What is the Georgia Real Estate Commission (GREC)? Technically, it’s the Georgia Real Estate Commission & Appraisers Board, but that doesn’t make for a great acronym (sorry appraisers).
Keep reading to learn what the GREC does and how it affects the careers of agents and brokers in Georgia.
What Does the Georgia Real Estate Commission Board Do?
The GREC is the official entity of Georgia real estate that was first established in 1926. The Commission basically has a hand in anything that’s real estate-related. To meet the Commission’s objectives, the members have to be in tune with the needs of real estate professionals and the people they serve.
Here are a few of the major ways the GREC affects Georgia real estate:
Administering Real Estate Law One of the primary functions of the GREC is administering real estate laws. The Commission can also make suggestions for modifying the existing laws or adding to them. In an effort to ensure the laws work for everyone, the Commission regularly seeks input from professionals and consumers.
Establishing Rules and Regulations Using real estate law as the parameter, the GREC establishes rules and regulations that licensees must abide by.
Issuing Real Estate Licenses One of the most important tasks of the GREC (at least for applicants) is deciding who qualifies for a license and the requirements for getting one.
Collect Licensing Fees Wonder who gets those licensing fees you pay? It goes to the GREC. The Commission collects fees and the funds are used to pay for regulating the real estate industry.
Investigating Real Estate Wrongdoing When an agent or broker is accused of wrongdoing the GREC will investigate the matter. The Commission has stated that it strives to be impartial and weighs all the evidence to reach fair determinations.
Laying Down Disciplinary Actions If a real estate professional is found to be in the wrong the GREC will decide what disciplinary action(s) need to be taken.
Educating Consumers and Real Estate Professionals The GREC keeps people up to speed on real estate laws and practices as well as how real property transactions work.
Protecting the Public Interest The GREC makes it clear their job isn’t to protect real estate professionals or consumers. They have the broader task of protecting the public interest. This is largely achieved through impartial licensing practices that ensure licensees are competent at their job.
The People Behind the GREC
Running the Georgia Real Estate Commission requires a fair amount of manpower. When the GREC first started it was just a three-member Commission that oversaw five counties.
Today, there are six members of the GREC and a Real Estate Commissioner who oversees the day-to-day operation of the Commission's office along with a number of employees.
Fun facts about GREC members:
- They are appointed by the Governor.
- They serve a 5-year term but can continue serving until a successor is named.
- Five members must have extensive experience as a licensed real estate professional.
- One member must be focused on consumer affairs and can’t be licensed.
- Members spend at least 2-3 days a month on their Commission duties.
Members have five responsibilities:
- Developing a spirit of cooperation and unity among Commission members
- Evaluating staff operations
- Establishing a fair qualifying process
- Establishing a fair and unbiased hearing process
- Communicating with the industry and the public
These are the people who get to decide your fate as a Georgia real estate agent or broker. Throughout your career, you’ll become more familiar with the GREC and all they do.