Georgia Real Estate Commission GREC RENEWS Volume 1, Issue 4 April 2005 2005 Dates to Note April 7 Trust Account Class May 20 Trust Account Class June 2 & 3 Georgia Instructor Training Workshop (GIT) December 1 - 2 GREC Annual Schools Meeting INSIDE THIS ISSUE: Scholarships 1 Referral Fees 1 Focus on Terminology: "Land Lots" Georgia Real Estate Commission Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605 Scholarship Money "For Real" Estate Courses For several years, the Georgia Real Estate Commission has contracted with the Georgia Association of REALTORS to provide funds for a scholarship program for active licensees in Georgia. There are no membership, experience or specific course or school requirements. Sound too good to be true? The only bad part is that very few real estate licensees know about this program. Here are the basics: The Applicant must hold an Active real estate licensee The scholarship provides for partial reimbursement of fees paid for real estate related courses taken towards a professional designation. There is no stipulation as to the specific designations allowed except that they must be real estate related. The designation does not have to be affiliated with any specific organization or association. After enrollment, payment of fees, and completion of the course, the licensee must submit an application showing proof of completion, etc. The amount of money awarded depends upon the availability of funds, the number of applications submitted, and the amount of money allotted for each year. Money is awarded without knowing the identity of the specific applicant Funds are distributed quarterly on a regional basis throughout the State. An applicant can submit a request only one time per calendar year. The funds for the program are provided from the following sources: Interest earned on funds invested. The amount of funds available varies by earnings on the investments. The principle balance was originally provided by the Georgia Real Estate Commission, Real Estate Research and Recovery Fund. Additional funding from the Georgia Real Estate Commission Real Estate Research and Recovery Fund Donations from Members of the Georgia Association of REALTORS (GAR) and Local Boards and Associations. The scholarship program is administered and managed by the Georgia Association of Realtors. ...continued on page 2 Follow-up on Mortgage Referral Fees In order to receive a referral fee from a Residential mortgage placement, a Real Estate Licensee must also be licensed as a Mortgage Broker (or Mortgage Lender). The licensing of mortgage services for residential transactions is regulated by the Georgia Department of Banking and Finance. RESPA also addresses referral fees involving Residential transactions. A Commercial lender sometimes offers a service fee to the real estate broker for placing a Commercial loan, such as a SBA loan for a 1 Commercial real estate transaction. The receipt of such a fee must be fully disclosed in order to comply with the Georgia Real Estate License Law. Georgia Real Estate Commission Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605 RENews Newsletter Comments or Suggestions Click Here Scholarships...., For Real For more details about the GAR Scholarship Program, visit their website: http://www.garealtor.com/Default.aspx?tabid=55 . The Application Form can be downloaded from: http://www.garealtor.com/Portals/0/ScholarshipApplication2005.pdf The Georgia Association of Realtors is to be commended for supporting and promoting such a program. The Scholarship program exemplifies the importance the Georgia Real Estate Commission places on continuing education. Georgia is one of the few states that allow licensees to select the specific topics for their Continuing Education and Postlicense credits. Many states require specific courses and stateprepared materials for continuing education. The Commission recognizes the need for specialized education in different fields of interest and gives licensees flexibility by allowing licensees to choose course topics that meet their individual needs. Take advantage of the progressive attitude and resources of the Georgia Real Estate Commission. Further enhance your knowledge and professionalism by pursuing a real estate designation in your area of interest and validate the Commission's premise of encouraging useful continuing education by using the Scholarship money provided for this purpose. Useful Web Sites: www.atlantaga.gov www.atlantaregional.com These sites provide information about the City of Atlanta and regional transportation plans and issues. Visit the Related Links section of the GREC Website for more useful links. Focus on Terminology: "Land Lots" When describing property in Georgia, the District and Land Lot must be identified. Unlike other States, most of Georgia was divided into districts and land lots in the 1800's. Districts are typically square and do not follow county boundary lines. Land Lots vary in size from 40 acres to 490 acres. The smaller 40 acre land lots were designed for the gold lotteries in the 1830's. A metes and bounds description can further identify the subject property. In some coastal areas of the state, legal descriptions are based upon natural boundaries such as rivers, streams and trees. This system is known as the Headright System and can also use Georgia Militia Districts to identify specific property. Georgia Militia Districts were created based upon reserve districts for manpower and defense and do not coincide with other district or land lots. Sections are larger than Districts and may be used in some northern counties of the state. It is necessary to include the District and Land Lot, Section, or the Militia District and Headright whenever describing a parcel of land in Georgia because a contract is not valid without a properly written legal description. (Source: Georgia Real Estate Guide to License Law, Brokerage and Related Topics, 1995 Edition, published by the Georgia Real Estate Commission, Page 27.1, Section 27.03.) Example: All That Tract or Parcel of Land lying and being in Land Lot 109 of the 20th District, 2nd Section of Cobb County, Georgia; and being that certain 1.17 acre tract as per plat recorded in Plat Book 102, Page 69, Cobb County, Georgia Records. GREC LL 109 LL 110 Approx Approx Land Lot Line N 2