(13) "Timely" means a reasonable time under the particular circumstances. (12) "Ministerial acts" means those acts which do not require the exercise of the broker's or the broker's affiliated licensee's professional judgment or skill. (11) "Material facts" means those facts that a party does not know, could not reasonably discover, and would reasonably want to know. (10) "Dual agent" means a broker who simultaneously has a client relationship with both seller and buyer or both landlord and tenant in the same real estate transaction. (9) "Designated agent" means one or more licensees affiliated with a broker who are assigned by the broker to represent solely one client to the exclusion of all other clients in the same transaction and to the exclusion of all other licensees affiliated with the broker. (8) "Customer" means a person who is not being represented by a real estate broker in an agency capacity pursuant to a brokerage engagement but for whom a broker may perform ministerial acts in a real estate transaction pursuant to either a verbal or written agreement. (7) "Common source information companies" means any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease (and other data) and includes but is not limited to multiple listing services. (6) "Client" means a person who is being represented by a real estate broker in an agency capacity pursuant to a brokerage engagement. (5) "Brokerage relationship" means the agency and non-agency relationships which may be formed between the broker and the broker's clients and customers, as described in this chapter. (4) "Brokerage engagement" means a written contract wherein the seller, buyer, landlord, or tenant becomes the client of the broker and promises to pay the broker a valuable consideration or agrees that the broker may receive a valuable consideration from another in consideration of the broker producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or performing other brokerage services. (3) "Brokerage" means the business or occupation of a real estate broker. The term "broker" includes the broker's affiliated licensees. (2) "Broker" means any individual or entity issued a broker's real estate license by the Georgia Real Estate Commission. (1) "Agency" means every relationship in which a real estate broker acts for or represents another as a client by the latter's written authority in a real property transaction. The Georgia Brokerage Relationships in Real Estate Transactions Act provides detailed guidance for navigating financial, ethical, and legal interactions between brokers and their clients to ensure everyone understands their rights and responsibilities while engaged in real estate transactions in Georgia.īefore we dive into the details of the Georgia Brokerage Relationships in Real Estate Transactions Act, let’s first review some of the key terms encountered throughout the Act. If a tenant declines to make a lease offer based on this negative situation, the broker is allowed to offer more suitable properties for consideration, without compromising their duties to the landlord. Prospective tenants have a right to know that the 2AM whistle may interfere with their sleep. Let's say there is a railroad track near the property within that distance, but not clearly visible. The Act also identifies certain rights the broker has when engaged by property owners.Īs an example, when offering a property for lease, brokers must disclose any material property defects or potentially negative elements within one mile of the property. And, brokers must provide a timely accounting of all money and property received in which the seller has (or may have) an interest in. The Act clarifies the responsibilities brokers and their affiliate licensees have to clients by providing financial and legal guidance about facilitating real estate negotiations between parties.įor example, under the Act brokers must establish an escrow account for earnest money collected when a buyer and seller enter into a contract. The Act was adopted to prevent harmful misunderstandings and misinterpretations between real estate brokers and sellers, landlords, tenants and buyers who engage their services. In this Chapter we will cover the Georgia Brokerage Relationships in Real Estate Transactions Act.
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