O.C.G.A.

O.C.G.A. § 43-40-10 (2019)

Requirements for firm to be granted broker’s license

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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No broker’s license shall be granted to a firm unless: (1) Said firm designates an individual licensed as a broker as its qualifying broker who shall be responsible for assuring that the firm and its affiliated licensees comply with the provisions of this chapter and its attendant rules and regulations; and (2) Said firm authorizes its qualifying broker to bind the firm to any settlement of a contested case before the commission as defined in Chapter 13 of Title 50, the ‘‘Georgia Administrative Procedure Act,’’ in which said firm may be a named respondent.

Violations of this chapter or its rules and regulations by a firm licensed as a broker shall subject the license of the qualifying broker to sanction as authorized by this chapter. No broker’s license shall be granted to a firm unless every person who acts as a licensee for such firm shall hold a real estate license.

History

Code 1933, § 84-1414, enacted by Ga. L. 1973, p. 100, § 1; Ga. L. 1974, p. 382, § 1; Ga. L. 1980, p. 1398, § 5; Ga. L. 1982, p. 1001, §§ 6, 11; Ga. L. 1984, p. 22, § 43; Ga. L. 1985, p. 360, § 6; Ga. L. 1987, p. 252, § 3; Ga. L. 1988, p. 13, § 43; Ga. L. 1993, p. 123, § 52; Ga. L. 1995, p. 1216, § 4; Ga. L. 1996, p. 6, § 43; Ga. L. 2000, p. 1527, § 14; Ga. L. 2003, p. 370, § 9; Ga. L. 2004, p. 631, § 43; Ga. L. 2006, p. 792, § 7/SB 547.

Annotations

Law reviews. - For article, ‘‘Real Estate Syndications As Securities in Georgia - A Review and Comments on the Recent Opinion of the Attorney General,’’ see 11 Georgia St. B. J. 80 (1974). For article, ‘‘A Response: Real Estate Syndications as Securities in Georgia,’’ see 11 Georgia St. B. J. 153 (1975).

JUDICIAL DECISIONS Cited in Azar-Beard & Assocs. v. Wallace, 146 Ga. App. 671, 247 S.E.2d 154 (1978). OPINIONS OF THE ATTORNEY GENERAL Nonresident broker can serve as a qualifying broker for an out-of-state corporation or partnership setting up an office to do business in this state. 1977 Op. Att’y Gen. No. 77-1. Licensed broker in corporation may delegate contract signing. - If a

real estate brokerage corporation has an officer who is a duly licensed broker, it is not necessary that such broker sign all sales contracts; this duty may be delegated to an agent of the firm. 1970 Op. Att’y Gen. No. U70-127.

RESEARCH REFERENCES ALR. - Right of corporation to engage in business, trade, or activity requiring license from public, 165 A.L.R. 1098.

Notes of Decisions

Cited in 3 cases, 1990–2018 · leading case: New Star Realty, Inc. v. Jungang Pri USA, LLC., 816 S.E.2d 501 (Ga. Ct. App. 2018).

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New Star Realty, Inc. v. Jungang Pri USA, LLC., 816 S.E.2d 501 (Ga. Ct. App. 2018). · cites it 2× “" OCGA § 43-40-10. 4 The jury found (i) in favor of New Star California on Jungang's breach of contract claim, (ii) in favor of Jungang in its negligence per se claim against Rohrabaugh but awarded zero damages, (iii) in favor of Jungang in its negligence claim against…”

Residential Developments, Inc. v. Massicott, 392 S.E.2d 706 (Ga. 1990). · cites it 2× “” OCGA § 43-40-10 (a). The appellant gave the Commission notice at the time it filed its suit against Herbert Massicott.”

New Star Realty, Inc. v. Jungang Pri USA, LLC (Ga. Ct. App. 2018). · cites it 2× “” OCGA § 43-40-10. 8 on the escrow account, and he did not establish or implement any policies related to the account.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.