Real Estate Study

Georgia Real Estate Commission

Regulates license law in Georgia; issues licenses; often referred to as GREC or the commission.

Broker

A person who, for a commission or other valuable consideration, performs specific real estate-related acts for another person.

Salesperson

A person who is associated with a licensed broker for the purpose of performing an act for which a real estate license is required.

Party

A prospective buyer, seller, landlord, or tenant, or the authorized representative of any of those parties in a real estate agreement.

Third party

A purchaser, seller, tenant, or landlord who is not subject to a representation relationship with a real estate licensee.

Associate broker

A broker who chooses to work as a salesperson for another broker.

Licensee

A person who holds an active real estate license.

Brokerage engagement

A written contract, required in Georgia, in which the seller or buyer becomes the client of the broker.

Real estate

The land and all of those items that are attached to the land, both tangible entities and improvements on, above, or below the ground.