This is “Lesson 2.1 – The Georgia Real Estate Commission” of the 75-HOUR GEORGIA REAL ESTATE LICENSE COURSE. This is step one to getting your Georgia actual property license. This course will let you sit for the Georgia actual property salesperson State examination. Study for the State examination.
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The following key phrases are outlined in Rule 520-1-.02.
Agency refers to an actual property dealer’s relationship with a consumer through the consumer’s categorical written settlement.
Applicant refers to somebody who has accomplished the necessities for a license, submitted a whole utility and paid the proper charge.
Brokerage engagement refers to a written contract between a purchaser, vendor, tenant or landlord and the dealer. The engagement consists of consideration for duties that the dealer performs, reminiscent of producing a purchaser for a listed property or a property for a purchaser prepared and in a position to buy actual property. The identical holds true for a dealer both itemizing an out there rental or producing a renter for out there rental property. The engagement can also be for property administration.
Contracts included are an open itemizing contract, unique itemizing contract, purchaser dealer settlement, group affiliation administration settlement, property administration settlement, and unique tenant illustration contract.
A Brokerage relationship is an company (or non-agency) relationship between the dealer and their consumer (or buyer) below a brokerage engagement.
A Buyer is somebody trying to purchase an curiosity in actual property.
A Candidate for Licensure is anybody pursuing a license who has accomplished the necessities, reminiscent of finishing an utility and paying the required charges.
Client refers to somebody in a brokerage engagement with a dealer.
Customer means an individual who has not entered right into a brokerage engagement with a dealer however for whom a dealer could carry out ministerial acts in an actual property transaction.
Dual brokers symbolize each the client and vendor or each the tenant and landlord in the identical transaction.
Firm is the partnership, company, sole proprietorship or restricted legal responsibility firm licensed as a dealer.
Ministerial acts are duties that do not require a dealer’s discretion or particular person judgment.