In 2015, Fortune ranked the Atlanta-Sandy Springs-Marietta metropolitan area fifth on a predicted list of the country’s hottest real estate markets in 2016.[1] With so many transactions occurring within Atlanta’s metropolitan area, individuals and businesses, not otherwise operating in the real estate sphere, may, by chance, find themselves in the middle of a real estate transaction. Show Having brought two parties together, these individuals and businesses may find it only natural to negotiate for a commission, referral fee or other compensation contingent upon the success of the transaction. However, without a Broker’s license, an individual or business looking to receive any such compensation from the transaction may be guilty of a crime[2] and also subject to penalties and fines.[3] Below are common questions asked about broker activity during real estate transactions in Georgia: #1: What constitutes a Broker under Georgia law? #2: What activities require a Broker
license? #3: What penalties/fines could an individual face by acting as a Broker without a license? The Attorney General also has the right to bring an action to enjoin such illegal conduct in the Superior Court.[9] #4: What rights would an individual forfeit by acting as a Broker without a license? Similarly, an unlicensed individual acting as a licensed Broker would not have any rights to lien the subject property under the Broker’s lien law. This is relevant with respect to an individual’s ability to enforce the payment of the referral fee if a dispute arises. #5: Who can be a Broker in Georgia? #6: What is the intended purpose of the Georgia laws regarding Brokers? “the legislature intended . . . to create a Georgia real estate commission which would investigate each and every person applying for a license as a corporation or individual as a real estate broker or salesman, and look into the fitness . . . in respect to his character, reputation, and experience, in order to ascertain whether or not from such investigation the applicant is of good character, competent, and trustworthy, and if so, to grant him a license . . . [or if finding] to the contrary . . . deny such person a license . . . that being so, it cannot be held that these acts were intended to raise revenue merely for support of the government.”[16] Since then, “the Court has repeatedly emphasized the statute’s purpose to ‘provide public protection through the regulation of the activities of the brokers.’”[17] If you have brought together a real estate buyer and seller, or landlord and tenant, or have been involved in contract negotiations involving real estate, and expect to receive any form of compensation (no matter how it is labeled), you must be a licensed Realtor. Anything less, you may find yourself with an unenforceable claim or agreement or, much worse, guilty of a crime. If you’re uncertain whether an arrangement you may have meets the criteria for unlicensed broker activity, please contact Lawrence Kasmen () or Ruari O’Sullivan () in Berman Fink Van Horn’s real estate transactions department for guidance. ———- BFV Perspectives, BFV Videos, Commercial Real Estate, Corporate Matters, | Mar 02, 2017 Under which of the following circumstances is it allowed under Georgia law that a licensee can keep his own Wall license?Under which of the following circumstances is it allowed under Georgia law that a licensee can keep his own wall license? once the employing broker receives her wall license.
Does Georgia have real estate licensing reciprocity with any state?Georgia allows real estate license reciprocity with every state in the U.S. except for Florida. Here's how you apply for your reciprocal license: Submit proof of a current (not lapsed or expired) real estate license from another state.
Can I sell real estate in Georgia with a Florida license?While Georgia does have reciprocity agreements with all states, Florida residents are required to take and pass the Georgia portion of the real estate licensing exam. The same is true for Florida brokers.
Can a Florida real estate agent work in Georgia?Florida has mutual recognition with 10 states: Alabama, Arkansas, Connecticut, Georgia, Illinois, Kentucky, Mississippi, Nebraska, Rhode Island and West Virginia.
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