Agency BRRETA Flashcards
Licensee
Anyone with a Real Estate License
Broker Requirements
Actively Licensed for 3/5 years. Pass a 60hr course.
Broker Responsibilities
Responsible for firm and all affiliates, Provide training of any law, rule, or policy changes, CANNOT REFUSE TO RELEASE AN AGENT
Associate Broker
Agent to the broker. Performs acts of a sales person. Broker under a broker - 1 broker per firm
Sales person License
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
Community Association Manager (CAM)
Agent to the broker, assist the broker who manages HOA. Cannot list, sell, or lease. 25hr course.
All licensees acting as principals must..?
disclose their license status in ALL advertising and contracts (their license number also)
Affliate/Associate
Brokers, salesperson, CAM under ONE broker. Must surrender license (active or Inactive) to work full time employee for non-licensed entity.(builder)
When would an agent NOT be held responsible for false information?
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.
Broker Firms: Sole Proprietorship
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.
Broker Firms: Partnership
Qualifying broker must be a general partner.
Broker Firms: Corporation or LLC
Qualifying broker must be officer/director or member
Loss of Broker
Firm has 30 days to secure new broker
Office Brokerage Policy (GA)
Must disclose PRIOR to agency agreement: Types of agencies offered, compensation, conflicts of interest, and confidentiality agreements.
Client
One who signed an agency agreement with a broker, being ‘represented’. Agent owes client & customer duties to clients.
Customer
Perspective client, NOT signed agency agreement, Agents perform only ministerial acts - never give advice. (Against law called undisclosed agency)
Special Agent
Represent one function. Specified time.
Caveat emptor
Buyer Beware. GA has a responsibility to inspect the property and neighborhood.
General Agent
Represent in several areas, on-going basis. (most common - sells, leases, buys, property management)
Single Agency
One broker represents one client. Usually includes a “coop” (in writing) - agency and MLS agreement
Sub-Agency
Both the sellers broker and the cooperating broker represent the seller. the buyer is always a customer. Legal in GA.
Dual Agency
One broker represents both buyer and seller in the same transaction. Conflict of interest - confidentiality VS full disclosure. Requires written informed consent.
Designated Agency
One broker represents both seller and buyer but designates two separate affiliates. one to represent seller and one for buyer.
Transaction Brokerage
No agency - all customers - a contract to perform ministerial acts for compensation. No confidentiality. Disclosure required.
Who can sue for commisions?
Only licensed, employed (written contract) BROKERS.
Brokers can share commissions with..?
ONLY licensed people. (agents, other brokers(referral))
Exception - unlicensed corporation. when salesperson owns 20% with written agreement
Procuring Cause
effort that brings about the desired result
Procuring cause MUST take place when?
during the listing period
What type of contract would NOT require the Broker to prove procuring cause in a law suit for commission?
Exclusive Right to Sell
