Timelines & Deadlines

Timelines & Deadlines
Real estate licensees are familiar with deadlines and time frames involved in real estate transactions as well as those required to manage a real estate license. The Georgia Real Estate License Law, Rules and Regulations require compliance with critical time periods and deadlines. Many of these deadlines are necessary only in unusual situations, and some of them may not be required at all if the circumstances never occur. The following is a list of important time periods required by the Georgia License Law, Rules and Regulations:

• After expiration of the listing, the licensee must remove any advertising for sale rent, lease, or exchange of real estate within 10 days 43-40-25 (b) (11)
• Information on a website maintained by a licensee that is outdated shall be updated or removed from the website within 30 days of the information becoming outdated. 520-1-.09(5)(c)
• A licensee must notify the Commission in writing of certain administrative or civil action within 10 days of the conclusion of the court or administrative proceedings and shall include a copy of any final order entered by the court or agency 05 (5).520-1-05(5).
• Notice of certain criminal convictions shall be given to the Commission within 10 days of any conviction and shall include a copy of the indictment, accusation and the conviction 520-1-05 (5).
• Within 1 month of opening each trust/escrow account, Brokers must notify the Commission of the name of the bank, accounts name and number, where each Trust/ Escrow account is maintained. 520-1-.08(1)(a).
• A licensee has 30 Days to notify the Commission in writing of the opening or closing of a designated trust/escrow account 43-40-12 (m)(1)
• Each licensee, approved school, or approved instructor must notify the Commission in writing within one month of any change in any such licensee’s, approved school’s, or approved instructor’s mailing address or a residence address, or email address if an email address is maintained by such licensee, approved school, or approved instructor. 520-1-.05(b). (This also applies to inactive licensees.) 43-40-12(m) (1).
• A Broker must notify the Commission in writing within 30 Days of a change in the address of the broker’s place of business 43-40-19(a)
• The licensee has 30 Days to respond to a written inquiry from the Commission requesting further information on an application 43-40-12(m)(3)
• The Licensee has 30 days to deliver an accurate record of all transactions and funds handled to a property owner that is terminating a management contract (unless a different time is stated in the contract) 43-40-25 (34)
• Replacement of a new qualifying broker if he/she dies, resigns, or is discharged, or ceases brokerage activity must be completed in 60 days. 520-1-.07 (3)
• Accurate copies of sales contracts, brokerage engagements, closing statements, offers, accounting records, leases, or other documents related to real estate transactions must be maintained for 3 years. 520-1-.10 (4) and 43-40-25 (27)
• A licensee has 4 years to obtain all required Continuing Education credit (including required license law topics) to renew to an active status. Individual licenses expire on the last date of the birth month of the licensee of the 4-year renewal period. 520- 1-.05
• Inactive licensees must also pay renewal fees, or the license shall lapse. 520-1-.05.
• Firm licenses renew every 4 years. A Firm licensed as a broker expires on the last day of the month of the fourth anniversary of its original licensure. 520-1-.05 (3)
  A newly licensed Salesperson has 1 year to complete a 25 Hour Post License course. 43-40-8 and 520-1-.05 (1) *

*Review the actual Rules and Regulations of the Commission to determine further conditions and possible extensions to these time periods.