Real Estate "TEAMS" - GREC Proposed License Law Changes

By
Services for Real Estate Pros with Maximum One Realty - Managing Broker

 

 GREC Proposed License Law Change - "TEAMS" - The proposed rule amendments will be considered for adoption by the Commission at its meeting on March 11, 2020, at 9:30 a.m. following the public hearing.

SYNOPSIS OF PROPOSED AMENDMENTS TO THE GEORGIA REAL ESTATE COMMISSION RULES CHAPTER 520 Rule 520-1-.02

Purpose: The purpose of this proposed amendment is to define the terms “Team” and “Team Leader” as they relate to real estate brokerage activity in Georgia.

Main Feature: Defining the terms “Team” and “Team Leader”.

CHAPTER 520 Rule 520-1-.02 (2) - Terms

(u) “Team” is comprised of two or more licensees who 1. act on behalf of, and are affiliated with, the same firm; 2. work together on a regular basis to provide real estate brokerage services; 3. represent themselves to the public as a team; and 4. are identified by a team name.

(v) “Team Leader” is a licensee designated by his or her qualifying broker or broker as a Team Leader. Each Team in a firm must have a Team Leader. Each Team Leader shall maintain an accurate list of the names, license numbers, contact information for each team member, and provide the list to the qualifying broker or broker of the firm.

 

SYNOPSIS OF PROPOSED AMENDMENTS TO THE GEORGIA REAL ESTATE COMMISSION RULES CHAPTER 520 Rule 520-1-.09

Purpose: The purpose of this rule is to provide guidance for real estate firms and to help prevent confusion by the general public, regarding the advertising of real estate Teams in Georgia, by identifying requirements that are specific to the advertising of Teams for Georgia real estate salespersons, brokers and firms.

Main Features: Identifying the responsibilities of Team Leaders, qualifying brokers or brokers when advertising Teams. Identifying required and prohibited words and phrases used in Team advertising.

CHAPTER 520 Rule 520-1-.02 (11) – Advertising as Teams

(a) It shall be the Team Leader’s responsibility to submit all team advertising to the qualifying broker or broker of the Firm of which the Team is affiliated. The qualifying broker or the broker shall timely review all advertising by Teams to assure compliance with the advertising rules of Chapter 520-1-.09.

(b) The word “team” or “group” must be included as part of the name for all Teams. Real estate team or group names may not include the following words or phrases, or variations thereof:

* Associate Brokerage
* Broker
* Company
* Corporation
* Corp.
* Incorporated
* Inc.
* LLC
* LLP
* LP
* Real Estate
* Realty.

If this Law passes GREC on March 11, 2020 you may not use any of those above terms in your marketing or advertising if you are a Team or even as an Individual.

As of 2/26/20, I have been in touch with GREC and due to comments from Brokers & Agents, these prohibited words may be changed... "Real Estate" & "Associate Broker" may be allowed... we will know after March 11th!

A public hearing will be held at 9:30 a.m. on March 11, 2020, at the Georgia Real Estate Commission, Suite 1000 International Tower, 229 Peachtree Street, N. E., Atlanta, Georgia 30303 to provide the public an opportunity to comment upon and provide input into the proposed rule amendments. At the public hearing anyone may present data, make a statement, comment or offer a viewpoint or argument whether orally or in writing. Lengthy statements or statements of a considerable technical or economic nature, as well as previously recorded messages, must be submitted for the official record. Oral statements should be concise and will be limited to five (5) minutes per person. Additional comments should be presented in writing. Written comments are welcome. Such written comments must be legible and signed, should contain contact information from the maker (address, telephone number and/or facsimile number, etc.) and be received in the office prior to the close of business (4:30 P.M.) on February 28, 2020, to allow for timely processing. Written comments should be addressed to Frank Lynn Dempsey, Georgia Real Estate Commission, Suite 1000 International Tower, 229 Peachtree Street, N. E., Atlanta, Georgia 30303.

Read Entire GREC Proposed Rule Changes & Hearing Info Here: https://maximumonerealty.files.wordpress.com/2020/02/notice-of-intent-520-1-02-teams-definitions-and-advertising-12-04-19.pdf

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