This is “Lesson 2.1 - The Georgia Real Estate Commission” of the 75-HOUR GEORGIA REAL ESTATE LICENSE COURSE. This is the first step to getting your Georgia real estate license. This course will allow you to sit for the Georgia real estate salesperson State exam. Study for the State exam.
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Key Terms:
The following key terms are defined in Rule 520-1-.02.
Agency refers to a real estate broker's relationship with a client via the client's express written agreement.

Applicant refers to someone who has completed the requirements for a license, submitted a complete application and paid the correct fee.

Brokerage engagement refers to a written contract between a buyer, seller, tenant or landlord and the broker. The engagement includes consideration for duties that the broker performs, such as producing a buyer for a listed property or a property for a buyer willing and able to purchase real estate. The same holds true for a broker either listing an available rental or producing a renter for available rental property. The engagement may also be for property management.

Contracts included are an open listing contract, exclusive listing contract, buyer broker agreement, community association management agreement, property management agreement, and exclusive tenant representation contract.

A Brokerage relationship is an agency (or non-agency) relationship between the broker and their client (or customer) under a brokerage engagement.

A Buyer is someone looking to acquire an interest in real estate.

A Candidate for Licensure is anyone pursuing a license who has completed the requirements, such as completing an application and paying the required fees.

Client refers to someone in a brokerage engagement with a broker.

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.

Dual agents represent both the buyer and seller or both the tenant and landlord in the same transaction.

Firm is the partnership, corporation, sole proprietorship or limited liability company licensed as a broker.

Ministerial acts are tasks that don't require a broker's discretion or individual judgment.

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