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TITLE 10 COMMERCE AND TRADE

6A. Brokerage Relationships in Real Estate Transactions, 10-6A-1 through 10-6A-16.

ARTICLE 7 FINANCIAL POWER OF ATTORNEY

10-6A-10. Duties of brokers prior to entering into brokerage engagement relationships.

All brokerage engagements must:

  1. Advise the prospective client of the types of agency relationships available through the broker;
  2. Advise such prospective client of any brokerage relationships held by such broker with other parties which would conflict with any interests of the prospective client actually known to the broker but excluding the fact that the broker may be representing other sellers and landlords in selling or leasing property or that the broker may be representing other buyers and tenants in buying or leasing other property;
  3. Advise such prospective client as to the broker's compensation and whether the broker will share such compensation with other brokers who may represent other parties to the transaction in an agency capacity; and
  4. Advise the prospective client of the broker's obligations to keep information confidential under this chapter.

(Code 1981, §10-6A-10, enacted by Ga. L. 1993, p. 376, § 1; Ga. L. 2000, p. 929, § 1.)

JUDICIAL DECISIONS

Brokerage agreement failed to advise of commission.

- Real estate broker was not entitled to recover a commission from buyers who elected not to close because the required brokerage agreement under O.C.G.A. § 10-6A-3(4) had the pertinent commission paragraph stricken and, thus, did not advise the buyers that any commission had to be paid under O.C.G.A. § 10-6A-10(3); although the broker sought to rely on, inter alia, an FMLS listing indicating the commission, that particular document was unsigned and indicated no assent to any contractual terms. Pargar, LLC v. Jackson, 294 Ga. App. 882, 670 S.E.2d 547 (2008).