GA laws & practices
associate broker
acts on behalf of real estate broker in performing real estate acts
agency
relationship in which broker acts on behalf of real estate client with express authority
applicant
has completed requirements for license or approval
bank
financial institution regulated by financial institutions regulations council and authorized to provide federal insured checking accounts
broker
performs one of the following for another and recieve compensation
Brokerage agreement
express written contract; client promises to pay broker valuable consideration for producing a seller, buyer, tenant, or landlord who is ready, able and willing to sell, buy, or rent the property or in consideration of broker's performing property management or community association management services
brokerage engagement
written contract wherein seller, buyer, landlord or tenant becomes the cli broker and promises to pay broker a valuable consideration or agrees broker may receive valuable consideration from another in consideration of broker producing a seller, buyer, tenant, or landlord able and willing to sell, buy, or rent property or in consideration of broker's performing property management or community association management services
brokerage relationship
agency and non-agency relationship between broker and consumer that results in brokerage engagement
buyer
acquired or attempted to acquire real estate interest
candidate for licensure
in process of completing licensing requirements or approval
client
consumer who has entered into brokerage agreement with broker
customer
consumer who has not entered into brokerage agreement but for whom broker performs ministerial acts
dual agent
broker who simultaneously has brokerage relationship with both parties in same transaction
firm
corporation, partnership, limited liability company, sole proprietorship, or other business entity licensed as broker
franchise
name use of which requires permission from another with right in trade name by state or federal law
franchisor
business entity owning and controlling trade name used by others
licensee
Licensed as community association manager, salesperson, associate broker, or broker
ministerial acts
acts performed by broker or affiliated licensees for person who does not require discretion or exercise of licensee's judgment
person
individuals and firms
property mangement services
Acts on behalf of broker to manage community associations and performs no other real estate activity
purchaser
attempts or succeeds in aquiting interest in land
real estate
condo, leasehold or other interest in land whether corporeal, incorporeal, freehold, non-freehold, in Georgia or elsewhere. Includes mobile homes affixed to land
salesperson
Someone other than associate broker who performs real estate activity on behalf of broker
statutory overnight delivery
delivery through Unites States Postal Service or commercial firm regularly engaged in document delivery in which sender has directed delivery be no later than next business day and received acknowledgement of receipt by addressee or agent of addressee
timely
reasonable time under the particular circumstances
purpose of GA real estate commision (GREC)
To protect public interest by regulating real estate brokerage industry through licensing of practitioners
ethics qualification
Licenses granted only to persons with good reputation for honesty, trustworthiness, integrity, and competence to transact business in manner to safeguard interest of public
all licensees must be licensed under
active georgia broker