Author’s Preface
The goal for this book was to produce a comprehensive reference manual for Georgia real estate licensees. We hope that this manual achieves that goal. We appreciate the efforts of Charles Clark, Real Estate Commissioner, whose leadership and guidance were instrumental. We are also deeply indebted to the reviewers of the manuscript, Tice Brashear, Greg Dunn, Ben Farmer, Barry Richardson, Mary Shern, Tammy Fordham, and Ric Wilson, whose insightful comments produced numerous improvements to the text. Thanks also to Adrienne Black and Judith Weisman for their patient research and editing.
If you have any comments or suggestions for improvement of this manual, we would like to hear from you.
| Dr. Roy T. Black Dr. Joseph S. Rabianski Department of Real Estate Georgia State University P.O. Box 4020 Atlanta, Georgia 30302-4020 (404) 651-2760 |
Explanatory Notes
Throughout this text, references to “O.C.G.A.” refer to the Official Code of Georgia Annotated. The Code is a compilation of the laws of Georgia and is broken down into titles, chapters, and sections. For example, O.C.G.A. Title 43 Chapter 40 is the Georgia Real Estate License Law, a law that is periodically changed by the legislature. A citation of O.C.G.A. § 43-40-9 refers to the section of the license law pertaining to nonresident licensees. “USC” refers to the United States Code, a compilation of federal laws. References to “Rules” or “Rules and Regulations” refer to the Rules and Regulations of the Georgia Real Estate Commission. These rules begin with the numerical prefixes 520-1, 520-2, 520-3, 520-4, and 520-5. The complete text of the Georgia License Law and the Rules and Regulations of the Georgia Real Estate Commission is published separately by the Commission.
Table of Contents
Part One – Questions
| Chapter 1 – |
Questions Licensees Frequently Ask the Commission
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Part Two – License Law and Regulation
| Chapter 2 – |
Individuals in Real Estate License Law
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| Chapter 3 – |
Licensure
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| Chapter 4 – |
Investigations and Disciplinary Procedures
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| Chapter 5 – |
Opening and Closing a Real Estate Brokerage Firm
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| Chapter 6 – |
Trust Accounts and Trust Funds
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| Chapter 7 – |
Online Education
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Part Three – Agency and Brokerage Practice
| Chapter 8 – |
Agency
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| Chapter 9 – |
The Georgia Brokerage Relationships in Real Estate Transactions Act
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| Chapter 10 – |
The Brokerage Engagement Agreement
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| Chapter 11 – |
Commissions
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| Chapter 12 – |
Antitrust and Related Laws
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| Chapter 13 – |
Fair Housing Laws in Brokerage Practice
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Part Four – Real Property Law
| Chapter 14 – |
Real Property and Personal Property
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| Chapter 15 – |
Real Property and Ownership Rights
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| Chapter 16 – |
Transfer of Ownership Rights and Interests
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| Chapter 17 – |
Public and Private Limits and Controls on Real Property
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Part Five – The Real Estate Sales Contract
| Chapter 18 – |
Concepts and Issues in Real Estate Sales Contracts
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| Chapter 19 – |
Georgia Law for the Real Estate Sales Contract
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| Chapter 20 – |
Drafting and Presenting Offers
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| Chapter 21 – |
Earnest Money Procedures for Licensees
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| Chapter 22 – |
Special Stipulations and Other Clauses in the Sales Contract
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Part Six – The Listing Agreement (Brokerage Engagement)
| Chapter 23 – |
Concepts and Issues in Listing Agreements (Brokerage Engagement)
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| Chapter 24 – |
Practical Aspects of the Listing Process
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| Chapter 25 – |
The Exclusive Right to Sell Listing Agreement (Brokerage Engagement)
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| Chapter 26 – |
Showing Another Listing
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Part Seven – Legal Descriptions
| Chapter 27 – |
Legal Descriptions Used in Georgia
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| Chapter 28 – |
Legal Descriptions in the Sales Transaction
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Part Eight – The Lease
| Chapter 29 – |
The Legal Relationship Between Landlord and Tenant
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| Chapter 30 – |
The Legal Components of a Lease
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| Chapter 31 – |
Additional Clauses in the Lease
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| Chapter 32 – |
Security Deposits
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| Chapter 33 – |
Preparing a Residential Lease
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Part Nine – Pricing Real Property
| Chapter 34 – |
Concepts and Issues in Pricing Property
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| Chapter 35 – |
The Appraiser’s Sales Comparison Approach
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| Chapter 36 – |
The Broker’s Competitive Market Analysis Technique
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| Chapter 37 – |
The Appraiser’s Cost Approach
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| Chapter 38 – |
Appraising Income Property
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Part Ten – Real Estate Finance
| Chapter 39 – |
The Security Deed and the Promissory Note
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| Chapter 40 – |
Default and Foreclosure
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| Chapter 41 – |
Financial Concepts and the Conventional Fixed Rate Loan
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| Chapter 42 – |
Federal Housing Administration [FHA] and Veterans Administration [VA] Loan Programs
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| Chapter 43 – |
The Adjustable Rate Loan, the Graduated Payment Loan, and Other Loan Arrangements
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| Chapter 44 – |
Alternative Financing Agreements
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| Chapter 45 – |
Primary and Secondary Mortgage Markets
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Part Eleven – Closing the Transaction
| Chapter 46 – |
Contract to Closing
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| Chapter 47 – |
The Closing
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| Chapter 48 – |
The Closing Statement
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Part Twelve – Property Management
| Chapter 49 – |
The Property Management Function
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| Chapter 50 – |
Tenant Relationships and Policies
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| Chapter 51 – |
Managing the Physical Asset
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| Chapter 52 – |
The Rent and Tenant Management System
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| Chapter 53 – |
Managing the Financial Aspects of a Real Property Asset
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| Chapter 54 – |
Real Property Management
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Part Thirteen – Community Assocation Management
| Chapter 55 – |
Creation of Community Associations
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| Chapter 56 – |
Administration of Community Associations
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| Chapter 57 – |
Operation of Community Associations
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| Chapter 58 – |
Real Estate Arithmetic and Mathematics
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Appendices
| Appendix A – |
Important Links to External Sites
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Glossary
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