Misc KRS

Misc KRS articles/statutes not included in other categories.

KRS 324.090 Expiration of License

Fine for failure to renew on time — Expired status. (1) Licenses shall expire biennially and shall be renewed every...

KRS 324.010 Definitions for Chapter

As used in this chapter, unless the context requires otherwise: (1) “Real estate brokerage” means a single, multiple, or continuing...

KRS 324.046 Requirements for Initial Licensure

(1) Every applicant for initial licensure as a broker shall have: (a) Successfully completed not less than twenty-one (21) academic...

KRS 324.020 Requirement of Licensing, Builder Developer, Fee Splitting, Supervision of Sales Associate, and Authority to Seek Injunctive Relief

(1) It shall be unlawful for any person who is not licensed as a real estate broker or sales associate...

KRS 324.030 Exceptions to KRS 324.020

KRS 324.020(1) and (2) shall not apply to: (1) Any person who as owner or lessor performs any of the...

KRS 324.040 Application for license as broker or sales associate

(1) Every applicant for a license, whether as broker or sales associate, shall state whether the applicant has ever had...

KRS 324.045 Qualifications for License, Examination, Fee, Criminal Record Check

(1) Licenses shall be granted only to persons who are trustworthy and competent to transact the business of a broker...

KRS 324.080 Form of License Certificate- Delivery

The commission shall issue to each licensee a license in the form and size prescribed by administrative regulation promulgated by...

KRS 324.085 Continuing Education Requirements- Post Licensure Education Requirements- Qualifications of Instructors

(1) (a) All actively licensed agents, except those licensees exempt under KRS 324.046(5) and those licensees satisfying the educational requirement...

KRS 324.111 Escrow Account of Broker- Interest- Audit- Contract Deposit Release- Property Management Account

(1) A principal broker shall maintain an escrow account or accounts, separate from the individual or office account, in which...

KRS 324.112 Broker to Manage Certain Branch Offices,

(1) No principal broker shall maintain a branch office outside a one hundred (100) mile radius of the main office...

KRS 324.115 Brokers Required to Maintain Definite Place of business- Exception for Reciprocity

(1) Except as provided in subsection (2) of this section, every broker licensed under KRS 324.045 shall maintain a definite...

KRS 324.117 Advertising- Affiliations to Be Listed

(1) No real estate advertising shall be intentionally false, misleading, or deceptive. (2) The name of a deceased broker may...

KRS 324.121 Designation of Licensee As Exclusive Agent- Availability of Dual Agency

(1) A principal broker may designate one (1) or more affiliated licensees to act as agent for a seller or...

KRS 324.141 Reciprocal Licensing Between States- Consent by Nonresident Applicant

(1) (a) An individual who holds an active real estate license issued by another jurisdiction within the United States may...

KRS 324.142 Promotion of Sales in Kentucky Of Property Located Outside State

Any licensee who engages in promotional activities in this Commonwealth for property located outside of this Commonwealth shall first apply...

KRS 324.150 Investigation of Licensee- Disciplinary Actions- Emergency Hearings

(1) (a) The commission or its staff may on its own initiative investigate the actions of any licensee or any...

KRS 324.151 Complaints & Answers

(1) All complaints against licensees shall be submitted to the commission on forms furnished by the commission. The complaint shall...

KRS 324.160 Sanctions- Grounds for Sanctions

(1) The commission may order any or all of the following sanctions for violation of subsections (4) to (7) of...

KRS 324.162 Agent’s Duty To Disclose

An agent licensed under this chapter representing a party in the sale, leasing, or exchange of real property shall have...

KRS 324.165 Prohibited Business Practices- Penalties

(1) No person shall: (a) Solicit or request a referral fee from a real estate licensee unless that person introduced...

KRS 324.170 Hearing To Precede Any Disciplinary Action- Notice- Conduct of Hearing

(1) The commission shall, before denying an application for license or before ordering any disciplinary action against a licensee, order...

KRS 324.200 Hearing- Denial of License or Disciplinary Action- Appeal

(1) If the commission determines after a hearing that any applicant is not entitled to receive a license, a license...

KRS 324.220 No Other License Issued For Five Years After Revocation

No person who has had a broker’s or sales associate’s license revoked shall be issued another license for five (5)...

KRS 324.230 Revocation Or Suspension of Principal Broker’s License

Revocation or suspension of principal broker’s license renders inactive the license of person associated with broker. The revocation or suspension...

KRS 324.395 Errors and Omissions Insurance Mandatory For All Active Status Licensees- Extended Reporting Period 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...

KRS 324.400 Real Estate Education, Research, and Recovery Fund- Fees

(1) There is hereby created and established in the State Treasury the real estate education, research, and recovery fund. (2)...

KRS 324.410 Purpose of Fund

The purposes of the real estate education, research, and recovery fund shall be as follows: (1) If a licensee, acting...

KRS 324.425 Closing Existing Business of Deceased or Incapacitated Principal Broker

In case of death or other incapacity of a principal broker having a licensed sales associate or sales associates affiliated...

KRS 324.980 Persons to Whom KRS Chapter 324 Does Not Apply

Nothing in KRS Chapter 324 shall be construed to apply to a person engaged solely in the business of compiling...