Understanding the role and responsibility of the Georgia Real Estate Commission
What does a real estate commission do?
If you are an aspiring real estate agent in Georgia who wants to be a part of a dynamic, fast-growing industry, it is important to familiarize yourself with some important concepts.
During your journey of earning a Georgia real estate license, you are likely to come across your state’s real estate commission and its underlying rules and regulations.
Every state in the country has a real estate regulatory authority whose responsibility is to authorize, validate, and establish the standards and principles for real estate professionals.
A real estate commission is therefore the de facto authority for issuing (or rejecting) licenses, defining the qualifying requirements, enforcing state laws and regulations, and promoting the best standards for real estate professionals.
To become a successful real estate agent, broker, or realtor in Georgia, it is important that you are completely aware of the rules, regulations, and guidelines set by the Georgia Real Estate Commission and Appraisers Board.
Learning about the commission’s role, responsibilities and duties will help you become a well-rounded professional.
In this article, we are going to give you a detailed look into the role, responsibilities, and functions of the real estate commission in Georgia.
What is the Georgia Real Estate Commission?
If you are on your quest to work in the real estate industry and are wondering how to get a real estate license in Georgia, then you must learn about the Georgia Real Estate Commission.
The Georgia Real Estate Commission (GREC) is the state’s largest and leading authority for regulating real estate licenses in the state.
Like other states with its unique jurisdiction and real estate commission, the GREC is Georgia’s state authority in charge of issuing, rejecting, and renewing real estate licenses and protecting the interests of the consumers.
The GREC is the highest authority in the state which performs the critical function of establishing, updating, and enforcing real estate laws related to licensing, practicing, and transactions in the state.
Every active license holder in Georgia must abide by and adhere to the laws enforced by the GREC.
Who runs the GREC?
The GREC comprises six members in total wherein each member is appointed and elected by the Governor and Georgia senate together. All members are appointed for a five-year term.
Out of the six members, one member is appointed by the public and five members are appointed with a background in real estate for at least five years.
All members of the GREC must be residents of GA.
What is the role of the GREC members?
If you are currently enrolled in a real estate course in Georgia, you might have come across the role of the Georgia Real Estate Commission.
Primarily, the most important role of the GREC is to safeguard the interests of consumers in real estate transactions by establishing the laws and outlining the industry standards.
The role of the GREC members is to protect consumers from fraudulent transactions and unscrupulous acts.
The GREC also acts as the state’s leading authority on regulating licensing laws and registration policies.
In the case of any event of cheating, fraud, or misconduct by any agent, broker, salesperson, or real estate professional, the GREC fulfills the important role of settling disputes and eliminating any barriers to justice.
Here’s a salient list of the key duties and responsibilities of the GREC:
- Formulate and establish the state’s law for real estate professionals
- Administering the real estate guidelines and regulations
- Establish industry standards, policies, and procedures for licensees
- Reviewing, processing, and approving applications for license issuing and renewal
- Supervise the administrative functions of the Georgia real estate market
- Assisting consumers in matters of real estate frauds, and misdemeanors
- Conduct hearings in real estate disputes after reviewing facts and opinions
- Take required disciplinary action against licensees who have violated laws
The GREC is the state’s go-to authority for all matters of real estate - from licensing and education to disputes and standards.
As a real estate professional, you must be aware and up to date with the GREC rules, regulations, and guidelines.
Since real estate is a highly regulated and interconnected industry, it is a must for aspiring and existing licensees to meet the standards of fair trade and ethics.
There are two benefits of staying in accord with the GREC for your real estate career.
Firstly, you will be able to maintain the active status of your Georgia real estate license for longer without any restrictions or hiccups.
Secondly, you will be able to keep yourself abreast with all the latest developments, important updates, and guidelines for salespersons, brokers, and realtors in Georgia.