Rule 520-1-.11 - Licensees Acting as Principals(1)Written Notification to Broker. No licensee shall be permitted to list, sell, buy, exchange, rent, lease, or option or offer to list, sell, buy, exchange, rent, lease, or option real estate, either in individual or multiple parcels, in the licensee's own name or in the name of any other firm or entity in which the licensee is an officer, employee, beneficiary, or member of such firm or other entity acting as principal without first advising, in writing, the broker for whom the real estate licensee is acting.(2)Offers to Buy Associated with a Brokerage Relationship. Whenever a licensee offers to purchase a property as a condition to obtaining a brokerage engagement to sell, lease, or exchange or on which the licensee is extending the expiration date of an existing brokerage engagement, the licensee must enter into a written contract to purchase which expresses all the terms and conditions of the licensee's purchase prior to or at the time of entering into the proposed brokerage engagement or into the extension of the existing brokerage engagement. Whenever a licensee offers to purchase a property in order to enable a party to purchase, sell, lease, or exchange another property, the licensee must enter into a written contract to purchase which expresses all the terms and conditions of the licensee's purchase prior to or at the time of the other party's entering into a contract to purchase, sell, lease, or exchange the new property.(3)Licensees Advertising as Principals. Licensees advertising to buy, sell, or exchange real property for their own accounts must comply with the advertising requirements of Rule 520-1-.09.Ga. Comp. R. & Regs. R. 520-1-.11
O.C.G.A. Secs. 43-40-1, 43-40-2, 43-40-7, 43-40-11, 43-40-25.
Original Rule entitled "Licensee's Duties Upon Surrender, Suspension, or Revocation of License" adopted as ER. 520-1-0.1-.11. F. and eff. July 12, 1973, the date of adoption.Amended: Permanent Rule entitled "Salesman" adopted. F. Dec. 7, 1973; eff. Dec. 27, 1973.Repealed: New Rule entitled "Salesperson" adopted. F. Feb. 14, 1977; eff. Mar. 6, 1977.Repealed: New Rule entitled "Associate Broker and Salesperson" adopted. F. Apr. 16, 1979; eff. May 6, 1979.Amended: F. May 7, 1980; eff. June 1, 1980, as specified by the Agency.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. Nov. 13, 1986; eff. Jan. 1, 1987, as specified by the Agency.Amended: F. Apr. 17, 1990; eff. May 7, 1990.Amended: F. Sept. 10, 1993; eff. Sept. 30, 1993.Amended: F. Apr. 7, 1994; eff. Apr. 27, 1994.Amended: F. July 19, 1994; eff. August 8, 1994.Amended: Rule retitled "Associate Broker, Salesperson and Community Association Manager". F. June 14, 1996; eff. July 4, 1996.Amended: F. Feb. 21, 1997; eff. Mar. 13, 1997.Repealed: New Rule entitled "Licensees Acting as Principals" adopted. F. Nov. 12, 2003; eff. Dec. 2, 2003.Amended: F. Sept. 21, 2004; eff. Oct. 11, 2004.Amended: F. Mar. 9, 2005; eff. Mar. 29, 2005.Amended: F. Dec. 19, 2005; eff. Jan. 8, 2006.