rules & regulations - donald free school of real...

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Rules & Regulations

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The Real Estate Commission The Real Estate Commission has the power to expand and explain in more detail the Law itself and how it will be administered.

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The Real Estate Commission For a licensee, a violation of the rules is just as serious as a violation of the License Law.

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Organization of the Commission The Commission elects a Chair and a Vice Chair at the first monthly meeting of the year, or when a vacancy occurs.

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Organization of the Commission Anyone can petition the Commission to pass, amend or repeal a rule.

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Organization of the Commission Anyone can petition the Commission for a declaratory ruling as to whether some aspects of License Law or the Rules apply to a particular situation.

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Commission Operations Anyone can make a written request to the Commission to provide a licensee’s records going back 5 years.

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Commission Operations Records of files in which formal discipline was imposed are kept for 40 years, other records for 15 years.

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Commission Operations When a license is surrendered, revoked or suspended, the wall certificate and pocket card must be returned to the Commission.

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Commission Operations If the holder was a broker and had affiliates, the affiliates’ licenses pocket cards must also be returned to the Commission.

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Commission Operations When a license is surrendered or revoked and when it cannot be reinstated; the former licensee is treated as a new applicant.

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Obtaining a License Fees

Fees for all licenses are paid when licenses are first issued and again when they are renewed.

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For an individual agent the license is renewed every 4 years at the end of the month of the licensee’s birthday.

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EXAMPLE: If a licensee’s birthday is August 15th, it must be renewed by August 31st, or it will be lapsed on September 1st.

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The license of a real estate company must be renewed every 4 years in the anniversary month in which the license is issued.

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Obtaining a License Fees are as follows:

Activation fee for a salesperson, broker or CAM licensee is $45. This includes $20 for the Recovery Fund, plus a renewal fee of $125 for a total of $170;

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Activation fee for a company, school or Pre-license instructor is $75, which includes $20 for the Recovery Fund;

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Renewal fees are $125 for a school or a business, and $125 for an licensee or Pre-license instructor. If paid on-line there is a $25 discount;

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Reinstatement fee for a lapsed license is $100 if paid within 4 months;

After that $25 per month for a licensee; or

$50 per month for a school or company.

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$25 for failure to notify the Commission within 30 days when: Changing one’s address; Opening or closing a trust account;

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$25 for failure to notify the Commission within 30 days when: Transferring to a new company; or

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$25 for failure to notify the Commission within 30 days when: Failing to go inactive or affiliate with a new company after notification that prior affiliation is terminated;

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Exams Minimum passing scores for pre-license exams and methods used for

setting them are announced before exams are administered.

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Exams Veterans with at least 1 year of service in the armed forces (90 days of which were during a war or armed conflict) may earn a 5-point credit.

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Exams Veterans who were discharged due to injury or illness and have a disability of at least 10% are entitled to a 10-point credit.

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Exams An out-of-state applicant can be excused from education and the examination if: 1.  They passed a

similar pre-license exam in their home state;

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Exams An out-of-state applicant can be excused from education and the examination if: 2.  They have met all

the continuing education requirements in their home state;

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Exams An out-of-state applicant can be excused from education and the examination if: 3.  They are currently

licensed in good standing in their home state; and

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Exams An out-of-state applicant can be excused from education and the examination if: 4.  There has been no

disciplinary sanctions imposed.

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Exams Supplying information about the content of the exams is grounds for denial of a license.

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Applications If there is some information lacking on the form submitted, or if the fee is inadequate, the application is considered to be incomplete.

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Applications Failure to disclose any required criminal conviction or disciplinary action taken in Georgia or another state is considered to be falsification.

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Applications Deadline

Those who are applying for a Community Association Manager’s or a Salesperson’s license must apply within one year of passing the state examination.

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Applications Deadline Those who do not apply for their Community Association Manager’s or Saleperson’s license within the first three (3) months must pay double the fee.

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Applications Deadline

Broker and Associate Broker applicants who have completed the required education, and have passed the state examination must apply for the license within one year.

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Applications Deadline Applicants for a Broker and Associate Broker license must have been actively licensed for 3 of the past 5 years.

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Name of Firm on Application A brokerage firm must always conduct business in the name in which the license was issued.

Thanks for using

Top Dollar Real Estate, LLC

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Name of Firm on Application Broker may use their own name as the firm name.

JOE NOSE REAL

ESTATE, INC.

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Name of Firm on Application Two licenses are required to create a firm.

REAL ESTATE PARTNERS

GROUP

REAL ESTATE PARTNERS

GROUP

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Name of Firm on Application Sole Proprietor

Must submit application in the name the broker will conduct business in.

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Name of Firm on Application Corporation

Must submit the corporate charter as registered with the Secretary of State.

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Name of Firm on Application Partnership

Must submit the partnership agreement with the application and a copy of its trade name.

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Name of Firm on Application Limited Liability Company Must submit their Certificate of Authority to do business with the application.

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Name of Firm on Application Franchise

A franchisee’s trade name must include the franchise name and the firm’s name.

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Criminal History Report All applicants for new licenses must submit a certified criminal history report, no more than 60 days old.

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Applicants with Convictions

If the criminal history report shows a criminal conviction, then certified copies of the citation, accusation or indictment, plus a copy of the sentence is required.

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Applicants with Sanctions Applicants must disclose any disciplinary actions by licensing agencies, and must show certified copies of the allegations and the final orders.

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Preliminary Decisions The commission may refuse to process an incomplete application.

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Preliminary Decisions A person who has a conviction or sanction on record can ask for a preliminary opinion from the Commission as to whether or not such record might lead to a denial of the license.

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Request for a Hearing Whenever a license application or renewal is denied, the individual has 60 days in which to request a formal hearing.

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Required Post License Education Newly licensed salespersons must pass an approved, 25-hour post license course within one year of the date of activation of the license or the license will lapse.

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Required Post License Education A lapsed license might be reinstated within 6 months if the licensee could prove that he/she registered and paid for the course but was unable to complete it for any reason.

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Required Post License Education If this course is not completed the license will lapse and can be reinstated as described in 43-40-8.

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Active Licenses Every active associate broker, salesperson or CAM licensee must affiliate with an active qualifying broker.

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Active Licenses They cannot licensed with more than one Georgia broker at one time.

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Active Licenses New licensees cannot commence work until their broker receives their wall certificates.

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Active Licenses An associate broker changing their status to qualifying broker may not work until the wall certificate has been received.

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Active Licenses A licensee who has been released by a broker cannot work until he/she has affiliated with a new broker and submitted the change form.

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Inactive Licenses When re-activating a license which has been inactive for 2 years or more, a person must submit proof of 6 hours per year of continuing education credit for each year the license was inactive all taken within 1 year or portion of a year of the application.

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Inactive Licenses License on inactive status

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Inactive Licenses Inactive licensees cannot perform brokerage services of any kind on any property.

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Unlicensed Persons An unlicensed person who is a full time employee can perform real estate services when employed by an unlicensed owner.

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Renewals If licenses are not renewed by the 4-year renewal date, the licenses lapse.

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Reinstatement of Lapsed License A license lapses if: The holder fails to make a timely and proper renewal application; and The licensee has not completed the educational requirements.

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Reinstatement of Lapsed License If the license lapses the wall certificate and pocket card must be returned to the Commission.

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Reinstatement of Lapsed License A licensees who is exempt from continuing education and who allows their license to lapse for more than one year, is required to complete the education requirements to reinstate.

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Reinstatement of Lapsed License A license which lapses due to non-payment of the required fee can be reinstated within 2 years by paying the fees, and completion of any educational requirements.

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Reinstatement of Lapsed License When the license has lapsed for more than 2 but less than 5 years, reinstatement would require taking and passing the appropriate pre-license course plus payment of the required fees.

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Notification of Legal Action The Commission must be notified within ten days of final disposition in any administrative, civil, or criminal action naming a licensee, regardless of the verdict.

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Notification Individual licensees and companies must notify the Commission within 30 days of changing their address.

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Non-Resident Licensure A Georgia licensee moving to another state may apply for a non-resident license, or may elect to go inactive.

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Non-Resident Licensure A non-resident broker may be the qualifying broker of any firm as long as the firm is licensed to do business in Georgia.

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Non-Resident Licensure A Georgia licensee may not practice outside of Georgia unless properly licensed in that state(s).

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Retention of License A licensee who is retiring after 20 years of active licensure can keep the license certificate, as can the family of a deceased licensee.

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Brokerage Engagements Every exclusive agency contract must have a definite termination date.

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Brokerage Engagements When having a brokerage engagement signed, the person(s) signing must be given copies.

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Brokerage Engagements Net brokerage engagements are prohibited.

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Property Management Contracts All agreements should: 1.  Identify the property

to be managed; 2.  Contain all terms and

conditions for the management of the property;

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Property Management Contracts All agreements should: 3.  Specify how and

when an owner will receive rents collected, and how and when an accounting for receipts and expenses will be submitted;

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Property Management Contracts All agreements should: 4.  Specify which

payments the manager will make to third parties;

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Property Management Contracts All agreements should: 5.  State the

compensation to be paid;

6.  State whether

prepaid rent and security deposits are to be held by the owner or the broker;

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Property Management Contracts All agreements should: 7.  Contain effective

date and termination date.

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Property Management Contracts All agreements should: 8.  Provide terms and

conditions for termination of the agreement; and

9.  Contain signatures

of both the broker and owner.

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Fidelity Bond Requirement

A broker who manages a community association must carry a separate bond or insurance policy for each association managed if they at any time are responsible for funds of more than $60,000.

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Fidelity Bond Requirement The bond or insurance must: 1.  Be written by a

properly authorized insurance company;

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Fidelity Bond Requirement The bond or insurance must: 2.  Cover the maximum

amount the manager collects or disburses at any time;

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Fidelity Bond Requirement The bond or insurance must: 3.  At no time cover less

than the total of 3 months assessment of dues;

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Fidelity Bond Requirement The bond or insurance must: 4.  Name the

association as additional insured;

5.  Cover the broker and

anyone else who handles the money; and

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Fidelity Bond Requirement The bond or insurance must: 6.  Provide that at least

30 days notice of cancellation must be given to the broker and the association.

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Disclosure of Brokerage Relationships A licensee must disclose that he/she has a real estate license when offering to buy or lease a property listed with his/her company.

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Disclosure of Brokerage Relationships A licensee must disclose that he/she has a real estate license when selling or leasing a property he/she owns.

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Disclosure of Brokerage Relationships

When representing a client in a sale or lease contract, the licensee must disclose to both parties for whom he/she is working and from whom he/she will receive pay.

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Disclosure of Brokerage Relationships

If not representing either party in a sale or lease contract, the licensee must disclose to both parties from whom he/she will receive pay.

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Disclosure of Brokerage Relationships The disclosures must be made in writing no later than at the time of the written offer.

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Disclosure of Brokerage Relationships Written consent from all parties to a contract is needed when a licensee is compensating another party to the transaction.

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Management Responsibilities of Real Estate Firms

Name of Firm Brokers must conduct business in the company name on the license certificate.

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Broker Responsibilities Brokers must make sure that all affiliates receive instruction on the License Law and the Rules and Regulations.

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Broker Responsibilities Brokers must notify the Commission if an affiliate commits a violation of the License Law or the Rules and Regulations.

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Change of Qualifying Broker If a qualifying broker dies, resigns or is fired, the firm has 60 days in which to name a new qualifying broker.

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Brokers Serving Multiple Firms Brokers may serve as a broker for more than one firm.

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Brokers Serving Multiple Firms An associate broker must first notify the qualifying broker of his/her association with another (additional) firm for whom they are the qualifying broker.

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Transferring Licenses When joining a firm a licensee must sign a contract with the broker.

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Transferring Licenses The contract must state how the licensee will be compensated for work while they are with the firm, and for unfinished business when leaving the firm.

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Transferring Licenses The Commission will not be involved in disputes about commission payable when a licensee leaves a firm.

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Transferring Licenses The broker cannot refuse to sign a release, or to return the license to the Commission.

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Transferring Licenses When a licensee is transferring, the release must be signed and the license returned to the Commission or forwarded to the new broker.

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Transferring Licenses A departing licensee cannot take any company listings, materials or prospects unless the broker agrees.

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Transferring Licenses When being released, a licensee has one month in which to join a new brokerage firm or go inactive.

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Transferring Licenses A licensee cannot contact any of the firm’s clients he/she served until existing contracts expire, unless given written permission.

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Transferring Licenses Application for sponsoring broker forms, releases or transfers require the broker’s signature.

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Transferring Licenses An associate broker can sign release and transfer forms if authorized by the broker to sign them.

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Using Unlicensed Support Personnel When an affiliated licensee hires support personnel, both that licensee and the firm are accountable for seeing that the helper understands License Law.

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Using Unlicensed Support Personnel The affiliated licensee and the firm are responsible for making sure a licensed assistant remains properly licensed.

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Using Unlicensed Support Personnel The affiliated licensee and the firm are responsible for making sure an unlicensed assistant performs only ministerial duties.

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Using Unlicensed Support Personnel An agent with an active license in one firm cannot become support personnel for a licensee in another firm.

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Any firm allowing affiliates to have support personnel as independent contractors must:

1.  Have a written agreement with the affiliate, outlining duties and compensation for the helper;


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Any firm allowing affiliates to have support personnel as independent contractors must: 2.  Have a written agreement with the

helper regarding duties; and


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Any firm allowing affiliates to have support personnel as independent contractors must:

3.  Make sure the that the affiliate and the helper have entered into a contract regarding duties and compensation.


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Sharing Commissions with Non-Resident Brokers

Georgia brokers may share fees for referrals with out-of-state brokers.

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Managing Trust Accounts The Trust Account Brokers may have more than one trust account, and must notify the Commission of each account’s name and number within one month of opening the account.

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Managing Trust Accounts The Trust Account Licensees must turn all funds over to the broker as soon as is practicably possible, including all funds received when the licensee is acting as a principal.

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Managing Trust Accounts The Trust Account When a licensee is selling his/her own property, all funds received from another party must go to the broker or into a trust account approved by the broker.

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Managing Trust Accounts The Trust Account The broker shall promptly place all funds into a trust account, unless the contract states otherwise.

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Managing Trust Accounts The Trust Account If the funds are placed in an interest-bearing account, the contract must state who will receive the interest.

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The broker's own funds may be placed in the trust account only:

•  When the bank requires a minimum balance.

•  When bank service charges must be covered.

Managing Trust Accounts

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Commissions due the broker can remain in the trust account, providing that: 1.  They are clearly designated as broker

funds; 2.  They are removed at least once a

month;


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Commissions due the broker can remain in the trust account, providing that:

3.  Only checks made payable to the broker are used for this purpose;


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Accounting Requirements The journal must include the names of the buyer and of the seller.

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Accounting Requirements The journal must include: the names of the tenant and of the landlord.

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Accounting Requirements The journal must include the amount and the date of deposit.

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Accounting Requirements The journal must include the property address.

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Accounting Requirements The journal must include the amount date and payee of all checks.

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Managing Trust Accounts Either manual or electronic systems can be used, but must: 1.  Include all

components required by law and good business practice.

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Managing Trust Accounts Either manual or electronic systems can be used, but must: 2.  Be readily accessible;

3.  Be in understandable format; and

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Managing Trust Accounts Either manual or electronic systems can be used, but must: 4.  Be available if a

representative of the Commission wants to inspect.

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Disbursements All the following are acceptable disbursement situations: Upon rejection of an offer; Upon withdrawal of an offer which has not yet been accepted; At closing;

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Disbursements All the following are acceptable disbursement situations: Upon written agreement signed by all parties; Upon court decision in an interpleader case;

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All the following are acceptable disbursement situations: Upon a court order; or Upon a broker’s reasonable interpretation of the contract (with notification in writing to all parties) and 15 days have passed.

Disbursements

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Disbursements A broker must be sure a deposit has cleared before disbursing it.

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If claiming part of a trust deposit as commission earned, the broker must: Make sure the transaction has closed, if it is a sale; Make sure the tenant has moved in, if it is a lease/rental transaction;

Disbursements

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Disbursements If claiming part of a trust deposit as commission earned, the broker must: Be sure, in a lease/purchase, that the sale has closed or the date it was supposed to close has passed;

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Disbursements If claiming part of a trust deposit as commission earned, the broker must: Have a written agreement for disbursal, signed by all parties; Ensure all refunds are made by check or credited at the closing;

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Disbursements If claiming part of a trust deposit as commission earned, the broker must: Ensure the trust account balance for each transaction shows a zero balance after closing, except for any broker’s commission earned; and

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Disbursements If claiming part of a trust deposit as commission earned, the broker must: Notify the Commission immediately if filing for bankruptcy, if the broker has a trust account.

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Property Trust Accounts. & Community Association Managers

When paying bills on behalf of an owner, the broker must be sure the total does not exceed the balance in that client’s account.

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A trust account holding security deposits must always have a balance equal to all deposits being held.

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Licensees managing their own rentals must keep security deposits in a trust account.

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Trust Account Examinations The Commission can examine any trust account at license renewal time, or at any other time upon reasonable cause.

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Trust Account Examinations The Commission may use its own investigators or hire an accountant.

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Trust Account Examinations A broker must make available to trust account inspectors, any contracts and other documents that relate to the deposits and disbursements.

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Trust Account Examinations Reconciliation A trust account must be reconciled with the bank statement at least monthly.

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Trust Account Examinations Reconciliation Trust account records must be kept on file for 3 years.

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Renewal Trust Account Examination When a broker’s license is being renewed, the application must include a report on the broker’s trust account, or a CPA’s report.

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Abandoned Trust Account Funds May not be disbursed unless: The licensee’s written authorization requires a dispersal;

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Abandoned Trust Account Funds May not be disbursed unless: The licensee’s has complied with the Disposition of Unclaimed Property Act; and

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Abandoned Trust Account Funds May not be disbursed unless: The licensee’s has complied with other court ordered requirements.

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Advertising The term “media” applies to all types of advertising – billboard, internet, newspaper, radio, TV, etc.

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Advertising Misleading or inaccurate advertising is prohibited.

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Advertising All ads must include the Broker’s Name.

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Advertising A licensee must have the owner’s written permission to advertise property.

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Advertising When advertising another Broker’s listing the ad must disclose the identity of that Broker.

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Advertising Showing a preference for or discrimination against any person protected under Federal Fair Housing Law is prohibited.

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Advertising When a listing expires; any advertisments on the internet must be removed within 10 days.

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Advertising Any firm using a trade name or franchise name must include the firm name as it appears on the license.

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Advertising Specific Properties The name of the firm as registered with the commission must appear in the ad.

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Advertising Specific Properties The firm’s phone number and name must appear in equal or greater size, prominence, and frequency than the individual agents.

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Advertising Block Advertising

The firm’s name may appear only once as long as it is larger and more prominent than any agents name.

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Advertising Licensee as Principals

Must identify the writer as a licensee

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Advertising Licensee as Principals May run their own ads provided the Broker has been notified in writing.

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Advertising Licensee as Principals May run their own ads provided the ad includes:

“…holds a real estate license.”

OR

…Holds a Real

Estate License…

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Advertising “Georgia Real Estate License #________”

GA. R.E. Lic “Georgia Real Estate

License #_____”

GA. R.E. Lic.

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Advertising Licensee as Principals May run their own ads provided the Broker has given written permission.

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Handling Transactions Offers

Offers received must be presented promptly.

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Handling Transactions Offers

Firms and licensees are required to include their license numbers on all contracts.

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Handling Transactions Distribution of Copies Copies of contracts must be given to everyone signing.

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Handling Transactions Distribution of Copies

Copies of contracts must be given to any brokerage firm(s) involved.

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Handling Transactions Retention of Copies

Copies of all documents related to a transaction must be kept for at least 3 years.

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Falsification of Documents

No licensee may falsify any document, nor represent to anyone:

A price other than the actual price;

Handling Transactions

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Falsification of Documents No licensee may falsify any document, nor represent to anyone: A down payment other than the actual down payment;


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Falsification of Documents No licensee may falsify any document, nor represent to anyone: A false amount for earnest money, security deposit or trust funds;


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Falsification of Documents No licensee may falsify any document, nor represent to anyone:

A payment of trust funds in cash when in fact some other method was use; and


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Falsification of Documents No licensee may falsify any document, nor represent to anyone: Any tactic designed to deceive.


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Disclosure of Commission, Fees & Rebates All fees, charges, rebates, profit, commissions, etc. must be disclosed at or before settlement on the settlement statement or a separate document.

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Disclosure of Commission, Fees & Rebates Disclosures are to the broker’s client and to any customer not represented by a broker in the transaction .

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Disclosure of Commission, Fees & Rebates Disclosure Not Required For:

Ordinary business expenses; Anything of value given to a licensee not contingent upon the purchase, sale or exchange of real property or referral of service;

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Disclosure Not Required For: Anything of value given to a client or customer not contingent upon the purchase, sale or exchange of real property; and Commission splits to affiliated licensees or assistants.

Disclosure of Commission, Fees & Rebates

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Disclosure of Commission, Fees & Rebates Leases Referral fees are permitted if it meets terms established in the lease and is recorded in the broker’s file.

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Disclosure of Commission, Fees & Rebates Management Agreements Referral fees are permitted on behalf of the owner if it meets terms pre-established in the management agreement and is recorded in the broker’s file.

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Licensees as Principals Written Notification Licensees buying, selling, leasing or renting their own real estate must give the broker written notice.

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Licensees as Principals A licensee offering a guaranteed sale of a listed property if not sold by a given date, must enter into the sales contract prior to the listing contract.

A.  Offers to Buy

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Licensees as Principals Offers to Buy A licensee offering to buy a trade-in property to enable a buyer to purchase another, must enter into the contract for the trade-in property prior to a contract for the new property.

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Advertising as Principals Must comply with 520-1-.09 Ads written by a licensee acting as a principal must identify the writer as a licensee.

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Advertising as Principals Must comply with 520-1-.09 The broker has been notified. The ad identifies the principal as a licensee or includes the license number.

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Advertising as Principals Must comply with 520-1-.09: The broker has given written permission, and has approved the advertisement.

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Business Brokerage Business brokerage requires a license if all or part of the business broker’s fee is dependent upon the transfer of an interest in real property.

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Business Brokerage A license is required when the transferred interest includes either an ownership interest or a lease to real estate.

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Fair Housing The rules and regulations parallel Federal Fair Housing Law in protecting people from discrimination.

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Fair Housing Within the framework of Fair Housing, Licensees are prohibited from: Saying or suggesting to an owner a lowering of property values will occur;

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Fair Housing Within the framework of Fair Housing, Licensees are prohibited from: Saying or suggesting a social or demographic change in the area;

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Fair Housing Within the framework of Fair Housing, Licensees are prohibited from: Saying or suggesting an increase in crime; and

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Fair Housing Within the framework of Fair Housing, licensees are prohibited from: Saying or suggesting a decline in the quality of schools.

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Licensees are not permitted, based on a Protected Class, to:

Refuse to sell, buy, lease or rent; Discriminate in terms or conditions; Refuse to submit an offer;

Fair Housing

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Licensees are not permitted, based on a Protected Class, to: Refuse to negotiate; or Say a property is not available when it is.

Fair Housing

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Citations Imposition of Penalties When a licensee is deemed to have violated the License Law or the Rules and Regulations, the Commission can initiate the hearing process before imposing sanctions, or can instead issue a citation.

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Citations Imposition of Penalties The penalty may include an order to file periodic reports from an accountant for the trust account.

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Citations Imposition of Penalties The penalty may include an order to complete a certain course of study.

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Citations Imposition of Penalties

The penalty may include an order to pay a fine not to exceed $1,000, or up to $5,000 for multiple violations.

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Citations When citations are issued they become final within 30 days unless the licensee requests a hearing.