Title XXVI, Occupations and Professions

(1) The Kentucky Real Estate Authority is hereby created within the Department of Professional Licensing. (2) The authority shall be managed by an executive director, who shall be appointed by the secretary of the Public Protection Cabinet with prior written approval from the Gov…

(1) Any person or organization, including the board upon its own volition, may file with the board a written complaint alleging a violation of any provision of this chapter. Complaints shall be filed with the board within one (1) year after the date of transmittal of the appraisa…

appraiser or appraisal management company. Notwithstanding any statutory provision to the contrary: (1) An action for damages, whether brought in contract or tort, or on any other basis, against a certified or licensed real property appraiser or appraisal management company shall…

The executive director shall: (1) Provide government oversight of the Kentucky Real Estate Commission; (2) Review and provide feedback on any administrative regulation proposed by the Kentucky Real Estate Commission prior to the promulgation of the administrative regulation; (3) …

(1) The board shall establish by administrative regulation the fee amounts for all fees required by this section and the fees for services provided by the board, which shall not exceed amounts necessary to generate sufficient funds to effectively carry out and enforce this chapte…

If, in the determination by the board, another state is deemed to have substantially equivalent or greater certification or licensure requirements for real property appraisers, an applicant who is certified or licensed under the laws of another state seeking to practice in this s…

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…

KRS 324A.010 to 324A.100 may be cited as the Real Property Appraisal Voluntary Certification Act.

(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…

Any person who is not a licensed or certified real property appraiser who engages in an activity described in KRS 324A.030, shall be guilty of a Class A misdemeanor. Each violation should be regarded as a separate offense.

certification as real property appraiser. (1) The Kentucky Real Property Appraisers Board shall require a national and state criminal background check for each initial application to be a licensed or certified real property appraiser under the following requirements: (a) The appl…

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…

As used in KRS 324A.150 to 324A.164, unless the context otherwise requires: (1) "Appraisal management company" means a person who performs the actions necessary to administer a network of state-licensed appraisers to fulfill requests for appraisal management services on behalf of…

(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 …

background checks -- Annual renewal of registration -- Administrative regulations. (1) A person shall not act or offer to act as an appraisal management company or perform appraisal management services within the Commonwealth unless registered by the board. (2) To be registered b…

by administrative regulations. The board shall promulgate administrative regulations in accordance with KRS Chapter 13A to establish a reasonable filing fee to be paid by each appraisal management company seeking registration under KRS 324A.152. The filing fee shall include the a…

(1) There is hereby created and established in the State Treasury the appraisal management company recovery fund. The fund shall be administered by the board for the purposes set forth in KRS 324A.163. (2) In addition to the license fees provided for in KRS 324A.154, upon issuanc…

(1) A registrant that is an organization shall: (a) Maintain a registered agent for service of process; and (b) Provide to the board the information required by the Secretary of State concerning the organization's agent for service of process. If changes are made to the informati…

(1) An employee, director, officer, or agent of an appraisal management company or any other third party acting as a joint venture partner with or as an independent contractor for an appraisal management company shall not improperly influence or attempt to improperly influence th…

(1) The executive director of the board shall keep a register of all applicants for registration which shall include: (a) The date of the application; (b) The applicant's name; (c) The applicant's business address; and (d) The current status of the registration. (2) The register …

(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 …

(1) The board may deny, suspend, revoke, or refuse to issue or renew the registration of an appraisal management company, or may restrict or limit the activities of an appraisal management company or of a person who owns an interest in or participates in the business of an apprai…

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 …

Restitution to real property appraisers -- Administrative regulations -- Annual public statement of income and expenses. (1) The board shall administer the appraisal management company recovery fund solely to provide restitution to each Kentucky licensed or certified real propert…

Unless otherwise required to be registered as an appraisal management company by state or federal law, KRS 324A.150 to 324A.164 shall not apply to: (1) The federal government, state government, any county or municipal government, or any agency or instrumentality thereof; (2) A pe…

(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…