Regulates G protein-coupled receptor signaling cascades. Inhibits signal transduction by increasing the GTPase activity of G protein alpha subunits, thereby driving them into their inactive GDP-bound form. The RGS7/GNB5 dimer enhances GNAO1 GTPase activity. May play a role in synaptic vesicle exocytosis. Modulates the activity of potassium channels that are activated by GNAO1 in response to muscarinic acetylcholine receptor M2/CHRM2 signaling. Interacts with PKD1; this prevents rapid proteasomal degradation. Interacts with GNB5 (By similarity). Interacts with RGS7BP, leading to regulate the subcellular location of the heterodimer formed with GNB5 (PubMed:15632198, PubMed:15897264). Interacts (phosphorylated form) with 14-3-3 protein YWHAQ (PubMed:10862767). Interacts with SNAPIN. Interacts with GNAI1 (By similarity). Interacts with GNAO1, GNAI3 and GNAZ (By similarity). Interaction with PKD1 promotes location at the cell membrane. Interaction with RGS7BP promotes location at the cell membrane. Detected in brain (at protein level). Palmitoylated. Ubiquitinated, leading to rapid proteasomal degradation. Phosphorylation and subsequent interaction with 14-3-3 proteins inhibits GAP activity.