BROKERAGE RELATIONSHIPS

In Real Estate Transactions Act

Harry Norman, REALTORS® and I appreciate the opportunity to assist you in your real estate needs. I am pleased to work with you in the agency relationship that best meets your needs and satisfies Georgia Agency Law.

My services to you are based on my desire to provide the highest quality of service possible. My mission is that you will be satisfied before, during and after the sale or purchase of your property.

Brokerage in Georgia

• Sales associates are licensed and are affiliated with a licensed broker, typically as independent contractors.

• Buyers and sellers interact with sales associates who are supported by their Broker.

Licensed brokers and sales associates are required, by law, to be honest, truthful and to disclose materially adverse conditions relative to the purchase and sale of a property.

• Georgia law defines working relationships between buyers, sellers and real estate brokers and how relationships are established.

Agency Relationships

Consumers work with sales associates as “clients” or “customers.”

Clients

• Clients are represented by real estate brokers and their sales associates.

• Brokerage duties to the client are loyalty, confidentiality and protection of the client’s interest in the transaction.

• Georgia law requires that clients and Brokers sign a brokerage agency agreement for representation.

• If the buyer and seller in a transaction are clients of the same brokerage and working with the same sales associate, Dual Agency occurs.

• Dual agency requires the written consent of both buyer and seller.

• Disclosure and consent to dual agency is provided in the seller’s listing agreement and in the buyer’s agency agreement.

• In dual agency, neither party is exclusively represented. Confidentiality is maintained for each party, unless information relevant to the transaction is false, unlawful, materially adverse or harmful to the position of either party.

• If the buyer and the seller in a transaction are clients of the same brokerage but represented by different sales associates, Designated Agency occurs. Designated agency is not dual agency in Georgia.

Customers

• Customers are not represented by a broker in a legal or agency capacity.

• If both the buyer and seller are customers, the Broker is a Transaction Broker. A transaction broker represents neither party in the transaction.

• Services available to a customer are called “ministerial acts.” Ministerial acts include: locating property, providing information, preparing contracts and providing names of other professionals such as inspectors, attorneys, lenders, etc.