Rule 520-1-.12 - Business BrokerageUnless otherwise excepted from licensure requirements by O.C.G.A. Section 43-40-29, a person who brokers the sale of a business must hold an appropriate license issued by the Commission if the sale of the business involves the transfer of any interest (including, but not limited to, leasehold or ownership interest) in real property. A business broker and any of the business broker's associates who do not hold licenses issued by the Commission may not negotiate or attempt to negotiate or assist in procuring prospects for the sale of a business where:
(a) that sale involves the transfer of any interest in real property, or(b) where the payment of all or part of a commission or fee to the business broker or any of the business broker's associates in the sale of a business is contingent upon the transfer of an interest in real estate. An unlicensed broker may not perform or attempt to perform the acts in the preceding sentence and then secure a person licensed by the Commission to approve that transaction.
See also O.C.G.A. §§ 43-40-1; 43-40-2; 43-40-29; and 43-40-30.
Ga. Comp. R. & Regs. R. 520-1-.12
O.C.G.A. Secs. 43-40-2, 43-40-14.
Original Rule entitled "Examinations" adopted as ER. 520-1-0.1-.12. F. and eff. July 12, 1973, the date of adoption.Amended: Permanent Rule entitled "Licensee's Duties Upon Surrender, Suspension, or Revocation of License" adopted. F. Dec. 7, 1973; eff. Dec. 27, 1973.Repealed: New Rule of same title adopted. F. June 4, 1980; eff. July 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.Repealed: New Rule entitled "Business Brokerage" adopted. F. Nov. 12, 2003; eff. Dec. 2, 2003.