So you want to make some extra money in real estate & you want to become a Virtual Assistant / Transaction Coordinator / Admin Assistant… what is required & what does License Law say? The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below.
As a licensed real estate agent in Georgia, you may be interested in expanding your business or enhancing your income by offering your services as an assistant, such as a license assistant, virtual assistant, or transaction coordinator. However, before you can start, there are some rules and steps you need to follow to stay in compliance with license law.
License Law and Responsibilities
As a licensed agent in Georgia, you are responsible for upholding all the license laws that govern your actions, whether you are working as an affiliated licensee, salesperson, principal, or assistant. This means that if you want to offer your services as an admin assistant or transaction coordinator, there are rules and steps you need to follow to stay in compliance with license law.
One Broker Holds Your License
If you are an active licensee, then one broker holds your license. If you have a salesperson’s license, only one broker may hold your license. Can you be an admin assistant or virtual assistant for just the licensees in that firm, or can you offer your services and charge money and be an admin or virtual assistant for real estate agents in other brokerages? The answer is yes, but you must have the appropriate documents signed.
Use of a Real Estate Assistant
The Georgia Association of Realtors has a contract that you can use, or you can come up with your contract. If you are licensed and an active licensee, one broker will hold your license. The agent for whom you are being the assistant needs to sign a contract with that agent outlining compensation, and the broker of that agent must also sign off on that contract. If your license is with a broker, your broker must also sign off on that contract. This agreement is necessary to agree on compensation, and when you become an assistant for an agent, you are still representing that brokerage to the public and other parts of a real estate transaction with respect to that transaction.
Getting Paid as a Licensed Assistant
If a broker has an agent who hires assistance, there are some brokers who pay that assistant, and there are others where the agent pays. A licensee may be paid by a broker not holding their license as long as both brokers agree in writing, transactions are noted in writing, and the broker accepts full responsibility for those actions. This is outlined in OCJA 43-40-19.
If the agent pays you as an independent contractor to be their assistant, there are other license laws that you must be aware of. These are outlined specifically under Greg Rule 520-1, under the section of utilizing support personnel. In general, if you are working as an assistant for another real estate agent, you must still uphold everything in license law. The activities permitted are pursuant to Official Code Georgia Annotated (OCGA) 43-40, which refers to rules of working at the trade regarding professions and businesses, and chapter 40 specifically deals with real estate brokers and salespeople.
Working as Support Personnel
Whenever a firm or a licensee who is affiliated with the firm engages support personnel, which is an assistant to assist the firm or the affiliated licensee in the conduct of real estate brokerage business, both the firm and the affiliated licensee are responsible for the acts of the support personnel and for ensuring that the support personnel or the assistant complies with the requirements of this rule and license law. Support personnel may not perform any real estate brokerage activities of a real estate licensee when engaged as support personnel and may perform only ministerial duties that do not require the discretion or the exercise of the support personnel’s judgment.
In conclusion, if you are a licensed real estate agent in Georgia who wants to work as an assistant for another real estate agent or broker, there are some rules and steps you need to follow.
Watch the entire video for more information here: