Which statement correctly describes the relationship between the Georgia Real Estate Commission (GREC) and local boards of REALTORS®?
Correct Answer
C) GREC is a state regulatory agency, and local boards of REALTORS® are separate, voluntary trade associations with no governmental authority.
Under O.C.G.A. Title 43, Chapter 40, GREC is established as a state governmental body with regulatory authority over real estate licensees. Local boards of REALTORS® are private, voluntary trade associations affiliated with the National Association of REALTORS®. They have no governmental licensing or regulatory power.
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