage Course
HU
& Trust Accounts Class Dates:
UH
August 10 & 11, 2011 GAMLS http://www.gamls.com
August 30 & 31, 2011 NE Atlanta Metro Assoc http://www.namar.org
September 28 &29, 2011 400 North Board www.400northboard ofrealtors.org
Common Violations
HU
Class Dates: U
July 28, 2011 @ Columbus, GA
July 29, 2011 @ LaGrange, GA
August 8, 2011 @ Brunswick, GA
August 9, 2011 @ Hinesville, GA
September 12, 2011 @ Atlanta, GA
Click here to see GREC Disciplinary Sanctions
U
Georgia Real Estate Commission Suite 1000 International Tower 229 Peachtree Street NE Atlanta, GA 30303-1605 Phone 404-656-3916
Clipart from MicrosoftTM Office

Licensee who waited until the end of the renewal period to do CE.

This Issue: License Renewals & Credits P.1
Postlicense Renewals P. 2 Focus on Terminology P. 2

"When Will I Get My Credit?"
License Renewals and the Processing of Student Course Credits:

Firstly, it is the responsibility of the student to obtain required CE during the 4-year renewal period. Waiting until the last minute could cause the licensee to pay a late fee, or have his/her license on inactive status. Real Estate Schools approved by GREC each have a school policy of when course credits must be posted. Although most credits for the GREC Online courses are usually posted within 2 days, the GREC Online School Policy states up to 10-days to post credits. All approved Schools certify and post course completion information electronically via the GREC website. GREC does not process that information. If you just completed a course, most Schools will not be able to post it until the next business day, at the earliest. In fact, some schools may only enter course completion credits two times per month and some only offer Postlicense testing one day a week. It is the licensee's responsibility to plan accordingly.

Secondly, if the course was completed on the last day of the renewal period and the licensee tries to renew online and the credit is not yet posted, the licensee can elect to pay the renewal fee and place his/her license on Inactive status to avoid a late fee of $100. Online renewals must be processed by midnight on the last day of the month to avoid a late fee. Once the education hours are posted, you must use a Change Application to request that your license be placed on Active status, but there is no fee. The Change Application can be obtained from the GREC website. (The information may be entered online; however the form must be printed and faxed or mailed to the Commission.)
Thirdly, if you choose not to place your licensee on Inactive status, the license will Lapse. Once education is posted...
....continued on page 2

Important Information for Renewals is posted on the GREC Home Page http://www.grec.state.ga.us/
When renewing online and education credits are not yet posted to your license, there is a box to check to renew Inactive to avoid a late fee. Activate with a Change form once the education is posted.
If renewing after midnight of the end of the month of the birth date, there is a $100 late fee.

Page 1

H
Enroll Now
Free GREC CE
Courses Online 1.
"Practicing Real Estate & Staying Out of Trouble"
2. "Being a Broker & Staying Out of
Trouble" 3.
"Avoiding Trust Account Trouble"
Click Here
To sign up to
HU
receive the GREC RENewsletter Click Here
U
Comments or
HU
Suggestions Click Here
U
Georgia Real Estate Commission Suite 1000 International Tower 229 Peachtree Street NE Atlanta, GA 30303-1605 Phone 404-656-3916

GREC RENews July 2011, Volume 7 Issue 7

"When Will I Get My Credit?"

....continued from page 1 you must reinstate the license and pay an additional fee for the reinstatement. You can reinstate to an Active status only if the following are true: 1. It is less than 30 days past due and 2. Your license was in an active status
prior to the renewal date and 3. All required CE credits have been
completed and posted to your record. If it has been more than 4 months since you missed your renewal date, there is a fee for each month past the 4 months of the missed renewal date.

A real estate license expires every 4 years on the last day of the licensee's birth month. For example, if someone was licensed June 15, 2008, and his birthday is October 20th, he must renew his license by October 31, 2012, not by the 20th.
If a licensee has completed all continuing education requirements but fails to pay the renewal fee on time, his/her licenses lapses and he/she cannot conduct any brokerage activity.
Check Your CE Credits

First-Year Salespersons License: Postlicense Requirements
License renewals expire every 4 years on the last day of the month of the birth date of the licensee. However, for first-year licensees the license will expire 1 year from the exact date the original license was issued unless a 25-hour Postlicense course is completed.
If the due date for completing the required Postlicense course is missed, the licensee must reinstate the Georgia Salesperson license. There is no additional fee if the following 2 conditions are met: 1. The salesperson must have enrolled in the course on or before, the due date. 2. The salesperson must have completed the course and passed the course's examination within six months of the due date. If these conditions are not met, the salesperson must pay an application fee of $100.00 if the application is received within four months of the day the license lapsed or $100.00 plus $25.00 for every month or a portion of a month beyond the first four months the license was lapsed. The fee must be a check or money order made payable to the Georgia Real Estate Commission.
Focus on Terminology: "CE"
Continuing Education, often abbreviated as CE, applies to many professions and industries and particularly those that require a license or some form of certification. In Georgia, real estate licensees are required to successfully complete 6 hours of CE for each year of licensure. Therefore a licensee needs a minimum of 24 hours of CE to renew his/her license every 4 years. Georgia licensees are permitted to select the topics and specific courses for their CE which allows them to improve their skills in their area of expertise or to broaden their knowledge base. Many states require licensees to take mandatory courses and topics, whereas Georgia gives the flexibility to the licensee, provided the course is offered by a school approved by GREC and meets the License Laws, Rules, and Regulations. A list of Schools is available on the GREC website. Any Georgia licensee can use the GREC website to check what courses and CE credits are posted to his/her license. Remember that GREC offers 3 different online courses for credit and for free and 3 different in-class courses at various locations around the state on a regular basis. Upcoming classes are posted on the first page of this newsletter.
Page 2