Agency BRRETA

Question 1

Licensee

Answer 1

Anyone with a Real Estate License

Question 2

Broker Requirements

Answer 2

Actively Licensed for 3/5 years. Pass a 60hr course.

Question 3

Broker Responsibilities

Answer 3

Responsible for firm and all affiliates, Provide training of any law, rule, or policy changes, CANNOT REFUSE TO RELEASE AN AGENT

Question 4

Associate Broker

Answer 4

Agent to the broker. Performs acts of a sales person. Broker under a broker - 1 broker per firm

Question 5

Sales person License

Answer 5

Agent to the Broker, 18yrs, Pass 75hr course, and state Exam, Apply for License within1 yr of passing exam or retake. Apply in 3 mos or fee doubles.
25hr “post license’ class. counts as 9/36hrs for CE every 4yrs

Question 6

Community Association Manager (CAM)

Answer 6

Agent to the broker, assist the broker who manages HOA. Cannot list, sell, or lease. 25hr course.

Question 7

All licensees acting as principals must..?

Answer 7

disclose their license status in ALL advertising and contracts (their license number also)

Question 8

Affliate/Associate

Answer 8

Brokers, salesperson, CAM under ONE broker. Must surrender license (active or Inactive) to work full time employee for non-licensed entity.(builder)

Question 9

When would an agent NOT be held responsible for false information?

Answer 9

When they disclose where they got the information from. ex. “according” to the builder. Not disclosing a known fact about false assumption is misrepresentation. Agent can be held liable.

Question 10

Broker Firms: Sole Proprietorship

Answer 10

Owner of company must be qualifying broker and the owners name and the company name must be the SAME. Same name for both licenses. When owner dies (broker) they company dies.

Question 11

Broker Firms: Partnership

Answer 11

Qualifying broker must be a general partner.

Question 12

Broker Firms: Corporation or LLC

Answer 12

Qualifying broker must be officer/director or member

Question 13

Loss of Broker

Answer 13

Firm has 30 days to secure new broker

Question 14

Office Brokerage Policy (GA)

Answer 14

Must disclose PRIOR to agency agreement: Types of agencies offered, compensation, conflicts of interest, and confidentiality agreements.

Question 15

Client

Answer 15

One who signed an agency agreement with a broker, being ‘represented’. Agent owes client & customer duties to clients.

Question 16

Customer

Answer 16

Perspective client, NOT signed agency agreement, Agents perform only ministerial acts - never give advice. (Against law called undisclosed agency)

Question 17

Special Agent

Answer 17

Represent one function. Specified time.

Question 18

Caveat emptor

Answer 18

Buyer Beware. GA has a responsibility to inspect the property and neighborhood.

Question 19

General Agent

Answer 19

Represent in several areas, on-going basis. (most common - sells, leases, buys, property management)

Question 20

Single Agency

Answer 20

One broker represents one client. Usually includes a “coop” (in writing) - agency and MLS agreement

Question 21

Sub-Agency

Answer 21

Both the sellers broker and the cooperating broker represent the seller. the buyer is always a customer. Legal in GA.

Question 21

Dual Agency

Answer 21

One broker represents both buyer and seller in the same transaction. Conflict of interest - confidentiality VS full disclosure. Requires written informed consent.

Question 22

Designated Agency

Answer 22

One broker represents both seller and buyer but designates two separate affiliates. one to represent seller and one for buyer.

Question 22

Transaction Brokerage

Answer 22

No agency - all customers - a contract to perform ministerial acts for compensation. No confidentiality. Disclosure required.

Question 23

Who can sue for commisions?

Answer 23

Only licensed, employed (written contract) BROKERS.

Question 24

Brokers can share commissions with..?

Answer 24

ONLY licensed people. (agents, other brokers(referral))
Exception - unlicensed corporation. when salesperson owns 20% with written agreement

Question 25

Procuring Cause

Answer 25

effort that brings about the desired result

Question 26

Procuring cause MUST take place when?

Answer 26

during the listing period

Question 27

What type of contract would NOT require the Broker to prove procuring cause in a law suit for commission?

Answer 27

Exclusive Right to Sell