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Georgia Real Estate

Chapter 25

TermDefinition
Brokerage Relationships in Real Estate Transactions Act (BRRETA) provides guidelines and protections for the consumer and the licensee. It Governs Real Estate Agency in Georgia
Stigmatized Property Act protects the owner, broker and licensees from responsibility to disclose such psychological defect. If asked, the question should be answered truthfully to the best of that person’s knowledge.
Clients we advocate for, provide loyalty, obedience, confidentiality and full disclosure.
Customers only receive information, basic fairness and limited disclosure.
good-faith estimate The consumer should receive this within 3 business days after submitting the loan application.
Custodial maintenance the day-to-day cleaning and maintenance of the property.
Preventative maintenance the periodic care for items to extend the economic and useful life.
Corrective maintenance the as-needed repair or replacement of items.
security deed conveys legal title to the lender, which is defeasible upon satisfaction of the debt. The borrower retains equitable title with the right of redemption.
price fixing When two or more brokers work together to raise prices, and is a violation of antitrust laws.
Boycotting the act of eliminating competition by refusing the competition access to materials or information needed to compete.
Created by: user-1812658
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