Compilation of Rules and Regulations of the State of Georgia › Department 520 - GEORGIA REAL ESTATE COMMISSION › Chapter 520-1 - LICENSURE AND BROKERAGE › Rule 520-1-.10 - Handling Real Estate Transactions

Current through Rules and Regulations filed through June 27, 2024
(1)
Presenting
Offers.
A licensee shall promptly tender to any customer or client
			 any signed offer to purchase, sell, lease, or exchange property made to such
			 client or customer. In a transaction in which the offeror is not a client or
			 customer of the licensee, the licensee receiving an offer must provide a copy
			 of the offer to the licensee working with or representing the offeree. However,
			 a licensee who obtains an offer may negotiate a sale, exchange, or lease
			 directly with an owner, a lessor, a purchaser, or a tenant if the licensee who
			 obtains the offer knows that such offeree has a written outstanding agreement
			 in connection with such property that expressly provides the other licensee
			 will not provide negotiation services to the offeree.
(2)
License Numbers in Offers.
A
			 licensee preparing or signing a brokerage engagement or an offer to purchase,
			 sell, lease, or exchange real property shall include the license number issued
			 by the Commission of each firm and of each licensee participating in the
			 transaction. The licensee shall include the six digit license number issued by
			 the Commission.
(3)
Responsibility to Distribute Copies.
A licensee shall provide a
			 copy of any document utilized in a real estate transaction to any individual
			 signing such document. If any offer to purchase, sell, lease, or exchange is
			 accepted and signed by all parties, copies of that document shall be properly
			 distributed, one to each person signing the document and one to each brokerage
			 firm involved in the transaction.
(4)
Retention of Copies of Records and
			 Documents
. Copies of sales contracts, brokerage engagements, closing
			 statements, leases, and other documents related to a real estate transaction
			 required by law to be maintained in a broker's file for three years shall be
			 made available to authorized agents of the Commission upon reasonable request
			 and at a reasonable cost to the Commission. Brokers that must keep copies of
			 the documents cited in this paragraph include:
(a) any broker identified in a sales
			 contract, brokerage engagement, closing statement, lease, or other document
			 related to a real estate transaction;
(b) any broker firm that participates in the
			 negotiations involving a sales contract, brokerage engagement, lease, or other
			 contractual document related to a real estate transaction; and
(c) any broker required by O.C.G.A. Section
			 43-40-20 to maintain a trust
			 account.
Copies of documents and other records which licensees are
				required by law and the Commission's rules to maintain may be maintained in any
				records storage system that utilizes paper, film, electronic, or other media
				provided that:
(a) the
			 licensee can produce true and correct copies of such documents and recordsand
(b) copies of such documents and
			 records can be made available to an authorized representative of the Commission
			 upon reasonable request and at reasonable cost to the Commission.