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55 Cards in this Set

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What is an agency?
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.
What is an associate broker?
A person who acts on behalf of a real estate broker in performing any act authorized to be performed by the broker.
What is a broker?
Any person who, for another, and who,for a fee, commission, or any other valuable consideration, or with the intent or expectation of receiving the same from another:negotiates or attempts to negotiate, or assistsin procuring prospects for the listing,sale, purchase, exchange, renting, lease, or option for any real estate or of the improvements; holds himself out as a referral agent for the purpose of securing prospects for the listing,sale, purchase, exchange, renting, lease, or option for any real estae; collects rents, assessments, or other trust funds or attempts to collect rents, assessments, or other trust funds; is employed by or on behalf of the owner or owners of lots, time-share intervals, or other parcels of real estate at a salary, fee, commission, or any other valuable consideration to sell such real estate or any part thereof in lots or parcels or intevals or other disposition therof; engages in the business of charging an advance fee or contracting for collecting of a fee, other than an advertising fee, in connection with any contract whereby he or she undertakes primarily to promote the sale of real estate either through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both; auctions or offers or attempts or agrees to auction real estate; buys or offers to buy, sell or offers to sell, or otherwise deals in options to buy real estate; performs property management services or community association management services; provides or attempts to provide to any party to a real estate transaction consulting services designed to assist the party in the negotiations or procurement of prospects for the listing,sale, purchase, exchange, renting, lease, or option for any real estate or the improvements thereon; or advertises or holds himself or herself out as engaged in any of the aforementioned activites.
What is a brokerage agreement?
An express written contract wherein the client promises to pay the real estae broker a valuable consideration or agrees that the real estae broker may receive a valuable consideration from another in consideration of the broker's producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or in consideration of the broker's performing property management services or performing community association management services.
What is the commission?
The Georgia Real Estate Commission
What is the commissioner?
The real estate commissioner, not the same as the "commission member"
What is a Community Association?
An owner organization of a residential or mixed use common interest realty association in which membership is mandatory as an incident of ownership within the development, such as condiminiums, cooperatives, homeowner associations,timeshares,lot division with restrictions in management, and other forms of common interest or planned developments wherein there is a common management.
What are Community association management services?
The provision, for a valuable consideration, to others of management or administrative services on, in, or to the operation of the affairs of a community association, including, but not limited to, collecting, controlling, or distributing funds; obtaining insurance, arranging for and coordinating the maintenance to the association property; and otherwise overseeing the day-to-day operations of the association.
What is a community association manager?
A person who acts on behalf of a real estate broker in proiding only community association management services.
What is a firm?
Any business entity, including, but not limited to, a corporation, partnership, limited liability company, or sole proprietorship.
What is a licensee?
Any person who is licensed as a community association manager, salesperson, associate broker, or broker.
What are ministerial acts?
Those acts related to real estate brokerage activities, which a licensee or a licensee's employee performs and which do not require discretion or the exercise of the licensee's own judgement.
What are property management services?
The provision, for a valuable consideration, to another of marketing, including referring prosepective tenants; leasing;physical, or administrative, or financial maintenance; and overall management of real property; or supervision of the foregoingactivities for another pursuant to a property management agreement.
What is a purchaser?
A person who acquired or attempts to acquire or succeeds to an interestin land.
What is real estate?
Condominiums and leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or non-freehold and whether the real estate is situated in this state or elsewhere; and includes a mobile home when such mobile home is affixed to land.
What is considered to be a "mobile home?"
any factory-built structure or structures equipped with the necessary service connections and made so as to be readily movable as a unit or units and designed to be used as a dwelling unit or units.
What is a salesperson?
any person, other than an associate broker, who acts on behalf of a real estate broker in performing any act authorized to be performed by the broker.
WWhat is a state?
any state,districet, territory, possesion, or province of the united states or canada and any sovereign nation or any political subdivision of such sovereign nation.
What is the purpose of the Georgia Real Estate law of 1925?
To protect the public against dishonest or incompentent real estate agents and to protect real estate agents from unfair competition and to lay out the standards by which licensees are expected to abide.
Who does the admininstration of the Georgia Real Estate law fall under?
The Georgia Real Estate Commission.
How many members make up the Georgia Real Estate Commission?
six members-appointed by the govenor of Georgia and confirmed by the Georgia state senate.
What are the rules for the 6-member Georgia real estate commission?
1)5 of the 6 members must be real estate licensees, who have been actively licensed for a minimum of 5 years, and must have been residents of Georgia for at least 5 years; 2) the sixth member must have an interest in consumer affairs, but must not have any interest in the real estate industry
How long are the Georgia Real Estate Commission members' terms?
5 years each; members' terms are staggered, and only one licensee member's term can expire each year.
What happens if there is a vacancy in the Commission?
The govenor will appoint a new member.
For what reasons does the govenor have the authority to remove a Commission member?
incompetence,dishonesty, neglect of duties, and/or inability to perform the necessary duties.
How is a Chairperson appointed?
Commission members appoint their own chairperson every year.
Who is eligible to be a Chairperson?
In order to be eligible to serve as a Chairperson, the member must have served on the Commission for a minimum of one year.
What does a member of the Commission do?
devotes an average of two to three days per month to their duties on the Commission, such as; attending meetings, reading large volumes of preparatory material for those meetings, hearing presentations on a variety of regulartory and procedural issues, and evaluating and subsequently voting on those issues.
How often are Commission meetings held?
once per month
What is a quorum?
made up of four commission members
What is the purpose for the members of the Real Estate Commission?
1)to protect the public from any harmful acts of people acting as real estate licensees by assuring that licensees meet basic levels of competency; includes intentional and unintentional acts
2)to create a regulatory environment for the real estate industry that is reasonable and allows the licensee to attain economic success.
What are the responsibilities of the Commission members?
1)developing a spirit of cooperation and unity among Commission members
2)evaluating staff operations
3)establishing a fair qaulifying process
4)establishing a fair and unbiased hearing process
5)communicating with the industry and the public
What is true of the Georgia Real Estate Commissioner?
1)he/she is not a member of the Real Estate Commission
2)he hires and oversees the staff for day-to-day activities
3)he/she cannot hold an active real estate license
What issues must be considered by the Commission members when a rule is being proposed?
1)If the implementation of a new rule will result in higher costs of operating businesses, then the Commission does not seek to adopt such rules unless a compelling need for the rule exists.
2)if a need exists and a rule is economically feasible, then the Commission member must ask two further questions:
a)is the proposed rule reasonable?
b)is the rule within the limits of the legislative law?
In order to actively communicate with both licensees and the public, the Commission members must?
1)inform licensees and the public of Commission actions and changes in the law
2)provide opportunities for licensees and the public to discuss matters of interest with Commission member in regularly held forums.
What is the authority of the Georgia Real Estate Commission based upon?
statutory law
How does the Commission protect public interest?
1)assuring each individual's right to justice
2)denying the right to practice to the incompetent and unscrupulous
3)eliminating barriers that unreasonably limit entry into a field of practice
4)refusing to use licensing or registration laws to settle private disputes
5)refusing to use licensing or registration laws to advance the interest of private trade associations
6)encouraging free and open markets
What four categories does the Georgia Real Estate Commission authority involve?
1)issuing licenses
2)disiplinary actions
3)passing rules and regulations
4)establishing fees
What does the Commission have the authority to do to licenses?
issue a real estate license to a qualified applicant, as well as, deny issuance of a real estate license to a candidate with a specific cause
What does the Commission have the authority to do regarding disciplinary actions?
to take disciplinary actions for any violation of the license law, or of its rules or regulations.
What are the disiplinary actions used by the Commission?
any of the following or a combination of any of the following, depending on the offense:
1)permanet revocation of the license
2)suspension of the license for a set, temporary period of time
3)required attendance at a specific educational program
4)in the case of a trust account violation, periodic reports from an independent accountant
5)imposition of fines
6)reprimand, in the case of a minor violation
7)issue a citation
8)permanent revocation of the license
What is the maximum dollar amount for a violation?
single=$1,000
multiple=$5,000
Suspensions or revocations are only used when?
for the most serious violations and are only imposed after a hearing has occurred.
In the case of a revocation, when is the person allowed to apply for a new license?
after a minimum of 10 years
The Georgia Real Estate Commission has the authority to set or adjust any fees for what?
original licensure, renewals, change of license, and other penalty fees
What happens if the Commission discovers that a person is practicing without a license?
they have the authority to issue a cease and desist order and also can impose a fine of up to $1,000 per day.
What authority do the courts have regarding a person practicing without a license?
as a misdemeanor, impose a jail sentence for a period of one year or less
Who is not required to have a real estate license?
1)an owner of real estate, the spouse of an owner of real estate, general partner of a limited partnership, a landlord, or a prospective purchaser or their regular employees or spouses who perform any act with the reference to property owned,leased, or to be acquired by such owner, limited partnership, lessor, or prospective purchaser when said person is buying,leasing,or selling for his own purpose
2)an attorney in fact under a duly executed power of attorney to convey real estate from the owner or lessor
3)an attorney at law acting solely as an incident to the practice of law
4)any person acting as receiver,trustee in bankruptcy, administrator, executor, or gaurdian or while acting under a court order or under the authority of a will or of a trust instrument
5)any officer or employee of a government agency in the conduct of official duties
6)any person employed full-time by a public or private utility who perform any act with reference to property owned, leased, or to be acquired by the utility employing that person, where such acts are performed in the regular course of, or as incident to, the management of such property and the investment therin
7)a manager of residential properties if the contract has been approved by a federal agency
8)full-time employees of the property owner, who have been employed to provide property management services or community association management services, and sell,buy,lease,manage, auction, or otherwise deal with such property
9)any person acting as a referral agent who is not involved in the actual negotiations,execution of documents,collection of rent,management of property, or other related activity, which involves more than the mere referral of one person to another.He must not receive a fee for such referral from the party being referred,charge an advance fee, or act as a referral agent in more than three transactions per year
10)any individual employed by a broker to assist in property management services on residential property
11)any person who provides property management services for properties available for less than 90 days' occupancy by guests or occupants and meets certain requirements (innkeeper's exemption)
12)any person who is a member of a community association and who provides community association management services only to one community association of which such person is a member
13)any person who performs only physical maintenance on a property
14)a licensed certified public accountant or registered public accountant acting solely as an incident to the practice of public accounting
What actions can one with out a real estate license do?
1)deliver a lease application or a lease
2)receive a lease application, lease, security deposit, rental payment, or any related payment
3)show a rental unit to any person, or execute leases, provided that the employee is acting under the direct instructions of the broker
4)provide information authorized by the broker about a rental unit, a lease application, or lease
5)provide information to a tenant about the status of such tenant's security deposit or rent payments, or to an owner about the owner's financial accounts and payments from the owner's tenants
6)perform any ministerial acts that are explicitly authorized by the broker in a written agreement between the broker and the employee
What conditions are required in order for one to be exempt from having a real estate liscense by the inkeeper's exemption?
1)The property manager must have a written agreement with the owner, which states all terms and conditions for managing the property, reporting income and expenses, and remitting income to the owner
2)This agreement must specify that the property manager cannot rent or lease the property AND that the guest or occupant is not a tenant
3)Zoning laws do not prohibit short-term occupancy uses of the property
4)The person’s occupancy is for less than 90 days
5)The deposit given must not exceed the cost of the rental required for the minimum rental period
6)The guest or occupant must pay any required state or local sales taxes or excise taxes on rooms, lodgings, and accommodations; while the property manager pays any required state or local business licenses or permits
7)The property manager can specify which rooms or units that the guest or occupant will occupy
8)No extra charge is made for basic utilities
9)Notice is not required for a guest or occupant to terminate occupancy of the room or unit, except under certain conditions
10)The room or unit is not the permanent residence of the guest or occupant
All original as well as subsequent applications for a real estate license filed with the Commission must contain what?
1)the name and address of the applicant or the name under which he or she intends to conduct business
2)the place or places, including the city with the street and street number, if any, where the business is to be conducted
3)any other information the Commission requires
To qualify for a community association manager's license, an applicant must meet what requirements?
1)be atleast 18 years old
2)be a resident of the state of Georgia
3)be a high school graduate or have received their GED
4)furnish evidence of completion of at least 25 in-class hours in a community association manager's course or courses of study approved by the commission
5)take and pass a real estate examination administered by or approved by the Commission,which covers, in general, topics important to those brokers who provide community association management services and community association managers, after the above coursework has been completed
To qualify for a salesperson's license, an applicant must meet what requirements?
1)be at least 18 years old
2)be a Georgia resident
3)be a high school graduate or have a GED
4)furnish evidence of completion of at least 75 in-class hours in a salesperson's course or courses of study approved by the Commission
5)take and pass a real estate examination administered by or approved by the Commission covering the general matters of importance to real estate brokers and salespersons, aftercompleting taking the salesperson's prelicense course
To qualify for a broker or associate broker's license, an applicant must meet what requirements?
1)Be 21 years of age or older.
2)Be a resident of the state of Georgia (this is not necessary IF the person has fully complied with the provisions regarding out of state licensees).
3)Be a high school graduate or the holder of a certificate of equivalency.
4)Have served actively for three years as a licensee.
5)Furnish evidence of completion of 60 in-class hours in a broker's course of study approved by the Commission, provided that if licensed as a community association manager, the applicant must furnish evidence of completion of an additional 75 in-class hours in courses or a course of study approved by the Commission
6)Take and pass a real estate examination administered by or approved by the Commission covering the general matters of importance to real estate brokers, AFTER completing the aforementioned educational requirements AND after serving at least two years of active licensure.
What is the mandatory post-license education requirement?
*satisfactorily complete a 25-hour course of study
*the coursework and submission of related evidence must be made to the Georgia Real Estate Commission within one year of licensure.