Real Estate License Law - Georgia Real Estate Practice & Law文档.ppt

Georgia Real Estate: Practice & Law Consulting Editor: Gregory J. Dunn 2002 Dearborn Financial Publishing, Inc. Topics of Discussion Georgia Real Estate License Law Rules of the Georgia Real Estate Commission BRRETA Antitrust Laws Miscellaneous * Georgia Real Estate Commission Primary purpose is to protect the public 6 members appointed by the governor (5 licensees & one non-licensed consumer affairs member) Licensees must be actively licensed for 5 years and residents of the state 5 years Meetings held once monthly. Four members make a quorum * Authority of the Commission Issuance of Licenses Disciplinary Actions Passing Rules & Regulations Establishment of Fees * Exemptions From License Law Requirements Owners Attorney-in-fact Attorney at law Executors/trustees/administrators/guardians Full time employees of government agencies, utility companies, lending institutions General partners of limited partnerships Managers of residential properties* Referral agents* Innkeeper’s exemption Community association managers* *Certain conditions apply * Obtaining a Salesperson’s License 18 years old High School/GED 75 hours of instruction Applying for and passing state exam (score of 75 or better required) * Salesperson License Cont… The holder of a new salesperson’s license must complete an additional 25 hours of post license study in the first year Honorably discharged & disabled veterans may qualify for exemption from minimum score of 75 on state exam* *Certain conditions apply * Obtaining a Broker’s License 21 years old 60 hours of instruction Actively licensed for three years (can sit for exam after two years, but no license until third year) Applying for and passing state exam * License Renewal License must be renewed every four years (expires on the last day of the applicant’s birth month) Licensee must show proof of completion of all continuing education requirements Must pay renewal fee * Reinstatement of Lapsed License Failure to renew and/or