When it comes to the real estate exam to become a Sales agent in Georgia, you must pass both the National side and the State Side of the Exam. We have broken down the State Only Georgia Real Estate Laws into specific categories. This will help you review the GA real estate exam and pass the exam. We will delve into each one of the area below.
Focus Areas For Georgia Real Estate Exam - State Only
Georgia Agency Laws
Georgia Real Estate License Laws
Georgia Fair Housing Laws
Georgia Land use Laws
Georgia Tenants and Landlords
Georgia Ownership Rights
Georgia Finance and Programs
As always remember to take as many practice questions as possible . This is the ONLY WAY TO APPLY what you read. Use our Exam Bank and skip the Ridiculous prep courses. All you need to lots of practice questions. We have state specific Real Estate Practice Questions as well. https://www.agentexambank.com/state-exam-bank
What you need to know about Georgia Agency Laws
When it comes to Georgia Agency laws, we are talking about keywords like BRRETA , relationships between client, brokers and Sales agents. We are also talking about what can and cannot be disclosed between these relationships. In this article we will delve into who the key players are, how they interest and how violations of this rules are punished.
Who is the Big Boss Here : BRRETA
Brokerage Relationship in Real Estate Transactions Act : This ACT /constitution oversees the relationships between consumers( a buyer or seller), brokers and Sales agents.
Who Polices this : GREC
Since the GREC job is to protect the public, they definitely make sure everyone involved in a real estate situation are playing nice by using any of the relationships laws described in the BRRETA.
What does BRRETA want ?
1. Dictate When & How Relationships are created.
2. Only Specific Types of relationships.
3. When there is No relationship, behave a certain way.
As always remember to take as many practice questions as possible . This is the ONLY WAY TO APPLY what you read. Use our Exam Bank and skip the Ridiculous prep courses. All you need to lots of practice questions. We have state specific Real Estate Practice Questions as well. https://www.agentexambank.com/state-exam-bank
When does a Relationships Occur / When Relationships are created In Georgia
In Georgia ,according to BRRETA, a relationship between a prospective client and a salesperson/broker has to be ESTABLISHED BY a term called BROKER ENGAGEMENT
(a buyer/seller that You are representing ) and AGENCY DISCLOSURE
1. Agency Disclosure : Tell the client/customer who you are.
2. Broker Engagement: Written Agreement per Property transaction. NO exceptions
Tricky Situation during Relationship Creation :
TIMING Situation : Agency Disclosure must happen before or During Broker Engagement
For Example : Sales Agent John tells his Seller Client, Suzy, 3 days after they sign an exclusive listing agreement that he also represents the Buyer of her Property. John should have disclosed this during the signing of the agreement or before the signing. That is if he knew ahead in time.
No Agency Relationship Situation: In Georgia, there are always has to be a defined relationships between parties.Even a No agency relationship has rules attached per BRRETA called Ministerial Acts. This creates a No Agency Relationship called Transaction Brokering
Four Broker Engagement/Disclosure Points to NOTE
All Broker Engagements must:
(1) Inform the prospective client of the types of agency relationships available through the broker
(2) Inform prospective client of any brokerage relationships held by such broker with other parties which would conflict with any interests of the prospective client actually known to the broker. Of course you are allowed to exclude the fact that the you may be representing other people in unrelated transactions.
(3) Advise such prospective client as to the broker’s compensation and whether the broker will share such compensation with other parties involved such as the other party's agent.
(4) Advise the prospective client of the broker’s obligations to keep information confidential under this chapter.
2. Georgia allows Specific Types of relationships.
A Single agency - An agency relationship in which the agent represents only one party to a transaction. This means that as a Single agent you can have a broker engagement client relationship with only person at a time.
Fact About Georgia Single Agent Relationship
Such a Broker/Sale Agent has entered into a client relationship for a specific real estate transaction, Broker/agent cannot represent any other person INVOLVED in THAT Transaction.
A dual agency - A broker in Georgia Can offer the Dual agency arrangement. In a particular transaction. a broker/agent can represent both the Seller and the buyer. This means that as a Dual Sales agent you can have a broker engagement client relationship with both seller and buyer with DISCLOSURE. If it is a rental, the agent would represent both landlord and tenant in the same real estate transaction.
Facts About Georgia Dual Agent Relationship
Both the seller and the buyer must be informed that YOU , the sales agent are representing both sides during the Sale/transaction
YOU, the broker/sales agent will DISCLOSURE negative Property Information that affect either party. Wiles of course keeping private information private.
YOU can force either party into this Arrangement. A statement that the client does not have to consent to the dual agency should be added to the written agreement
A Designated Agency - Designated Agency is an agency relationship under which two different Agents of the same Broker represent two different clients with opposing interests in the same transaction. Again it is when , one agent of a brokerage firm represents the buyer and another Sales agent of the same Brokerage firm represents the seller. This is distinct from Dual Agency, in which the same AGENT (same person) is representing two different clients with opposing interests in the same transaction.
Facts About Georgia Designated Agent Relationship
Confidential Information of both clients can only be released to the Brokerage, never to the Individual clients. Unless of course it falls under Adverse Material Defects
3.When there is No relationship, behave a certain way. (BRRETA Code 10-6A- 3)
When there isn't an agency relationship, BRRETA COUNTS it as a TYPE of agency relationship in Georgia. This is what Georgia Real estate Laws call MInisterial Acts.
For example, a homeowner wants to sell his home, he/she doesn't sign an agreement with the Sales Agent. BUT, the sales agent is giving this homeowner information to work with. The sales agent is keeping his recommendations to himself,he is simply preparing and conveying offers to the other party, locating inspectors, attorneys, surveyors, and providing other similar service. These are Ministerial Acts in Georgia Real estate.
Because the No Agency Relationship is Recognised by BRRETA as a type of Relationship , it has a a NAME :
Transaction broker : This is a broker/sales agent means a broker who has not entered into a client relationship with any of the parties in a specific real estate transaction.
Facts About Georgia Transaction Broker
Such a Broker/Sale Agent has not entered into a client relationship with any of the parties in a specific real estate transaction.
Such a broker/Sales agent performs only ministerial acts on behalf of one or more of the parties.
Broker/Sales Agent is paid valuable consideration by one or more parties to the transaction pursuant to a verbal or written agreement for performing brokerage services. (Per BRRETA 10-6A- 3 (14)
As always remember to take as many practice questions as possible . This is the ONLY WAY TO APPLY what you read. Use our Exam Bank and skip the Ridiculous prep courses. All you need to lots of practice questions. We have state specific Real Estate Practice Questions as well. https://www.agentexambank.com/state-exam-bank
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Georgia Real estate Exam Keywords
(CRASH COURSE -Exam Focus. Skip the Prep Courses.)
Agency Disclosure : Telling the client/customer who you are as a real estate agent.
Broker Engagement : means a written contract the seller, buyer, landlord, or tenant becomes the client of the broker/Salesperson.
BRRETA : Brokerage Relationship in Real Estate Transactions Act : This ACT /constitution oversees the relationships between consumers( a buyer or seller), brokers and Sales agents.
A Single agency - An agency relationship in which the agent represents only one party to a transaction. This means that as a Single agent you can have a broker engagement client relationship with only person at a time.
A dual agency - A broker in Georgia Can offer the Dual agency arrangement. In a particular transaction. a broker/agent can represent both the Seller and the buyer.
A Designated Agency - Designated Agency is an agency relationship under which two different Agents of the same Broker represent two different clients with opposing interests in the same transaction
Transaction broker : This is a broker/sales agent means a broker who has not entered into a client relationship with any of the parties in a specific real estate transaction.
Agency Disclosure Timing : Agency Disclosure must happen before or During Broker Engagement
Ministerial Acts : Acts that don't require a legal relationship with a broker/Agent . These are keeping your commendations to yourself and is simply preparing and conveying offers to the other party, locating inspectors, attorneys, surveyors, and providing other similar service.
Adverse Material Defects If actually known to the Broker/agent, All information about the property/transaction that are negative and hurt either party must be disclosed. Example is Flood, death.
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