- An out-of-state licensee must enter into a written co-operating brokerage agreement with Georgia licensee.
- Contract must specify what the financial arrangement is between the parties and what property is the subject of the agreement.
- Georgia licensee is responsible for supervising the out-of-state licensee.
- The statute sets forth additional requirements which must be followed. out-of-state licensee cannot sue to collect a commission when commission is based on actions that occurred outside of the state.
Any State*
* Florida Licensees must take the Georgia State portion of the Real Estate Exam.
Confirmed by Georgia Real Estate Commission- Florida Licensees must take the Georgia portion of the real estate exam to qualify for a reciprocal license.
- In order to be active in real estate brokerage, an individual licensed as a broker must be affiliated with a sole proprietorship, a corporation, a partnership, or a limited liability company that is also licensed as a broker.
These states specifically mention Georgia in their Reciprocity:
Arkansas, Connecticut, Florida, Illinois, Iowa, Louisiana, Massachusetts, Montana, New Hampshire, New Mexico, New York, North Dakota, Oregon, Pennsylvania, South Carolina, Utah, Virginia, West Virginia
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont, Washington
Attorneys generally take care of closings.
Conveyance is by warranty deed. Security deeds are the security instruments.
Georgians use ALTA title insurance policies, including owner’s and lender’s, and they use binders and endorsements.
Buyers pay title insurance premiums and also closing costs usually. Sellers pay transfer taxes.
Property tax payment dates vary across the state.
If a business brokerage commission is contingent on "the transfer of an interest in real estate", (this includes a lease transfer) then the business broker must possess a real estate license to be paid.
"Business brokers must hold real estate licenses or utilize the services of a licensed real estate broker anytime the sale of a business involves the transfer of any interest in real property. A business broker and any associates who do not hold real estate licenses may not negotiate a real property transaction and then secure a real estate broker to approve it. Any person who for a valuable consideration negotiates the transfer of a leasehold or ownership interest in real property must hold a real estate license." - Georgia RE Commission
