Life On Lake Lanier - Lake Lanier Real Estate

Each state is a little different, but most states adhere to the following requirements: If you re dealing with other people s real estate (selling, exchanging, buying, negotiating for, even leasing) and receiving compensation for your work, whether salary or commission, you must have a real estate license of one type or another.

What kinds of jobs do not require this license?

• If you own the property you are exempt from licensure - you can perform any or all of these functions for yourself.
• Appraisers or auctioneers are licensed separately.
• A legal agent or person holding power of attorney for an individual is exempt. So also are guardians, trustees, receivers, administrators, and executors of estates.
• An employee who is charged with renting, leasing, and managing his employer s property such as apartment complexes or holding companies.
• An employee of a builder / developer while selling property of the builder only.
• Attorney-in-fact or attorneys at law.
• Public officials whose business is to handle government property.
• Persons charged by a court of law to act.
• People whose business it is to traffic in mineral and mining interest.
• Those selling or transferring of cemetery lots.

Large corporations and Limited Liability companies that conduct business in real estate are required to do such business through an officer who holds a real estate license.

The usual requirements for licensing as a real estate salesperson:

• Must be a U.S. citizen or a legally admitted alien, and a state resident at the time of application.
• Must be at least 18 years of age.
• Must show proof of sufficient educational requirements - usually needs to have a two year (associate s degree) or sometimes a four year (bachelor s) college degree and often so many hours of real estate principles and contract law.
• Must demonstrate competence and reasonable knowledge by passing the state examination.
• Must have a broker who will sponsor them.

The usual requirements for licensing as a real estate broker:

• All of those required of the salesperson.
• The educational requirements are greater, and the required test is more stringent.
• Must have had generally at lest 2 years experience as a real estate salesperson and have demonstrated dealings of honesty, trustworthiness and competence. A certain part of that must have been immediately preceding this application for broker.
• The applicant must have a fixed place of business and most especially not a P.O. box for his address of business.

Most states also require a brisk pace in continuing education for renewal of licensure. This continuing education is mandatory as long as they seek renewal.

At the point upon which a broker no longer will continue his sponsorship of any particular salesperson, the procedure is that he immediately sends his former associates license to the state real estate commission and there the license will become inactive until another broker agrees to pick up the sponsorship. In the mean while this salesperson must not continue in his former work as an agent or fiduciary.

Generally, for what reasons may an agent or broker lose his license?:

• If in application for licensure he makes even one false claim.
• If during the time of his practice he is found to have made to another a material misrepresentation of fact - he lies.
• If his advertising is misleading or false
• If he fails to disclose a material fact.
• If he is ever convicted of a felony, whether related to his real estate practice or not.
• If he is found to have violated a clear provision of real estate law.
• If he discriminates against anyone in practicing real estate.
• If he commingles client funds.
• If he is found to have acted in bad faith or deceptively in practice.
• If he employs someone not licensed or pays a commission to anyone not licensed to receive it.
• If he fails to make a termination date in a listing.
• If he attempts to persuade a party to break a real estate contract.
• If he refuses to produce the documents requested by his licensing authority.