Seth Weissman, GAR’s general counsel, frequently takes calls from REALTORS® across the state regarding legal matters in the real estate industry. This section contains some of the questions asked most frequently. The section is intended to provide helpful information to REALTORS®. It is not, however, intended as specific legal advice to REALTORS® or to any other person. Persons seeking such advice should consult an attorney. The answers to the questions set forth herein can change with the passage of time, the adoption of new laws, and the issuance of new court decisions. Please click on each topic to expand the content. Show Can a broker be one of the designated agents in a real estate transaction? If I am identified in the sales contract as the broker for the buyer, do I still need to get a buyer brokerage agreement signed? Can an agent working with a buyer as a customer be a “transaction broker” in a transaction where the agent is showing the buyer a listing of the brokerage firm with whom the agent is affiliated? If I am a broker/builder, can I hire unlicensed individuals to exclusively sell my property if they are my full time employees? If a builder gives me a prize or bonus for selling his or her homes, does it belong to me or my broker? Do I have to disclose that I am getting a referral fee
for referring a client to a broker in another part of the state or country? Do I have to present an oral offer? Must I get my broker’s permission to buy or lease property in my own name when I am not involving my broker in the deal? Can a licensed assistant work for two different licensees, each of whom works for a different broker? Can a real estate broker close the sale of real estate in Georgia? As a listing broker, am I required to disclose if a murder or suicide took place in the home? As
a listing broker, am I required to disclose if a registered sex offender lives down the street? Is there a difference between fraud and misrepresentation? What is the maximum fine which can be levied by the Georgia Real Estate Commission? Under state law, the Georgia Real Estate Commission can impose a fine not to exceed $1,000.00 for each violation of the Georgia License Law up to a maximum of $5,000.00 in any one citation (O.C.G.A. § 43-40-25.2). Unfortunately, the Commission will normally allege that every single improper behavior violates multiple portions of the license law and regulations. As such, it is fairly common for fines to exceed $1,000.00. Georgia Law – Condos and Townhomes What is the difference between a condominium and a townhome? “Townhome” refers to a type of construction in which a dwelling shares one or more walls with adjoining dwellings. A townhome development can be organized as a condominium or simply subjected to a set of covenants (often called a Declaration of Covenants, Conditions and Restrictions) designed to help protect property values. The later type of development is sometimes referred to as fee simple townhomes because the owners in such projects typically own the land underneath their townhomes in fee simple. In most townhome developments which are not organized as a condominium, there is still a townhome association composed of all of the townhome owners. The association often owns common property such as roads, walkways and recreational facilities benefiting the community as a whole. Does a real estate sales contract automatically terminate if the buyer does not show up for the closing? Can one spouse sign a contract for another spouse? Is there any consumer protection law where a buyer has a few days after singing a Is a contract enforceable if the parties agree that the earnest money will be zero ($0) dollars? Can a party withdraw an offer to purchase or sell property even though the party agreed that it would remain open for a specified period of time? What is the difference between the “Acceptance Date” and the “Binding Agreement Date” in the GAR form contracts? Can an offer be accepted after the time limit of the offer has expired? Can members of the military get out of their leases if they are transferred to another party of the country? Is there a limit on the term of a brokerage relationship? Federal Law – 1031 Exchanges What is a “Section 1031 exchange”? Caveat emptor Deed, General Warranty Deed, Limited Warranty Deed, Quit Claim et seq. Grandfather clause Interpleader Liquidated damages Lis pendens Short sale Specific performance What does Brreta outline as a buyer broker's responsibility?What does BRRETA outline as a buyer broker's responsibility? The buyer's broker has a responsibility to disclose material adverse facts related to the buyer's financial situation. Disclose adverse facts related to the buyer's financial ability to meet the contract terms.
What is Brreta in Georgia real estate?Georgia Real Estate Law. BRRETA— The Brokerage Relationships in Real Estate Transactions Act— is a Georgia law that governs the agency relationships of brokers with sellers, buyers, landlords and tenants. The intent of BRRETA is not to interfere with the contractual relationships that the involved parties have agreed.
What is the role of the broker quizlet?A BROKER USES A CLIENTS MONEY OR COMMINGLED FUNDS FOR HIS OR HER OWN PURPOSES. A BROKER MIXES CLIENT MONEY WITH HIS OR HER FUNDS, EITHER BUSINESS OR PERSONAL.
Which of the following is a challenge for brokerages that only represent buyers?Which of the following is a challenge for brokerages that only represent buyers? Buyer only brokerages cannot help sell their existing property.
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