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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:

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 grecmail@grec.state.ga.us . Last reviewed August, 2006.