Title XXVI, Occupations and Professions

(1) Licenses shall be granted only to persons who are trustworthy and competent to transact the business of a broker or sales associate in a manner to safeguard the interest of the public, and only after satisfactory proof of qualifications has been presented to the commission. (…

(1) Every applicant for initial licensure as a broker shall have: (a) Successfully completed not less than twenty-one (21) academic credit hours or the equivalent from an accredited institution or approved real estate school. Twelve (12) hours shall be in real estate courses, thr…

The commission shall issue to each licensee a license in the form and size prescribed by administrative regulation promulgated by the commission. This license shall show the name and address of the licensee and, in case of a sales associate's license, shall show the name and busi…

requirements -- Qualifications of instructors -- Administrative regulations. (1) (a) All actively licensed agents, except those licensees exempt under KRS 324.046(5) and those licensees satisfying the educational requirement in subsection (2) of this section, shall successfully c…

(1) Licenses shall expire biennially and shall be renewed every two (2) years on the date determined by the commission by administrative regulation. The commission shall renew a license for two (2) years, in the absence of any reason or condition which might warrant the refusal o…

Separate property management accounts. (1) A principal broker shall maintain an escrow account or accounts, separate from the individual or office account, in which all contract deposits and money belonging to others shall be deposited without unreasonable delay. The escrow accou…

manage certain branch offices -- Registration of branch offices -- Filing of licenses -- Temporary affiliation of one principal broker with another. (1) No principal broker shall maintain a branch office outside a one hundred (100) mile radius of the main office without having a …

reciprocity agreements. (1) Except as provided in subsection (2) of this section, every broker licensed under KRS 324.045 shall maintain a definite place of business in this state. (2) A broker who is a nonresident shall not be required to maintain an active place of business in …

commission. (1) No real estate advertising shall be intentionally false, misleading, or deceptive. (2) The name of a deceased broker may remain a part of the firm name. (3) A sales associate may have his or her name in the firm name after two (2) years' experience with the firm, …

Availability of dual agency. (1) A principal broker may designate one (1) or more affiliated licensees to act as agent for a seller or lessor, to the exclusion of all other licensees affiliated with the principal broker. A principal broker may designate one (1) or more affiliated…

nonresident applicant. (1) (a) An individual who holds an active real estate license issued by another jurisdiction within the United States may apply for a Kentucky license by first: 1. Completing the application forms; 2. Passing the state law portion of the licensing examinati…

Any licensee who engages in promotional activities in this Commonwealth for property located outside of this Commonwealth shall first apply to the commission for its approval before so doing, and shall comply with administrative regulations, restrictions, and conditions the commi…

Investigative powers of commission -- Emergency hearings. (1) (a) The commission or its staff may on its own initiative investigate the actions of any licensee or any person who acts in that capacity. On the verified written complaint of any person, the commission shall investiga…

(1) All complaints against licensees shall be submitted to the commission on forms furnished by the commission. The complaint shall state facts which, if true, would constitute a prima facie case that the licensee has violated the provisions of KRS 324.160. If the complaint does …

(1) The commission may order any or all of the following sanctions for violation of subsections (4) to (7) of this section: (a) Suspension of any license; (b) Revocation of any license; (c) Levy of fines not to exceed one thousand dollars ($1,000); (d) Placing of any licensee on …

An agent licensed under this chapter representing a party in the sale, leasing, or exchange of real property shall have no affirmative duty to disclose to any person who acquires, by voluntary or involuntary transfer, a legal or equitable interest in real property, including any …

(1) No person shall: (a) Solicit or request a referral fee from a real estate licensee unless that person introduced the business to the real estate licensee from whom the referral fee is sought and a contractual referral fee relationship exists between the person and the real es…

(1) The commission shall, before denying an application for license or before ordering any disciplinary action against a licensee, order a hearing. The hearing shall be conducted in accordance with the provisions of KRS Chapter 13B. If the applicant or licensee is a sales associa…

-- Stay of judgment pending appeal. (1) If the commission determines after a hearing that any applicant is not entitled to receive a license, a license shall not be granted to the applicant, and if the commission determines after a hearing that any licensee has violated any of th…

No person who has had a broker's or sales associate's license revoked shall be issued another license for five (5) years from the date of revocation. All persons seeking issuance of another license after the five (5) year period of revocation may do so only at the discretion of t…

license of person associated with broker. The revocation or suspension of a principal broker's license shall automatically render inactive every license granted to any person by virtue of association with the principal broker whose license has been revoked or suspended, pending a…

As used in KRS 324.235 to 324.238, unless the context requires otherwise: (1) (a) "Commercial real estate" means any parcel of real estate located in this state that is: 1. Lawfully used primarily for sales, retail, wholesale, office, research, institutional, warehouse, manufactu…

broker and out-of-state licensee. An out-of-state principal broker and his or her out-of-state licensee, for or in the expectation of a fee, commission, compensation, or other valuable consideration, may engage in real estate brokerage with respect to commercial real estate if th…

(1) A notice of affiliation required under KRS 324.236(3)(l) shall be filed with the Kentucky cooperating broker and shall include the following: (a) The name, firm name, firm address, firm telephone number, and real estate license number of the Kentucky cooperating broker; (b) T…

penalties. For purposes of KRS 324.235 to 324.238: (1) A person licensed in a jurisdiction where there is not a legal distinction between a real estate principal broker and a real estate broker or salesperson shall satisfy the requirements of an out-of-state principal broker; (2)…

Duties -- Mandatory continuing education -- Compensation of members -- Staffing needs. (1) There is hereby created the Kentucky Real Estate Commission. The Governor shall appoint seven (7) persons, at least six (6) of whom, immediately prior to the date of their appointment have …

A member shall be automatically removed from the commission and a vacancy shall be created if: (1) A licensee of the commission ceases to be a broker or sales associate; (2) A consumer member of the commission acquires a license or financial interest in the practice of real estat…

Nothing in this chapter or the administrative regulations promulgated under the authority of this chapter shall extend the jurisdiction of the Kentucky Real Estate Commission to community association managers and the management or business activities of not-for- profit community …

The commission, immediately upon qualification of the member appointed in each year, shall organize by selecting from its members a chairperson. The commission shall promulgate administrative regulations in accordance with KRS Chapter 13A and this chapter to effectively carry out…

The commission shall employ, and at its pleasure discharge, a secretary, and such clerks and assistants as shall be deemed necessary to discharge the duties imposed by the provisions of this chapter, and shall outline their duties and fix their compensation subject to the general…

The commission shall adopt a seal with the design the commission prescribes engraved thereon, by which it shall authenticate its proceedings. All records kept in the office of the commission under the authority of this chapter shall be open to public inspection under the administ…

Except for the fees and charges paid by the licensees to the commission and deposited in the real estate education, research, and recovery fund, all fees and charges collected by the commission under the provisions of this chapter shall be paid into the general fund in the State …

The commission shall set, charge, and collect the following fees: (1) Examination fee, not to exceed one hundred dollars ($100); (2) Broker's and sales associate's original biennial license fee, not to exceed sixty dollars ($60); (3) Broker's and sales associate's biennial renewa…

No affiliation fee shall be charged in any year to a licensee. As used in this section, "affiliation fee" means any fee or compensation paid by a licensee, to any person, for the privilege of listing his license with a particular principal broker, in records submitted to the comm…

terminated -- Placing license in inactive status with commission -- Reactivating license. (1) If any sales associate is discharged or terminates his or her association with the principal broker, it shall be the duty of the broker to immediately deliver or mail to the commission t…

return. (1) A principal broker shall return an associate's license to the commission immediately: (a) Upon the written termination of the association between the broker and the associate; or (b) At any time upon the commission's request. (2) If a principal broker fails to return …

license. (1) Notice in writing shall be given to the commission by each licensee of any change of principal business location, a change of firm name, sales associate's transfer from one (1) principal broker to another, or a change of surname. The commission shall issue a new lice…

(1) This section shall apply to sales and purchases involving single-family residential real estate dwellings if any person licensed under this chapter receives compensation. (2) The commission shall promulgate an administrative regulation authorizing a "seller's disclosure of co…

Extended reporting period coverage insurance for inactive licensees. (1) All real estate licensees, except those whose licenses are in inactive status in accordance with KRS 324.310(2), shall carry errors and omissions insurance to cover all activities contemplated under this cha…

(1) There is hereby created and established in the State Treasury the real estate education, research, and recovery fund. (2) In addition to the license fees provided for in KRS 324.287, upon renewal of every broker's and sales associate's license, as well as any and all other ty…

The purposes of the real estate education, research, and recovery fund shall be as follows: (1) If a licensee, acting in the capacity of a licensee, has been duly found guilty of fraud in the violation of one (1) or more of the provisions of KRS 324.160, and upon the conclusion o…

(1) An aggrieved party may commence an administrative action which may result in collection from the recovery fund by first filing a complaint with the commission on a form prepared by the commission. The complaint shall constitute a prima facie case that a licensee is in violati…

In case of death or other incapacity of a principal broker having a licensed sales associate or sales associates affiliated at the time of death or other incapacity, the commission reserves the right in its discretion, based upon the merits of each case, to permit one (1) of the …

Nothing in KRS Chapter 324 shall be construed to apply to a person engaged solely in the business of compiling and categorizing information concerning the location and availability of real property which may be leased or rented and who furnishes such information to prospective te…

(1) Any person engaging in real estate brokerage without a license shall be guilty of a Class A misdemeanor for a first offense and a Class D felony for any subsequent offenses. A person who engages in real estate brokerage without a license due to failure to renew a previously v…