A newly licensed salesperson asks her broker how the Georgia Real Estate Commission (GREC) relates to the local board of REALTORS®. Which statement accurately describes the relationship between GREC and voluntary trade associations?
Correct Answer
C) GREC is a state regulatory body that is separate and distinct from voluntary trade organizations such as boards of REALTORS®.
Under O.C.G.A. Title 43, Chapter 40, the Georgia Real Estate Commission is established as a state regulatory agency with authority over licensing, rulemaking, and discipline. Boards of REALTORS® are private, voluntary trade associations with no governmental regulatory power. The two are entirely separate entities with different purposes, governance structures, and legal authority.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
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