GA RE Broker cheat sheet

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.

Georgia license law is administered by the Georgia Real Estate Commission (GREC), with the Real Estate Commissioner as its chief executive; the Commission adopts rules under O.C.G.A. Title 43, Chapter 40.

Active license requires a sponsoring broker; a salesperson cannot receive compensation for brokerage services except through the sponsoring broker, and a licensee may not pay a commission to an unlicensed person for brokerage activity.

Broker license requires completion of the 75-hour Salesperson Prelicense course, a minimum period of active salesperson experience (currently 12 months of the prior 5 years), and the 75-hour Broker Prelicense course plus the state exam; salesperson license requires the 75-hour course and exam.

Post-license education: first-time salesperson licensees complete 25 hours of post-license education within the first year of licensure; first-time brokers complete 25 hours of broker post-license education in the first year.

Renewal is annual by the last day of the licensee's birth month; the Commission mails renewal notices, and late renewal triggers a reinstatement fee plus possible additional education. Continuing education is 36 hours per 4-year cycle, including at least 3 hours of license law.

Trust (escrow) funds must be deposited in a designated trust account and, absent a written agreement to the contrary, a broker may not disburse funds until the transaction closes or a written disbursement agreement is signed by all parties; earnest money disputes are resolved by the broker holding funds until agreement or court order.

License law violations include commingling trust funds with personal or business funds, conversion, failure to account, undisclosed dual agency, and advertising without the firm name; the Commission may reprimand, suspend, revoke, or impose fines.

Fair housing: the federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability; Georgia law adds age and, in some municipal ordinances, other protected classes such as sexual orientation.

Georgia real estate contracts require: competent parties, lawful objective, consideration, mutual assent, and a description of the property sufficient to identify it; the statute of frauds requires the agreement to be in writing and signed by the party to be charged.

Designated agency is permitted in Georgia: the broker may designate one licensee to represent the buyer and another to represent the seller, with each acting as the client's agent; the broker remains a dual agent if designated agency is not used.

Agency relationships arise by express agreement (written agency agreement), implication, estoppel, or ratification; Georgia requires written agency agreements and written disclosure of the brokerage relationship at first substantial contact.

The fiduciary duties owed by an agent to a client are obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR); confidentiality survives the termination of the agency relationship.

Dual agency requires the informed written consent of all parties; the dual agent may not advocate for one party to the detriment of the other and may not disclose confidential information without consent.

Contract remedies: specific performance is available for unique property because land is presumed unique; liquidated damages clauses are enforceable if reasonable and not a penalty; the earnest money is typically the seller's remedy for buyer default.

The standard Georgia Association of REALTORS® purchase and sale agreement includes a due diligence period, financing contingency, appraisal contingency, and a separate closing date; the due diligence period is the buyer's right to inspect and terminate for any reason.

A counteroffer terminates the original offer; acceptance must be communicated to the offeror, and revocation is effective when received by the offeree before acceptance.

Monthly P&I payment = loan amount × (i / (1 − (1+i)^−n)), where i = annual rate / 12 and n = number of monthly payments; the loan amount equals purchase price minus down payment.

Qualifying ratios: conventional guidelines generally use a housing expense ratio of 28% and total debt ratio of 36%, with automated underwriting allowing higher ratios; FHA commonly uses 31% housing and 43% total.

Points: one discount point equals 1% of the loan amount and is prepaid interest that lowers the note rate; origination fees are lender charges for making the loan.

RESPA/TILA: the Loan Estimate must be delivered within 3 business days of application, and the Closing Disclosure at least 3 business days before consummation; a changed circumstance may permit a revised Loan Estimate.

Georgia is a deed-of-trust state: the borrower is the grantor, the lender is the beneficiary, and the trustee holds title with power of sale for nonjudicial foreclosure after notice and advertisement as required by law.

Prorations at closing use the 365-day year for annual items (property taxes, insurance) and the actual number of days in the month for monthly items (rent); the seller is typically charged for the day of closing in Georgia practice.

Real estate transfer tax in Georgia is $1.00 per $1,000 of consideration (rounded up to the next $1,000), typically paid by the seller; the Georgia Residential Mortgage Act licenses mortgage brokers and lenders through the Department of Banking and Finance.

Escrow/trust accounting: the broker must maintain a separate trust account, keep records for at least 3 years, and reconcile the trust account monthly; the broker is responsible for the acts of affiliated licensees.

Fixtures: an item is a fixture if it is annexed to the realty, adapted to the use of the property, and intended as a permanent improvement; trade fixtures installed by a tenant remain the tenant's personal property if removed before lease end.

Deeds: a general warranty deed contains the broadest covenants (seisin, right to convey, against encumbrances, quiet enjoyment, warranty, further assurances); a quitclaim deed conveys only whatever interest the grantor has, with no warranty.

Recording and title: recording gives constructive notice; a title search reveals recorded encumbrances; Georgia uses a race-notice recording statute, so a subsequent purchaser who records first without notice prevails.

Easements: an easement appurtenant benefits a dominant tenement and burdens a servient tenement; an easement in gross benefits a person or entity, not a parcel; prescriptive easements require open, notorious, adverse, and continuous use for 20 years in Georgia.

Sales comparison approach: adjust comparables to the subject - if the comparable is superior, subtract; if inferior, add; the adjustment is applied to the comparable's price and is based on the value of the difference, not the full cost.

Cost approach: value = replacement cost new − depreciation + land value; the income approach capitalizes net operating income at a market-derived cap rate (value = NOI / cap rate).

Gross rent multiplier = sale price / gross monthly rent; used for quick income-property comparison; it ignores expenses, so it is a screening tool, not a full valuation.

Fair housing and advertising: ads may not state a preference based on a protected class; the broker's firm name must appear in advertising; a licensee must disclose his or her licensed status in advertising and may not advertise a property without the listing broker's permission.