Real Estate Teams
Author: Pam Mason
Sometimes two or more real estate professionals may decide to "team up", which is often thought to bring the best that each individual has to offer to the group. The members can combine their talents and often be able to distribute the work based upon each person's strengths.
Under the state of Georgia real estate licensing law, "teams" are not recognized as a legal entity but are considered to be individual licensees. Since the Real Estate Commission does not license a "team" separately, the "team" is actually made up of licensed salespersons and/or associate brokers.
Division of duties between team members is actually subject to the firm's policies. The broker may have conditions for the development of a "team" structure; and actually, may choose to disallow or discourage "teams". The broker must have clear, written, independent contractor agreements with each licensee member of the "team". Being a member of a "team" does not reduce an individual's responsibility under the license law.
All licensees must work under the direction of the broker whether working as a member of a "team" or an individual licensee.
References for this article include GREC RENews, Volume 2, Issue 10, October 2006.
