What’s it all About?
Brokers’ commissions, and the law that applies to them, can be complex and difficult to understand. At the Law Offices of Mark Weinstein, we assist clients with all aspects of real estate transactions, including disputes regarding brokers’ commissions, and licensing requirements.
Real estate brokers are licensed professionals who help consumers buy, sell, or lease real property. While the business relationship between buyers and real estate brokers can take many forms, it is most commonly referred to as a “brokerage.” The general rule is that only licensed real estate brokers can be paid a fee to help a consumer buy, sell or lease real property. Many brokers have agents who assist them (“real estate agents”) in their real estate transactions. In most consumer real estate transactions, the consumer interacts only with the real estate agent, and not the broker.
In Georgia, the law defines a “Broker” as any person, who, “for a fee, commission or any other valuable consideration, or with the expectation of receiving the same from another . . . assists in procuring prospects for the listing, sale, purchase, renting, lease, or option for any real estate . . .”(citn. omm.) The law lists a number of activities that can only be performed by a licensed Broker if offered or performed with the “intent of, or upon the promise of, receiving a commission.”