What Is GREC?
What is the Georgia Real Estate Commission (GREC)? If you practice real estate in Georgia, you’re going to want to know what GREC is all about. In fact, if you have a license, they know you because they approved your application. Let’s even up the score and get to know GREC.
What Does the Georgia Real Estate Commission Do?
GREC administers the real estate license law relevant to brokers, salespersons, and community association managers in Georgia. Specifically, we're talking about Title 43, Chapter 40 of Georgia Statutes and Codes. It's the law that standardizes processes and expectations within the real estate industry to improve outcomes for everyone involved.
GREC is also responsible for:
- Maintaining licensee records and compiling reports
- Regulating the initial licensing and license renewal process for real estate professionals
- Investigating license violations and imposing sanctions
GREC Is Here for the People
GREC does these things in order to meet its goal of protecting the public interest. Though GREC regulates license holders, it’s neither a lobbying group for real estate professionals nor a consumer protection organization.
Instead, GREC is charged with ensuring that the Georgia real estate world is one of equal opportunity and fair dealing for the general public.
GREC aims to achieve this by:
- Only permitting scrupulous and competent people to practice real estate
- Keeping the real estate industry reasonably accessible to all kinds of people
- Generally staying out of private disputes
- Never using the law to advance the interest of private trade associations
- Encouraging free and open markets
- Remaining neutral and impartial
Ways You May Interact With GREC
When are you, the real estate agent, most likely to have dealings with GREC?
- When you’re getting your license. GREC is charged with granting real estate licenses (and collecting license fees). If your license application is denied, now you know who to blame: GREC!
- If you ever have a disciplinary action brought against you, that too will be a GREC matter. They investigate license violations, hold disciplinary hearings, and issue disciplinary actions against license holders. GREC is empowered to revoke and suspend licenses.
- If you ever go to a GREC meeting, well, you’ll see them there too. GREC meets once a month, and the meetings are open to the public. Feel free to stop on by.
- When you’re paying an assessment for the recovery fund. The recovery fund is a pool of money used to compensate clients who were wronged by license holders. If it gets too low, GREC can ask everyone to throw $30 in the pile.
Who Is This Mysterious GREC?
GREC is made up of six members, who serve five-year terms. They’re appointed by the governor, then confirmed by the state senate.
Your Friend GREC
Though you may not have day-to-day dealings with GREC in your career as a real estate agent, in many ways, they hold your professional fate in their hands. It makes sense to get to know they are and what they do.
Want to know more about being a real estate agent in Georgia? Check out our career center.