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Georgia Real Estate
Chapter 24
Term | Definition |
---|---|
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. |