Saturday, December 21, 2013
Required Contracts CE Class
Beginning in 2014, all Maximum One agents are required to take at least one Contracts CE class annually.
Friday, December 20, 2013
Handling Real Estate Transactions: GREC Rule 520-1-.10
520-1-.10 Handling Real Estate Transactions.
(1) Presenting Offers. A licensee shall promptly tender to any customer or client any
signed offer to purchase, sell, lease, or exchange property made to such client or
customer. In a transaction in which the offeror is not a client or customer of the licensee,
the licensee receiving an offer must provide a copy of the offer to the licensee working
with or representing the offeree. However, a licensee who obtains an offer may negotiate
a sale, exchange, or lease directly with an owner, a lessor, a purchaser, or a tenant if the
licensee who obtains the offer knows that such offeree has a written outstanding
agreement in connection with such property that expressly provides the other licensee
will not provide negotiation services to the offeree.
(2) License Numbers in Offers. A licensee preparing or signing a brokerage
engagement or an offer to purchase, sell, lease, or exchange real property shall include
the license number issued by the Commission of each firm and of each licensee
participating in the transaction. The licensee shall include the six digit license number
issued by the Commission.
(3) Responsibility to Distribute Copies. A licensee shall provide a copy of any
document utilized in a real estate transaction to any individual signing such document. If
any offer to purchase, sell, lease, or exchange is accepted and signed by all parties, copies
of that document shall be properly distributed, one to each person signing the document
and one to each brokerage firm involved in the transaction.
(4) Retention of Copies of Records and Documents . Copies of sales contracts,
brokerage engagements, closing statements, leases, and other documents related to a real
estate transaction required by law to be maintained in a broker’s file for three years shall
be made available to authorized agents of the Commission upon reasonable request and at
a reasonable cost to the Commission. Brokers that must keep copies of the documents
cited in this paragraph include:
(a) any broker identified in a sales contract, brokerage engagement, closing statement,
lease, or other document related to a real estate transaction;
(b) any broker firm that participates in the negotiations involving a sales contract,
brokerage engagement, lease, or other contractual document related to a real estate
transaction; and
(c) any broker required by O.C.G.A. Section 43-40-20 to maintain a trust account.
Copies of documents and other records which licensees are required by law and the
Commission’s rules to maintain may be maintained in any records storage system that
utilizes paper, film, electronic, or other media provided that: (a) the licensee can produce
true and correct copies of such documents and records and (b) copies of such documents
and records can be made available to an authorized representative of the Commission
upon reasonable request and at reasonable cost to the Commission.
(5) Falsification of Transaction Documents and Misleading Representations
Prohibited. No licensee shall falsify or be a party to the falsification of a document
involved in a real estate transaction or knowingly represent, either verbally or in writing,
to a principal or any interested third party:
(a) an amount other than the true and actual sales, lease, or exchange price;
(b) an amount other than the true and actual downpayment;
(c) an amount other than the true and actual earnest money, security deposit, or other trust
funds or that such trust funds have been tendered in any form other than its true and
actual form;
(d) a payment of trust funds in cash when in fact some other method of such is made; or
(e) an artifice, contrivance, or machination with the intent to deceive.
Any or all such practices shall constitute a misrepresentation.
(6) Disclosure of Commissions, Fees, Rebates, or Other Valuable Consideration.
(a) Settlement Statements and Settlement Documents
Any fee, charge, rebate, profit, commission, referral fee, or other valuable consideration
that is related to a purchase, sale or exchange transaction of real property shall be
disclosed on the settlement statement for that transaction or on a supplemental document
given to the licensee’s principal at or before the closing of the transaction. So long as a
copy of such disclosure is maintained in the broker’s records, no additional disclosure is
required to comply with O.C.G.A. Sections 43-40-25 (b) (6) and (29).
Notwithstanding the above, no disclosure shall be required of any the following:
1. ordinary business expenses incurred on behalf of a licensee’s principal in performing
the services of a broker;
2. gifts, products, services or other things of value given to the licensee, provided that the
receipt of any of the same is not contingent upon any of the following: a) the purchase,
sale or exchange of specific real property; b) the referral by the licensee of products,
services or other business related to a specific real estate transaction, or c) the licensee
performing services, other than the real estate brokerage services, related to a real estate
transaction;
3. gifts, products , services or other things of va lue given to the licensee’s principal,
provided that the receipt of any of the same is not contingent upon the purchase, sale or
exchange of real property;
4. how a real estate commission, fee charge, profit, referral fee or other valuable
consideration of the same is shared with the affiliated licensees of the broker or with any
licensed and unlicensed assistants of those affiliated licensees.
(b) Leases
A lease, or accompanying document, may establish the terms under which a licensee may
pay a referral fee, or offer other valuable consideration related to the real property being
leased. So long as payment or other offering of valuable consideration is made by the
licensee pursuant to the pre-established terms and recorded in the brokers file, no
additional disclosure is required to comply with O.C.G.A. Sections 43-40-25 (b) (6) and
(29).
(c) Management Agreements
A management agreement, or accompanying document, may establish the terms under
which a licensee may pay a referral fee, or offer other valuable consideration related to
the management of the real property on behalf of an owner. So long as payment or other
offering of valuable consideration is made by the licensee pursuant to the pre-established
terms and recorded in the broker’s file , no additional disclosure is required to comply
with O.C.G.A. Sections 43-40-25 (b) (6) and (29).
(d) Miscellaneous
For the purposes of this regulation, the term “licensee’s principal” shall mean the
following:
1. a client of the broker in the specific real estate transaction for which disclosure is being
made provided, however, that if the broker is practicing dual or designated agency the
required disclosures to each client shall only be those disclosures that would be have been
given had the broker only been representing that client; or
2. the customer of the broker, provided that the customer is not being represented by or is
not primarily working with another broker.
Authority O.C.G.A. Secs. 43-40-2, 43-40-7, 43-40-11, 43-40-14, 43-40-25. History. Original Rule entitled
“Salesman” adopted as ER. 520-1-0.1-.10. F. and eff. July 12, 1973, the date of adoption. Amended:
Permanent Rule entitled “Business Name” adopted. F. Dec. 7, 1973; eff. Dec. 27, 1973. Amended: F. Feb.
14, 1977; eff. Mar. 6, 1977. Repealed: New Rule of same title adopted. F. Apr. 16, 1979; eff. May 6, 1979.
Amended: F. Nov. 16, 1979; eff. Dec. 6, 1979. Amended: Authority changed. F. Aug. 5, 1982; eff. Nov.
1, 1982, as specified by the Agency. Amended: F. May 9, 1985; eff. July 1, 1985, as specified by the
Agency. Amended: F. July 19, 1994; eff. Aug. 8, 1994. Repealed: New Rule entitled “Handling Real
Estate Transactions” adopted. F. Nov. 12, 2003; eff. Dec. 2, 2003. Amended: F. Sept. 21, 2004; eff. Oct.
11, 2004. Amended: F. Jan. 14, 2005; eff. Feb. 3, 2005. Amended: F. Aug. 15, 2007; eff. Sept. 4, 2007.
Amended: F. Oct. 16, 2009; eff. Nov. 5, 2009.
(1) Presenting Offers. A licensee shall promptly tender to any customer or client any
signed offer to purchase, sell, lease, or exchange property made to such client or
customer. In a transaction in which the offeror is not a client or customer of the licensee,
the licensee receiving an offer must provide a copy of the offer to the licensee working
with or representing the offeree. However, a licensee who obtains an offer may negotiate
a sale, exchange, or lease directly with an owner, a lessor, a purchaser, or a tenant if the
licensee who obtains the offer knows that such offeree has a written outstanding
agreement in connection with such property that expressly provides the other licensee
will not provide negotiation services to the offeree.
(2) License Numbers in Offers. A licensee preparing or signing a brokerage
engagement or an offer to purchase, sell, lease, or exchange real property shall include
the license number issued by the Commission of each firm and of each licensee
participating in the transaction. The licensee shall include the six digit license number
issued by the Commission.
(3) Responsibility to Distribute Copies. A licensee shall provide a copy of any
document utilized in a real estate transaction to any individual signing such document. If
any offer to purchase, sell, lease, or exchange is accepted and signed by all parties, copies
of that document shall be properly distributed, one to each person signing the document
and one to each brokerage firm involved in the transaction.
(4) Retention of Copies of Records and Documents . Copies of sales contracts,
brokerage engagements, closing statements, leases, and other documents related to a real
estate transaction required by law to be maintained in a broker’s file for three years shall
be made available to authorized agents of the Commission upon reasonable request and at
a reasonable cost to the Commission. Brokers that must keep copies of the documents
cited in this paragraph include:
(a) any broker identified in a sales contract, brokerage engagement, closing statement,
lease, or other document related to a real estate transaction;
(b) any broker firm that participates in the negotiations involving a sales contract,
brokerage engagement, lease, or other contractual document related to a real estate
transaction; and
(c) any broker required by O.C.G.A. Section 43-40-20 to maintain a trust account.
Copies of documents and other records which licensees are required by law and the
Commission’s rules to maintain may be maintained in any records storage system that
utilizes paper, film, electronic, or other media provided that: (a) the licensee can produce
true and correct copies of such documents and records and (b) copies of such documents
and records can be made available to an authorized representative of the Commission
upon reasonable request and at reasonable cost to the Commission.
(5) Falsification of Transaction Documents and Misleading Representations
Prohibited. No licensee shall falsify or be a party to the falsification of a document
involved in a real estate transaction or knowingly represent, either verbally or in writing,
to a principal or any interested third party:
(a) an amount other than the true and actual sales, lease, or exchange price;
(b) an amount other than the true and actual downpayment;
(c) an amount other than the true and actual earnest money, security deposit, or other trust
funds or that such trust funds have been tendered in any form other than its true and
actual form;
(d) a payment of trust funds in cash when in fact some other method of such is made; or
(e) an artifice, contrivance, or machination with the intent to deceive.
Any or all such practices shall constitute a misrepresentation.
(6) Disclosure of Commissions, Fees, Rebates, or Other Valuable Consideration.
(a) Settlement Statements and Settlement Documents
Any fee, charge, rebate, profit, commission, referral fee, or other valuable consideration
that is related to a purchase, sale or exchange transaction of real property shall be
disclosed on the settlement statement for that transaction or on a supplemental document
given to the licensee’s principal at or before the closing of the transaction. So long as a
copy of such disclosure is maintained in the broker’s records, no additional disclosure is
required to comply with O.C.G.A. Sections 43-40-25 (b) (6) and (29).
Notwithstanding the above, no disclosure shall be required of any the following:
1. ordinary business expenses incurred on behalf of a licensee’s principal in performing
the services of a broker;
2. gifts, products, services or other things of value given to the licensee, provided that the
receipt of any of the same is not contingent upon any of the following: a) the purchase,
sale or exchange of specific real property; b) the referral by the licensee of products,
services or other business related to a specific real estate transaction, or c) the licensee
performing services, other than the real estate brokerage services, related to a real estate
transaction;
3. gifts, products , services or other things of va lue given to the licensee’s principal,
provided that the receipt of any of the same is not contingent upon the purchase, sale or
exchange of real property;
4. how a real estate commission, fee charge, profit, referral fee or other valuable
consideration of the same is shared with the affiliated licensees of the broker or with any
licensed and unlicensed assistants of those affiliated licensees.
(b) Leases
A lease, or accompanying document, may establish the terms under which a licensee may
pay a referral fee, or offer other valuable consideration related to the real property being
leased. So long as payment or other offering of valuable consideration is made by the
licensee pursuant to the pre-established terms and recorded in the brokers file, no
additional disclosure is required to comply with O.C.G.A. Sections 43-40-25 (b) (6) and
(29).
(c) Management Agreements
A management agreement, or accompanying document, may establish the terms under
which a licensee may pay a referral fee, or offer other valuable consideration related to
the management of the real property on behalf of an owner. So long as payment or other
offering of valuable consideration is made by the licensee pursuant to the pre-established
terms and recorded in the broker’s file , no additional disclosure is required to comply
with O.C.G.A. Sections 43-40-25 (b) (6) and (29).
(d) Miscellaneous
For the purposes of this regulation, the term “licensee’s principal” shall mean the
following:
1. a client of the broker in the specific real estate transaction for which disclosure is being
made provided, however, that if the broker is practicing dual or designated agency the
required disclosures to each client shall only be those disclosures that would be have been
given had the broker only been representing that client; or
2. the customer of the broker, provided that the customer is not being represented by or is
not primarily working with another broker.
Authority O.C.G.A. Secs. 43-40-2, 43-40-7, 43-40-11, 43-40-14, 43-40-25. History. Original Rule entitled
“Salesman” adopted as ER. 520-1-0.1-.10. F. and eff. July 12, 1973, the date of adoption. Amended:
Permanent Rule entitled “Business Name” adopted. F. Dec. 7, 1973; eff. Dec. 27, 1973. Amended: F. Feb.
14, 1977; eff. Mar. 6, 1977. Repealed: New Rule of same title adopted. F. Apr. 16, 1979; eff. May 6, 1979.
Amended: F. Nov. 16, 1979; eff. Dec. 6, 1979. Amended: Authority changed. F. Aug. 5, 1982; eff. Nov.
1, 1982, as specified by the Agency. Amended: F. May 9, 1985; eff. July 1, 1985, as specified by the
Agency. Amended: F. July 19, 1994; eff. Aug. 8, 1994. Repealed: New Rule entitled “Handling Real
Estate Transactions” adopted. F. Nov. 12, 2003; eff. Dec. 2, 2003. Amended: F. Sept. 21, 2004; eff. Oct.
11, 2004. Amended: F. Jan. 14, 2005; eff. Feb. 3, 2005. Amended: F. Aug. 15, 2007; eff. Sept. 4, 2007.
Amended: F. Oct. 16, 2009; eff. Nov. 5, 2009.
Fair Housing Policy
UNLAWFUL PRACTICES IN SALES, LEASES, ETC. OF FAIR HOUSING ACT OF 1990
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“Familial status” means generally to have custody of one or more individuals under 18 years of age.
Any person found to have violated the Act may be fined up to $50,000.
It is the policy of Maximum One to comply with the provisions of the Act, and as a condition to your continued association with Maximum One, you are hereby instructed to comply with the provisions of the Act, including, but not limited to your not engaging in any of the unlawful practices listed above.
It is further agreed and understood that Maximum One will not be required to defend you if you are accused of violating any provision of the Act.
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“Familial status” means generally to have custody of one or more individuals under 18 years of age.
Any person found to have violated the Act may be fined up to $50,000.
It is the policy of Maximum One to comply with the provisions of the Act, and as a condition to your continued association with Maximum One, you are hereby instructed to comply with the provisions of the Act, including, but not limited to your not engaging in any of the unlawful practices listed above.
It is further agreed and understood that Maximum One will not be required to defend you if you are accused of violating any provision of the Act.
Anti-Trust Compliance Policy
ANTI-TRUST COMPLIANCE POLICIES OF
MAXIMUM ONE™ REALTY GREATER ATLANTA
1. The commission rates of our firm are based upon the cost of the services we provide, the value of these services to our clients, and competitive market conditions. Our commission rates are not determined by agreement with, or recommendation or suggestion from, any person not a party to a listing agreement with our firm.
2. Salespersons affiliated with this firm shall not participate in any discussion with any person affiliated with, or employed by, any other real estate firm concerning the commission rates charged by this form, or any other real estate firm in our community.
3. When soliciting a listing, or negotiating a listing agreement, no salesperson affiliated with this firm shall make any reference to a “prevailing” commission level in the community, the “going rate” or any other words or phrases that suggest that commission rates are uniform or “standard” within our marketing area, or that agencies will not show properties unless there is a specific commission rate.
4. The amount of sub-agency compensation or “commission split” offered by this firm to cooperating brokers is determined by the level of service we can expect a cooperating office to perform, and the amount of compensation, or commission splits, are not intended and may not be used to induce or compel any other real estate firm on our marketing area to raise or lower the commission they charge to their client.
5. When soliciting or negotiating a listing agreement, no salesperson affiliated with this office shall disparage the business practices of any other real estate firm, nor suggest that this office, or any other office, will not cooperate with any other real estate firm. Listing presentations shall focus exclusively upon the level of service and professionalism provided by this office, the results we have achieved for other clients, and the value the client can expect to receive for the fees we charge. Potential clients should be invited, and encouraged, to compare the value of our services to those of any other real estate firm in our marketing area. Likewise, any salesperson who is invited by a potential client to compare our service with those of any other real estate should do so by emphasizing the nature and quality of the services we provide.
6. Whenever a salesperson is unsure about the proper way to respond to the concerns of an actual or potential client or customer, or whenever a salesperson has been present during an unauthorized discussion of fees or commissions, he/she should verbally disavow any involvement in the conversation, leave the premises, and contact his/her Broker immediately. If necessary, the Broker will consult our firm’s attorney.
Non-Discrimination Agreement
It is the law of the land that no person shall be discriminated against on the basis of sex, race, color, religion, national origin, handicap or familial status. As a condition of continued association with Maximum One™, I agree to abide by and promote the following:
1. It is the policy of this office that no person will be discriminated against in either hiring or firing of personnel on the basis of sex, race, color, religion, national origin, handicap or familial status.
2. Furthermore, it is the policy of this company that the independent contractors (sales associates) will not discriminate in the showing, selling, leasing, advertising or listing of real estate because of sex, race, color, religion, national origin, handicap or familial status
3. Should a sales associate be accused of discrimination, an investigation will be conducted by the broker and if the investigation confirms the accusation, the sales associate’s actions will be reported to the Georgia Real Estate Commission for further investigation and necessary action.
4. Maximum One™, its management, administrators and associates endorse and affirm the “Voluntary Affirmative Marketing Program” as evidenced by the signature of its principal broker. A basic premise to which we subscribe is that individuals with similar financial resources and interests in the same housing market area have a like range of housing choices available to them regardless of their race, color, religion, sex or national origin.
Further principals to which we subscribe are: a) that a free housing choice is a choice free of practices or influences that would limit that choice because of race, color, religion, sex or national origin and b) that information and services will be made available to enable all buyers and renters to have free housing choices.
DA - Disbursement Authorization Request
Disbursement Authorization Request "DA"
Request must be UPLOADED or EMAILED well in advance of closing and NO LATER than 72 business hours prior to Closing.
It is Agent’s responsibility to make sure file is complete & compliant in Paperless Pipeline
If this is a “quick closing” remember that personal checks for earnest money must be held for 10 days
No DA will be issued on incomplete files nor on files where agent has received a Commission Advance
No DA will be written without written request at least 72 business hours prior to closing
Upload to Paperless Pipeline or Email to: Compliance@MyMaximumOne.com
*************************************************************
Agent Name: ________________________ MX1 Office Location: ____________________
Closing Date: ___________________ Binding Date: _______________
Property Address: ____________________________________________________
Sale Price: $_________________ Gross Commission: $___________________
FMLS Amount $____________ (Sales Price x .0012)
Buyer: _______________________________ Seller: ______________________________
Closing Attorney Office: __________________________ Location: ___________________
Closing Attorney Email: _______________________________ Phone: ________________
Who do you want check payable to: ____________________________________________
Is there anything we need to know about this DA: _________________________________
Is Maximum One holding Earnest Money: YES / NO (Circle One)
If “Yes” you must take earnest money with you to the closing.
Do you want to: PICK UP / HAVE FED EX’d (with $25 fee for FedEx) (Circle One)
Amount of Earnest Money: $______________
After Closing:
Deliver to office:
Checks payable to Maximum One & FMLS & Anyone else that is not you
Upload into Paperless Pipeline:
Original HUD-1 Settlement Statement
Copy of this DA
FMLS #118 – Notice of Closing
Change Status of Listing (if it is your listing) in GAMLS
Earnest Money: Remote Deposit - MXGR01
REMOTE EARNEST MONEY DEPOSIT PROCEDURES: (MXGR01- Realtor)
To deposit Earnest Money remotely, one must complete the following items. This protocol must be strictly adhered to as to avoid accounting nightmares and GREC Trust Account compliance issues. Failure to abide by the protocol will result in Remote Deposit Privilege revocation. Here is what Agents need to do remotely:
1. Completely fill in deposit slip(s). A separate Deposit slip must be used for each Earnest Money Deposit. If there are two earnest money checks there should be two deposits with two deposit slips.
2. Endorse the back of the check “Greater Atlanta Realtors LLC”
For Deposit Only
1000101878063
Escrow/Trust”
3. Make copies of the
a. Earnest Money Check
b. Deposit Slip
c. Deposit Receipt.
d. Include: Buyer’s Name, Property Address, Agent’s Name
4. Deposit the Earnest Money into any branch of SunTrust Bank, commonly found in Publix Stores.
5. Upload copies to Paperless Pipeline immediately and email Compliance@MyMaximumOne.com or Fax: 770-919-8865. Must be done same day as Deposit.
6. Upload the Bluesheet, contract, Buyer Brokerage/Customer Acknowledgement & other contract documents to Paperless Pipeline. Contact our Compliance Broker (Compliance@MyMaximumOne.com 770-919-8825 ext 309) if you have any questions.
7. Check Paperless Pipeline & make sure that the Deposit was uploaded.
8. Enjoy the freedom of Virtual Realty: not coming into the office!
I, the undersigned have read and understand the seriousness of accuracy in Remote Earnest Money Deposit Protocol. I understand that if I do not follow the protocol that my privileges may be revoked. I also understand that if there are any fines charged to Maximum One by GREC due to my negligence that I will incur those charges and reimburse Maximum One.
____________________________________________ _____________
MX Associate Signature Date
To deposit Earnest Money remotely, one must complete the following items. This protocol must be strictly adhered to as to avoid accounting nightmares and GREC Trust Account compliance issues. Failure to abide by the protocol will result in Remote Deposit Privilege revocation. Here is what Agents need to do remotely:
1. Completely fill in deposit slip(s). A separate Deposit slip must be used for each Earnest Money Deposit. If there are two earnest money checks there should be two deposits with two deposit slips.
2. Endorse the back of the check “Greater Atlanta Realtors LLC”
For Deposit Only
1000101878063
Escrow/Trust”
3. Make copies of the
a. Earnest Money Check
b. Deposit Slip
c. Deposit Receipt.
d. Include: Buyer’s Name, Property Address, Agent’s Name
4. Deposit the Earnest Money into any branch of SunTrust Bank, commonly found in Publix Stores.
5. Upload copies to Paperless Pipeline immediately and email Compliance@MyMaximumOne.com or Fax: 770-919-8865. Must be done same day as Deposit.
6. Upload the Bluesheet, contract, Buyer Brokerage/Customer Acknowledgement & other contract documents to Paperless Pipeline. Contact our Compliance Broker (Compliance@MyMaximumOne.com 770-919-8825 ext 309) if you have any questions.
7. Check Paperless Pipeline & make sure that the Deposit was uploaded.
8. Enjoy the freedom of Virtual Realty: not coming into the office!
I, the undersigned have read and understand the seriousness of accuracy in Remote Earnest Money Deposit Protocol. I understand that if I do not follow the protocol that my privileges may be revoked. I also understand that if there are any fines charged to Maximum One by GREC due to my negligence that I will incur those charges and reimburse Maximum One.
____________________________________________ _____________
MX Associate Signature Date
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