Chapter 18 Flashcards
Georgia Real Estate Commission
The law establishes the Georgia Real Estate Commission as the authority over all real estate licenses. The commission is empowered to issue licenses, set fees, pass rules and regulations and take disciplinary actions.
Statute 43-40-3
The commission is authorized to set charges and collect fees to be paid by licensees. By law the fees collected shall approximate the total cost of operations of the commission. The commission is authorized to pass rules and regulations dealing with the conduct of licenses. The rules endorse procedures to make use of facsimile and electronic means for efficient and paperless processes.
Statute 43-40-5
If the commissioner or any commission employee has a license, it must be placed on in active status. Also, the commissioner does not have a voting interest in decisions made by the commission members.
Associate broker
The associate broker has the same license requirements as the broker and can perform all the services as a broker performs for consumers, but has chosen to work as an agent of another broker, instead of contracting directly with the consumer.
Salesperson
The sales person can also perform all the services a broker can but only as the agent of the broker. Only the broker can have a direct relationship with the consumer. To acquire a sales persons license one must be at least 18 years old, be a resident of Georgia unless qualify under non-resident status, have a high school diploma or the equivalent, complete a 75 hour approved course or an approved educational equivalent, be a good moral character, and pass a state examination.
Statute 43-40-10
When a corporation, partnership or limited liability company wants to acquire a real estate license, a person holding a brokers license must be named the qualifying broker. This person is to be responsible for all of the licenses in the firm and all the business. The qualifying broker must also have the authority to bind the firm in any case that comes before the commission.
Statute 43-40-18
In addition to abiding by any local laws that apply, a brokers responsible for all the licenses who affiliate with the firm and shares the liability if an agent violates the laws or the rules. However, the broker might be excused from responsibility for a particular violation if able to prove that reasonable supervision was available to the agent; the broker did not have anything to do with the infraction; and the broker did not ratify the infraction.
Statute 43-40-22.1
A broker who manages a community association may be required by the commission to secure a fidelity bond or Fidelity insurance to protect the association against laws. The criteria is established in Rules and Regulations.
Unfair Practices
Talking someone into breaking a contract so that another one can be put in its place.
Calling your opinion of value an
appraisal, unless licensed as an appraiser.
Failing to deliver, within a reasonable time to the buyer or the seller, completed copies of a contract or any offer.
Failure of the sales person, associate broker, or community association manager to submit trust funds to the broker as soon as possible.
Obtaining a listing, lease or sales contract from a person, knowing that one already exists, without written permission from the broker who has such an agreement. However, a broker can bid on Community Associations business when requested to do so in writing by its Board of Directors, even if the Association is already under contract.
Statute 43-40-25.1
Licensees are not practicing law without a law license when they complete contract forms prepared by attorneys. Contracts must include a complete property description, a method of payment, any special stipulations or addenda as required and specific dates to determine if the parties have acted timely.
