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-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1)
Terms
			 Defined by 43-40-1.
As used in this Chapter and Chapters 520-2 and
			 520-3, the terms "associate broker," "broker," "commission," "commissioner,"
			 "community association," "community association management services,"
			 "community association manager," "licensee," "person," "property management
			 services," "purchaser," "real estate," and "salesperson" have the same
			 definitions as provided for in O.C.G.A. Section
			 43-40-1.
(2) Other Terms. As used in this Chapter and
			 Chapters 520-2 and 520-3, the term:
(a)
			 "Agency" means every relationship in which a real estate broker acts for or
			 represents another by the latter's express authority in a real property
			 transaction;
(b) "Applicant" means
			 any person who has completed all of the requirements for a license or an
			 approval as set forth in O.C.G.A. Chapter 43-40 and in any Chapter of the
			 Commission's Rules and Regulations and who has submitted a complete application
			 on the proper form accompanied by the correct fee;
(c) "Bank" means any financial institution
			 regulated by a member of the federal financial institutions examination counsel
			 and authorized to provide federally insured checking accounts;
(d) "Brokerage engagement" means a written
			 contract wherein the seller, buyer, landlord, or tenant becomes the client of
			 the broker and promises to pay the broker a valuable consideration or agrees
			 that the real estate 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. Such contracts or agreements as an exclusive
			 listing contract, an open listing contract, a buyer broker agreement, a
			 property management agreement, a community association management agreement,
			 and an exclusive tenant representation contract are examples of brokerage
			 engagements;
(e) "Brokerage
			 relationship" means the agency and non-agency relationships which may be formed
			 between the broker and the broker's clients and customers as a result of the
			 brokerage engagement;
(f) "Buyer"
			 means a purchaser, a person who acquired or attempts to acquire or succeeds to
			 an interest in real estate;
(g)
			 "Candidate for Licensure" means any person who is in the process of completing
			 the requirements for a license or an approval as set forth in O.C.G.A. Chapter
			 43-40 and in any Chapter of the Commission's Rules and Regulations but who has
			 not successfully completed all of them.
(h) "Client" means a person who has entered
			 into a brokerage engagement with a real estate broker;
(i) "Customer" means a person who has not
			 entered into a brokerage engagement with a broker but for whom a broker may
			 perform ministerial acts in a real estate transaction;
(j) "Dual agent" means a broker who
			 simultaneously has a brokerage relationship with both seller and buyer or both
			 landlord and tenant in the same real estate transaction;
(k) "Firm" means a sole proprietorship,
			 partnership, limited liability company, or corporation licensed by the
			 Commission as a broker;
(l)
			 "Franchise name" means any name, the use of which requires obtaining permission
			 from another who has an existing and continuing right in that trade name by
			 virtue of any state or federal law;
(m) "Franchisee" means a firm licensee
			 authorized to use a franchisor's trade name as part of or in conjunction with
			 the licensee firm's name;
(n)
			 "Franchisor" means a business entity owning a trade name whose use by others
			 the owner of the trade name controls and authorizes;
(o) "Instructional hour" means a period of
			 time of at least fifty minutes of instruction or other learning
			 activity;
(p) "Military" means the
			 United States armed forces, including the National Guard;
(q) "Military Spouse" means a spouse of a
			 service member or transitioning service member;
(r) "Ministerial acts" means those acts which
			 the broker or affiliated licensee performs for a person which do not require
			 discretion or the exercise of the broker or affiliated licensee's own
			 judgment;
(s) "Service Member"
			 means an active or reserve member of the armed forces, including the National
			 Guard;
(t) "Statutory overnight
			 delivery" means delivery of a document through the United States Postal Service
			 or through a commercial firm which is regularly engaged in the business of
			 document delivery or document and package delivery in which the sender:
1. has directed that delivery be not later
			 than the next business day following the day on which the document is received
			 for delivery by the United States Postal Service or the commercial firm
			 and
2. receives a receipt
			 acknowledging receipt of the document signed by addressee or an agent of the
			 addressee;
(u)
			 "Transitioning Service Member" means a member of the military on active duty
			 status or on separation leave who is within twenty-four months of retirement or
			 twelve months of separation; and
(v) "Timely" means a reasonable time under
			 the particular circumstance.