GREC REnews, Vol. 1, Issue 7 (July 2005)

Georgia Real Estate Commission

GREC RENEWS

Volume 1, Issue 7 July 2005

2005 Dates to Note
July 20
Trust Account Class Savannah Board of REALTORS (912) 354-1513
August 4, 2005
Trust Account Class Brunswick Glynn County Board of REALTORS (912) 264-291
August 25-26,2005
Georgia Instructor Training Workshop (GIT) Macon Central Georgia Technical College (404-252-6768 or 800-633-35823
December 1 - 2 GREC Annual Schools Meeting

GREC Disciplinary Sanctions electronic

INSIDE THIS ISSUE:

Advertising

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Sign

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Focus on Terminology "Acre"
Georgia Real Estate Commission Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605

Advertising Real Estate in the Millennium

Time and technology require rules affecting advertising by licensees to be adjustedtoreflecttheuseofnew methodsandsources.Theterm "media,"is

defined in the license law to include all forms of advertising, including the

Internet, broadcasts, and signage. Definition of Media When advertising property,

the licensee must comply with specific rules regarding the format of the

information displayed.

New advertising rules became effective January 1, 2005, and further

modifications became effective June 28, 2005. A summary of those changes and

a reminder of some of the more general rules affecting advertising real estate

follow. The entire section of the license law regarding advertising may be

accessed from the following link: Advertising Section of the Rules.

Any advertisement of specific property must include company information and

must comply with the following:

the full name of the licensed firm and firm telephone number as additional information, the name of the licensee and licensee's

telephone number may be stated.

the name of the firm must be of a size greater or at least equal to the size of the licensee'sname.
the firm'sphonenumbermustbeofasizegreateroratleastequaltothe size of the licensee'sphone number.
the licensee'snameandphonenumber cannot be stated more frequently or more prominently than the firm'snameandphonenumber.
itisnotadequatetostateonlyanindividuallicensee'snameandphone

number without the firm information.

The name of the firm and phone number may appear only one time in "block advertisements"including several listings. However, the name of the firm and

phone number must be of equal or greater size and prominence than any

individual licensee and phone number in the advertisement.

If properties are advertised on websites of individual licensees, the firm name

and number must also be stated and in a size greater than or equal to that of

the licensee.

If a website such as xyzrealty.com is also a company name or trade name as

registered with the Commission, then that name must also be in greater or equal size than the licensee'sname.

Franchises are no longer required to state that each office is independently

owned and operated.

Although a licensee must still obtain written permission for any advertising,

that permission no longer has to have a definite date of expiration.

If a licensee advertises the listing of another licensee, the listing licensee

must still be stated in the advertising. (unless expressly waived by the listing

licensee)

Licensees advertising their own property can disclose licensure in one of two

ways: "Seller(buyer,etc.)holdsarealestatelicense." Or "GAR.E.Lic.#123456"(statingthelicensee'sactuallicensenumber

next to his/her name) 1

...continued on page 2

Georgia Real Estate Commission Suite 1000, International Tower 229 Peachtree Street N.E. Atlanta, GA 30303-1605
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Advertising Rules...

Any licensee advertising any property on the Internet (or otherwise) must remove

the advertisement within ten days after the expiration of the listing.
Alicensee'swebsitethatlinkstoanothercompany'slistingsmust include both companies'namesandphonenumbersandinequalorgreatersizethanthe licensee's data.

When advertising the services of a licensee, and not real estate listings, the size

requirements for specific advertising do not apply. However, it is important to

remember that no advertisement should be misleading. A licensee must state what

company he/she represents for a myriad of reasons, including professional business

practices.
Sample Advertising Sign Property information can be any size,

1.4 Acres For Sale

but all signage is subject to local zoning.

ABCRealty Inc. 404-333-5555
Jason Smith 404-222-7777

The company name must be of greater or equal size than the licensee name.
The company phone number must be of greater or equal sizethantheLicensee's phone number. The company phone number can actually be larger than the company name, but must still be larger or equal to the phone number of the individuallicensee'sphonenumber.

The owner's or the owner's agent's written permission is required to advertise real estate in any type Media.

RENews Newsletter Comments or Suggestions Click Here

License Numbers in Offers and Brokerage Engagements
Any offer (lease, exchange, etc.) must clearly state the license numbers of the licensees involved in the transaction.
The license number(s) of the firm(s) (or sole proprietorship) participating in the transaction
The license number(s) of the licensee(s) participating in the transaction

GREC

Focus on Terminology: "Acre"
An Acre is an Acre is an Acre. In the United States, the Acre is the measurement used for describing land. An acre is 43,560 square feet. In commercial real estate every square foot counts as the price paid for the land may be based upon a price per square foot. A retail parcel priced at $20 per square foot equates to a price of $871,200. An acre is a tract of land 208.71 feet by 208.71 feet square or 4,840 square yards. The radius of a circular acre is 117.75. Whenever estimating land sizes, it is important for a licensee to acknowledge that any number he/she determines is an estimate only and is not to be used as a legal measurement, unless it has been quoted form a certified survey or recorded plat.
FACT: Within the last 18 months there were 14 licensees whose Georgia Real Estate Licenses were suspended for student loan delinquency.
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