Overview
This chapter explains the roles and definitions of individuals in Georgia real estate license law, agency relationships, and key terms essential to real estate practice in Georgia.
Types of Real Estate Licenses in Georgia
- A licensee is anyone licensed as a community association manager, salesperson, associate broker, or broker.
- Brokers must be at least 21, have a high school diploma or equivalent, 3 years’ active experience, complete broker education, and pass the broker exam.
- Associate brokers are licensed brokers who work for another broker, acting on their behalf.
- Salespersons must be at least 18, have a high school diploma or equivalent, complete salesperson education, and pass the exam.
- Community association managers must be at least 18, have a high school diploma or equivalent, complete required education, and pass the exam.
- Qualifying broker holds the broker license for a corporation, LLC, or partnership and ensures law compliance.
Agency Relationships
- An agency relationship is a contract where an agent acts for a principal with duties of confidentiality, obedience, disclosure, loyalty, accountability, care, and skill.
- Agency categories: Universal agent (broad authority), general agent (business-specific authority), and special agent (specific task authority).
- Brokers become agents via listing or property management agreements and can act as special or general agents.
- Limited agents have restricted duties and limited fiduciary obligations under BRRETA.
- Subagents operate under another broker’s brokerage agreement, usually as selling agents.
Special Broker Roles
- Listing agent/broker signs a contract to market property and find buyers.
- Selling agent/broker finds a buyer and gets an acceptable offer for the seller.
- Buyer’s agent/broker represents the buyer in purchasing or leasing property.
- Dual agent represents both seller and buyer (or landlord and tenant) in the same transaction with informed written consent.
Other Key Roles and Services
- Principal is the individual who contracts with the broker—either the owner, buyer, or tenant.
- Affiliated licensee is a manager, salesperson, or associate broker working under a broker.
- Affiliate is another term for an affiliated licensee.
- Property management services involve managing and maintaining real estate for others by agreement.
- Community association management services involve managing day-to-day operations for community associations.
Key Terms & Definitions
- Licensee — Person licensed as a manager, salesperson, associate broker, or broker.
- Broker — Person licensed to perform real estate transactions for others for a fee.
- Associate Broker — Licensed broker working for another broker.
- Salesperson — Licensed agent working for a broker.
- Community Association Manager — Licensed to manage community associations for a broker.
- Qualifying Broker — Broker responsible for compliance within a firm.
- Agency Relationship — Contractual relationship between agent and principal.
- Principal — Individual contracting with a broker for real estate acts.
- Universal/General/Special Agent — Levels of authority for agents.
- Limited Agent — Agent with restricted fiduciary duties.
- Subagent — Broker operating under another broker’s agreement.
- Listing Agent/Broker — Broker marketing a seller’s property.
- Selling Agent/Broker — Broker finding a buyer.
- Buyer’s Agent/Broker — Broker representing the buyer.
- Dual Agent — Broker representing both parties in a transaction.
- Affiliated Licensee/Affiliate — Licensee associated with a broker.
- Property Management Services — Managing real estate for another.
- Community Association Management Services — Managing operations for a community association.
Action Items / Next Steps
- Review agency relationship duties and types for quiz preparation.
- Study differences between licensee roles and their legal requirements.
- Prepare definitions for all key terms for upcoming assessments.