Real Estate Section5
The rules for trust accounts
They do not have to be interest bearing
In Georgia, once home is under contract...
You must only present all written offers
Employees of the Commission may have a real estate license,
but it must be inactive while working for commission
New agent registered with post license course but not completed by a year,
cannot practice real estate and must complete post license within 18 months of original license date
Net listing
; it is illegal in GA
Regardless of life turnaround, once released from prison on a felony,
you cannot reapply for a license for 10 YEARS
Lead Based Paint disclosure:
Any home built prior to 1978 requires disclosure, lead pamphlet, and exhibit in contract also giving the buyer the right for an assessment
CAM license
Manage associations ONLY but no sales or listings
Real Estate Education Research and Recovery Fund
Drops below 1 million, each agent active and inactive is assessed $30 per year at time of renewal
If you are convicted of a crime or plead no lo contender, you must
Notify GREC within 10 days of court completion whether you are found guilty of innocent
Post license course
1 year before or 1 year after being licensed... watch the dates.
RESPA
1-4 family residential, does NOT include commercial, agricultural, owner financing, or contract for deed, cash sales (no loan), 25 acres or less with a home is covered
KEEP COPIES FOR
3years
Security Deed or Deed
To secure debt to record lender's claim on the property
You move and do not notify GREC within 30 days,
you are subject to fines and discipline by GREC ($25)
When selling your own property, you must
Always disclose your licensed status whether you are active or inactive in all advertising
How many days after closing, expiration or withdrawal to REMOVE signs
10 days
Georgia Landlord Tenant Act
Assigns certain rights and responsibilities to the landlord and the tenant
Disclose murder
ONLY if asked
Transaction broker agents have an agency relationship with no one.
Everyone is a customer.
Requirements and/or when you need a real estate license
at least 18 years old to become an agent and 21 years old to become a broker
You are an agent buying a fellow agent's listing,
Must disclose in writing you are an agent in the same office and your license status.
UDTPA
penalties can include fines, injunctions, and triple damages
A licensed agent cannot claim any payment from
REERR
You can remain inactive
Indefinitely
Paying for an advertisement does not make it exempt
From having your broker's approval.
GREC
reviews Trust Accounts upon renewal of firm license; and reasonable cause
A property manager working for an unlicensed owner; you must
Surrender your real estate license
When working with customers, agents must be
Fair, Honest and Accurate and disclose everything known within a one-mile radius of the property
Chairperson of Commission members
selected by member of commission
To renew your license
36 hours of CE every four years
$25,000 per person/$75,000
Lifetime for agent paid from REERR.
What you can and can't do for a customer
mostly ministerial acts.. disclosure within 1 mile
Associate Brokers
May work as a qualifying broker for another company with current broker's permission
Only attorneys
Can conduct a closing in GA
Agent changes companies,
Broker may send license back to the commission or forward it to new broker
The parts of an out of state broker agreement to real estate in GA thru a GA broker without a GA license
Contract must specify what the financial arrangement is between the parties and what property is the subject of the agreement
Unlicensed assistant can and cannot do
Show real estate. Answer any questions on title, financing, or closings (other than the time and place) or regarding a listing (except for information authorized in writing by the licensee)
If you pay referral fee, you must
Disclose how much and to who, or it is a violation of RESPA
Trust accounts
Must equal bills plus security deposits before paying bills
If you pass the state exam,
You must activate your license within 12 months or retake the state exam
Can be 17 to sit for state exam
However you must be 18 to apply for license
Agency is created in
GA writing