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Georgia Real Estate

Chapter 24

TermDefinition
Hearing the formal process that must be offered to a person prior to imposing a sanction
Agency a relationship created by express contract where a broker represents another in a real property transaction
Citation issued by the commission as penalty instead of imposing a sanction
Client a person who has entered into a brokerage engagement with a broker
Dual Agent a broker who has a brokerage engagement with both parties in the same transaction.
Customer a person who has not entered into a brokerage engagement with a broker. The broker is limited to performing only ministerial acts. The only way to become a client is by entering into a written brokerage engagement agreement.
Firm Any person licensed as a broker
Designated Agent a broker who has an agent with a brokerage engagement the seller, as well as another agent who has a brokerage engagement with the buyer in the same transaction.
Ministrial Acts acts that do not require confidentiality or the exercise of judgement or the providing of advice
Timely a reasonable time under the circumstances
Brokerage Engagement a written contract between a person and a broker where the person becomes a client of the broker. In Georgia, brokerage engagements must be in writing to be enforceable.
Created by: user-1812658
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