As used in this chapter, the term:
(1)"Agency" means every relationship in which a real estate broker acts for or represents another as a client by the latter's written authority in a real property transaction.
(2)"Broker" means any individual or entity issued a broker's real estate license by the Georgia Real Estate Commission pursuant to Chapter 40 of Title 43. The term "broker" includes the broker's affiliated licensees except where the context would otherwise indicate.
(3)"Brokerage" means the business or occupation of a real estate broker.
(4)"Brokerage engagement" means a written contract wherein the seller, buyer, landlord, or tenant becomes the client of the broker and promises to pay the broker a valuable consideration or agrees that the broker may receive a valuable considera
Free access — add to your briefcase to read the full text and ask questions with AI
As used in this chapter, the term: (1) "Agency" means every relationship in which a real estate broker acts for or represents another as a client by the latter's written authority in a real property transaction. (2) "Broker" means any individual or entity issued a broker's real estate license by the Georgia Real Estate Commission pursuant to Chapter 40 of Title 43. The term "broker" includes the broker's affiliated licensees except where the context would otherwise indicate. (3) "Brokerage" means the business or occupation of a real estate broker. (4) "Brokerage engagement" means a written contract wherein the seller, buyer, landlord, or tenant becomes the client of the broker and promises to pay the broker a valuable consideration or agrees that the broker may receive a valuable consideration from another in consideration of the broker producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or performing other brokerage services. (5) "Brokerage relationship" means the agency and nonagency relationships which may be formed between the broker and the broker's clients and customers, as described in this chapter. (6) "Client" means a person who is being represented by a real estate broker in an agency capacity pursuant to a brokerage engagement. (7) "Common source information companies" means any person, firm, or corporation that is a source, compiler, or supplier of information regarding real estate for sale or lease and other data and includes but is not limited to multiple listing services. (8) "Customer" means a person who is not being represented by a real estate broker in an agency capacity pursuant to a brokerage engagement but for whom a broker may perform ministerial acts in a real estate transaction pursuant to either a verbal or written agreement. (9) "Designated agent" means one or more licensees affiliated with a broker who are assigned by the broker to represent solely one client to the exclusion of all other clients in the same transaction and to the exclusion of all other licensees affiliated with the broker. (10) "Dual agent" means a broker who simultaneously has a client relationship with both seller and buyer or both landlord and tenant in the same real estate transaction. (11) "Material facts" means those facts that a party does not know, could not reasonably discover, and would reasonably want to know. (12) "Ministerial acts" means those acts described in Code Section 10-6A-14 and such other acts which do not require the exercise of the broker's or the broker's affiliated licensee's professional judgment or skill. (12.1) "Option to enter into a brokerage engagement" means a written contract wherein a broker pays valuable consideration or agrees that a seller, buyer, landlord, or tenant may receive a valuable consideration from another in consideration of such seller, buyer, landlord, or tenant granting such broker an exclusive right to enter into a brokerage engagement with such seller, buyer, landlord, or tenant during the term of the written contract. (13) "Timely" means a reasonable time under the particular circumstances. (14) "Transaction broker" means a broker who has not entered into a client relationship with any of the parties to a particular real estate transaction and who performs only ministerial acts on behalf of one or more of the parties, but who is paid valuable consideration by one or more parties to the transaction pursuant to a verbal or written agreement for performing brokerage services.