About This Book
Georgia O.C.G.A. Title 43, Chapter 40 provides the legal foundation for the real estate profession in Georgia. It defines essential roles such as brokers, associate brokers, and salespersons, and establishes the Georgia Real Estate Commission to oversee licensing, continuing education, and professional standards.
The chapter imposes comprehensive regulations on the industry, covering everything from licensing requirements to legal proceedings.
Key Statutory Provisions
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Definitions: Specifies who is required to hold a real estate license. Any individual who negotiates or assists in the sale, lease, or management of real estate in exchange for compensation must be licensed.
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The Commission: Creates the Georgia Real Estate Commission, composed of six members appointed by the Governor, with the dual purpose of protecting consumers and regulating the real estate industry.
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Licensing Requirements: Prohibits individuals from practicing as a broker, salesperson, or community association manager without an active license, and outlines the requirements for continuing education and license applications.
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Recovery and Escrow: Establishes rules for maintaining trust accounts and creates the Real Estate Education, Research, and Recovery Fund, which provides compensation to consumers who have suffered financial harm as a result of licensee violations.
Practice Tests Using This Book
This book is required or recommended for 1 licensing exam. Our practice tests include questions based on this material.