- Collection:
- Georgia Government Publications
- Serial:
- GREC RENews.
- Title:
- GREC REnews, Vol. 1, Issue 2 (Feb. 2005)
- Creator:
- Georgia. Real Estate Commission
- Contributor to Resource:
- Georgia. Real Estate Commission, issuing body.
- Publisher:
- Atlanta, Ga. : Georgia Real Estate Commission, 2005-02
- Date of Original:
- 2005-02
- Subject:
- Real property--Georgia
Real estate boards--Georgia - Location:
- United States, Georgia, 32.75042, -83.50018
- Medium:
- state government records
- Type:
- Text
- Format:
- application/pdf
- Description:
- Began with: Volume 1, issue 1 (January 2005).
Some issues combined.
Some numbering irregularities in 2016. Volume 12, issue 8 (August 2016) called issue 9 in error; correct numbering issue resumed with volume 12, issue 10 (October 2016).
Description based on: Volume 1, issue 1 (January 2005); title from PDF caption (GALILEO, viewed August 10, 2010).
Latest issue consulted: Volume 16, issue 6 (June 2020) (publisher's Web site, viewed July 15, 2020). - External Identifiers:
- Call Number GA S720.R4 P1 R4 1/2
- Metadata URL:
- https://dlg.galileo.usg.edu/id:dlg_ggpd_i-ga-bs720-pr4-bp1-br4-b1-s2-belec-p-btext
- Digital Object URL:
- https://dlg.galileo.usg.edu/do:dlg_ggpd_i-ga-bs720-pr4-bp1-br4-b1-s2-belec-p-btext
- Language:
- eng
- Holding Institution:
- University of Georgia. Map and Government Information Library
- Rights:
-
Georgia Real Estate Commission
GREC RENEWS
Volume 1, Issue 2 February 2005
2005 Dates to Note
February 8 Trust Account Class
March 2 Trust Account Class
March 31 & April 1 Georgia Instructor Training WorkshopGIT
December 1 - 2 GREC Annual Schools Meeting
INSIDE THIS ISSUE:
Commercial RE 1-2 Web Resources 1-2
Focus on Terminology:
"Appurtenance" "Encumbrance"
Georgia Real Estate Commission
Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605
Do you Know the Definition of Commercial Real Estate ?
A Real Estate License in Georgia allows the licensee to practice any type of real estate brokerage. However, there are some laws that apply to Commercial Real Estate that do not apply to Residential and vice versa. When dealing in Commercial Real Estate, it is important to understand the Georgia definition of Commercial Real Estate. Why? Because the Commercial Broker's Lien Law allows the Broker (not Salesperson) to file a lien on the subject real estate if he/she is not paid a valid commission that was due. This is a powerful tool for licensees as it has virtually eliminated the need to file such a lien by the nature of the law itself. Before any closing on a commercial property, the broker(s) involved will be required to sign an Affidavit concerning the commission(s) due to him/her. Because of this affidavit, the issue of Commission payments is addressed before the closing and usually pre-empts the need to file a lien. This laws applies only to Commercial Real Estate and the
property must meet the definition or the lien is not a viable solution for recovering a lost commission.
At least 21 states have a Commercial Broker Lien Law and Georgia was one of the first to create and enact such a law. Florida recently vetoed a similar lien law. There is concern that accountants and lawyers and others would seek the right to file liens on real estate.
Whenever it is necessary to file a lien, have an attorney involved and beware that certain conditions must be met to be entitled to file such a lien. The lien law even provides that the broker's court costs and legal fees can be paid if the lien is found valid. continued on page 2
UNTANGLE THE WEB
Use the web to conduct ownership searches, tax assessments, research environmental information and more. Useful resources are listed in the Related Links section of the GREC Website. Links currently listed include the Georgia Counties currently providing real estate records Online. There are also direct links to the HUD site and other governmental agencies. Need a Flood map"? Visit FEMA's Flood Map Store listed in the Related Links section of the Commission website.
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Georgia Real Estate Commission
Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605
Click Here to Send Comments or Suggestions concerning the
RENEWS
Focus on Terminology:
"Appurtenance" The positive attachments to real estate are appurtenances. When buying real estate the you want all the appurtenances, such as easements that benefit the property.
"Encumbrance" The negative attachments to real estate are encumbrances. When buying real estate you do not want the encumbrances such as mortgages or easements that burden the property. Monetary encumbrances are liens.
GREC
Definition of Commerical...
...continued fom page 1 The broker lien situation is one where it is beneficial for attorneys to get overly cautious, because they will not close without getting signed affidavits from the brokers involved. Otherwise they risk title to the property being less than good and marketable. The entire Commercial Broker Lien Law can be accessed from this link: http://www.ganet.state.ga.us/cgibin/pub/ocode/ocgsearch?docname=OCode/G/44/14/600
44-14-601 G CODE SECTION 12/03/01 Commercial Brokers Lien Law: O.C.G.A. 44-14-600. This part shall be known and may be cited as the "Commercial Real Estate Broker Lien Act." (3) "Commercial real estate" means any real estate other than real estate
containing one to four residential units; real estate on which no buildings or structures are located and which is not zoned for nor available for commercial, multifamily, or retail use; or real estate classified as agricultural for tax assessment purposes. Commercial real estate shall not include single-family residential units such as condominiums, townhomes, mobile homes, or homes in a subdivision when sold, leased, or otherwise conveyed on a unit by unit basis even though these units may be part of a larger building or parcel of real estate containing more than four residential units. In summary, Commercial Real Estate in Georgia is all real estate except the
3 categories listed below:
1. 1-4 Multifamily units
2. Vacant land, not zoned some form of commercial
3. Real estate classified as agricultural for tax purposes
Remember: An attorney should be involved when filing a lien on real estate.
UNTANGLE THE WEB...
...continued fom page 1 As an ongoing service, new links will be added to the GREC website and updated as necessary. Soon you will be able to go to the GREC website for much of the research you do in your real estate brokerage practice. The sites are practical and useful for Residential, Commercial, Property Management, CAM and all other real estate licensees. The GREC site can be a valuable research tool to save you time and money. Click Here to view the links already posted and then bookmark the page for regular use.
http://www.grec.state.ga.us/grec/links/links.html
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Time is Money.