Making the Most of the Firms Status Report
On this web site, the Georgia Real Estate Commission makes available a Firm and Licensee Status Report to each actively licensed real estate company. This report contains information to assist brokers in the management of their firms in accordance with the license law. A broker can use this report to build a system to track licensees who transfer into or out of the firm and to keep up with the firm's affiliates who must renew in the near future or who have education requirements due.
The Commission also mails to firms a quarterly status report in any quarter of the calendar year in which the firm, its broker, or its affiliates must renew a license or fulfill education requirements such as the Salespersons Postlicense Course.
The Firm and Licensee Status Report contains the following information:
- Information on the licensed firm - the firm's license number and name(s) as registered with the Commission, the license type (sole proprietorship, corporation, partnership, or limited liability company), whether the license is active or inactive, the firm's renewal date, the number of licensees affiliated with the firm, and the total number of licensees needing to renew during the period covered by the report;
- Information on the license of the firm's broker or qualifying broker - the broker's name, license number, active status, renewal date, and the total number of any continuing education hours due at renewal;
- Trust account information for the firm and its affiliates - for all accounts that have been reported to the Commission, the name of the bank; the account number; and in the case of affiliate's trust accounts, their license numbers;
- Affiliated licensees who must complete post-license education during the period of the report and their license type, license numbers, names, renewal dates, and the dates that post license education is due;
- The names of all the licensees of the firm who must renew within the quarter including the license number, license type, renewal date, number of continuing education hours due at renewal, and the amount of renewal fees due; (Renewal forms are enclosed for these licensees.) and
- A list of all other licensees affiliated with the firm showing their names, license numbers and types, renewal dates, and any continuing education hours due.
When used conscientiously, the Firm and Licensee Status Report can be a valuable management tool for the broker. It can also assist the broker in complying with the license law. By identifying affiliates whose licenses will lapse unless they renew their licenses or complete post-license education, it can help the broker avoid having a person who is not properly licensed acting on behalf of the firm. Paying attention to the information in the Firm and Licensee Status Report can also help the broker avoid disciplinary action for paying commissions to persons who do not hold an active license. Likewise, the Firm and Licensee Status Report can assist the broker in identifying persons who have left the firm, but who have not filed with the GREC a change application effecting a transfer out of the firm.
In short, the Firm and Licensee Status Report enables the broker to reconcile the firm's records with information in the Commission's firm and licensee files.
The information contained in this article is believed to be current and accurate. The GREC staff reviews the contents periodically and updates it when appropriate. If you have questions or comments about this article, you may contact us at email@example.com . Last reviewed August, 2006.