State Laws + Rules
31%of exam
GRECLicensingEducationDisciplineRecovery Fund
Georgia Practice
40%of exam
Finance + Closing
29%of exam
Security DeedClosingTaxesProrationsAttorney Closing
Quick Facts
- Exam
- GA Salesperson
- Questions
- 152 total
- National
- 100 questions
- State
- 52 questions
- Time
- 4 hours
- Pass
- 72 scaled
- Prelicense
- 75 hours
- Postlicense
- 25 hours
License Numbers
75 before, 25 after, 36 renew
75 prelicense25 postlicense36 CE4-year term
License Picker
- Need exam eligibility→75-hour course
- College alternative→6 semester hours
- Age seventeen→Take exam only
- Age eighteen→Activate license
- Passed exam→Apply within year
- First license year→25-hour postlicense
- Renewal cycle→36 CE hours
- No broker→Inactive license
Exam Numbers
- Total items
- 152 scored
- National
- 100 items
- Georgia
- 52 items
- Time
- 4 hours
- Pass
- 72 scaled
- Vendor
- PSI
License Path
- Age
- 18 to license
- Exam age
- 17 allowed
- Education
- 75 prelicense hours
- College path
- 6 semester hours
- Quarter path
- 10 quarter hours
- GCIC
- 60 days valid
- Apply
- Within 12 months
- Broker
- Sponsor active license
Renewal + Education
- License term
- 4 years
- CE total
- 36 hours
- License law
- 3 CE hours
- Postlicense
- 25 hours
- Deadline
- First year
- CE credit
- 9 hours
- Lapse
- No brokerage
- Inactive
- No practice
GREC Powers
- License
- Issue renew discipline
- Rules
- Chapter 520
- Law
- O.C.G.A. 43-40
- Citations
- $1,000 each
- Citation cap
- $5,000 total
- Complaints
- Investigate records
- Hearings
- Formal sanctions
- Records
- Keep transaction files
BRRETA Split
Client gets counsel; customer gets candor
Client: engagementCustomer: no agencyMinisterial: factsDual: consent
Client vs Customer
Client
- Written engagement
- Fiduciary duties
- Advice allowed
Customer
- No engagement
- Honesty fairness
- Facts only
Represent vs assist
Agency Picker
- Signed engagement→Client(Fiduciary duties)
- No engagement→Customer(Honesty fairness)
- Both sides represented→Dual agency(Written consent)
- Same broker sides→Designated agency(Separate agents)
- Facts only help→Ministerial acts(No advice)
- Need compensation→Brokerage agreement(Written terms)
- Confidential info→Protect client(No disclosure)
- Known defect→Disclose fact(All parties)
BRRETA Core
- Client
- Brokerage engagement
- Customer
- No engagement
- Agency
- Express authority
- Brokerage
- Written contract
- Ministerial
- No judgment
- Dual agent
- Both sides
- Designated
- Separate licensees
- Consent
- Written informed
Dual vs Designated
Dual
- One broker
- Both clients
- Written consent
Designated
- Separate agents
- Same firm
- Client advocacy
One role vs split roles
Client Duties
- Loyalty
- Client first
- Disclosure
- Known material facts
- Accounting
- Funds documents
- Skill
- Reasonable care
- Obedience
- Lawful instructions
- Confidentiality
- Protect secrets
- Honesty
- All parties
- Fairness
- All parties
Earnest vs Due Diligence
Earnest
- Escrow deposit
- Contract security
- Dispute risk
Due diligence
- Termination right
- Seller payment
- Often nonrefundable
Deposit vs option
Contracts
- Offer
- Definite terms
- Acceptance
- Mirror offer
- Consideration
- Bargained exchange
- Capacity
- Legal parties
- Legal purpose
- Lawful objective
- Due diligence
- Buyer exit
- Earnest money
- Good-faith deposit
- GAR forms
- Common forms
Commingling vs Conversion
Commingling
- Funds mixed
- Trust violation
- Accounting risk
Conversion
- Funds used
- Theft-like conduct
- Severe discipline
Mixing vs using
Trust Accounts
- Trust funds
- Client money
- Escrow
- Separate account
- Bank
- Federally insured
- Broker
- Ultimate duty
- Commingling
- Never mix
- Conversion
- Never use
- Disburse
- By agreement
- Reconcile
- Monthly control
Disclosures
- Caveat emptor
- Buyer beware
- Material fact
- Must disclose
- Latent defect
- Hidden issue
- Stigma
- Usually no duty
- Lead paint
- Pre-1978 federal
- Airport
- Noise notice
- Flood
- Lender issue
- Environmental
- Known hazards
Advertising
- Broker name
- Clearly identified
- Team name
- Not brokerage
- Licensee ad
- Broker supervised
- False claims
- Prohibited
- Blind ad
- Avoid
- Fair housing
- No preference
Tax Stack
Value to forty; mill per thousand
FMV40% assessedMill rateTax due
Note vs Security Deed
Note
- Debt promise
- Borrower signs
- Repayment terms
Security deed
- Secures note
- Title security
- Foreclosure power
Debt vs collateral
Closing Picker
- Create debt→Promissory note
- Secure loan→Security deed
- Conduct closing→Attorney
- Split taxes→Proration
- Compute assessment→40% value
- Compute millage→Assessed value
- Record deed→Transfer tax
- Record loan→Intangible tax
Georgia Finance
- Security deed
- Title to lender
- Promissory note
- Debt promise
- Mortgage fraud
- Report signs
- Loan estimate
- Early disclosure
- Closing disclosure
- Final costs
- RESPA
- Settlement rules
- TRID
- Loan forms
- VA/FHA
- Government loans
Assessment vs Millage
Assessment
- 40% value
- Tax base
- County value
Millage
- Tax rate
- Per thousand
- Local levy
Base vs rate
Closing + Taxes
- Attorney
- Conducts closing
- Proration
- Split expenses
- Ad valorem
- Property tax
- Assessment
- 40% value
- Mill
- $1 per $1,000
- Transfer tax
- $1 per $1,000
- Intangible tax
- $1.50 per $500
- Homestead
- Primary residence
Common Traps
Client vs customer
Client has engagement ≠ Customer gets fairness
Advice vs acts
Advice creates risk ≠ Ministerial is clerical
Earnest vs option
Earnest held escrow ≠ Due fee to seller
Disclosure vs stigma
Defect must disclose ≠ Stigma usually not
Commingling vs conversion
Mixing is violation ≠ Using is worse
Assessment vs tax
Assessment is base ≠ Millage creates tax
Last Minute
- 1.State supplement: 16 / 21 / 15
- 2.152 total: 100 national, 52 Georgia
- 3.75 prelicense; 25 postlicense; 36 CE
- 4.Client = engagement; customer = no agency
- 5.Dual agency needs written consent
- 6.Ministerial acts do not advise
- 7.Trust funds stay separate
- 8.Known material defects must disclose
- 9.Security deed secures the note
- 10.Georgia assessment equals 40% value
- 11.Mill means tax per thousand
- 12.Apply within 12 months
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