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Aceable Agent Level 25 Questions And Answers With Verified Solutions Rated A+
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Aceable Agent Level 25 Questions And Answers With Verified Solutions Rated A+
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Aceable Agent Level 25 Questions AndAnswers With Verified Solutions Rated
A+
Georgia Real Estate Commission - ANSWER✔✔ the commission is the regulatory
body responsible for regulating the brokerage industry and licensing real estate
practitioners in order to protect the public interest; it administers the real estate
license law relevant to brokers, salespersons, and community association managers
made up of six members appointed by the governor & confirmed by the GA
senate; each have 5-year terms until a successor is appointed; 5 members must be
GA residents & actively engaged in real estate at least 5 years; 1 member from the
general public, not involved in real estate, recognized interest in consumer
protection
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
Annual GREC Report - ANSWER✔✔ The Commission (more specifically, the
chairperson) files an annual report of their actions and expenses with the Governor.
Both houses of the General Assembly get a copy of this report, too. GREC has to
file it by the second Tuesday in January, but the governor can request a preliminary
report in advance of the deadline as needed. This report includes:
-A summary of everything the Commission did that year
-A list of staff
-A financial report showing income and disbursement of funds
-The total number of people licensed by theCommission
, -A report on research and education carried out by the Commission to further its
goal of protecting the public
-Plans for the coming year regarding additional research and education
4 Different Types of Real Estate Licensees in GA - ANSWER✔✔ 1. brokers
2. associate brokers
3. salespersons
4. community association managers
purchasers - ANSWER✔✔ people who acquire or attempt to acquire an interest in
land
broker - ANSWER✔✔ a person who is licensed to represent one of the parties in a
real estate transaction in exchange for a commission or other valuable
consideration
associate broker - ANSWER✔✔ an individual who meets the licensure
requirements to be a real estate broker but provides real estate brokerage services
as an independent contractor to a real estate broker
-difference between a broker & an associate broker is that the an associate broker
opts to work under another broker and does notsupervise agents
salesperson - ANSWER✔✔ a real estate license holder who is associated with a
licensed broker for the purpose of performing real estate brokerage acts on the
broker's behalf. A salesperson can't accept compensation directly from a principal;
it must come from their own sponsoring broker.
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