/ / / / / Commercial Real Estate KRS 324.238 Compliance, Sanctions & Penalties

Commercial Real Estate KRS 324.238 Compliance, Sanctions & 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) Preliminary exchanges of information and materials, discussions, and investment or other advice pertaining to commercial real estate shall not constitute acts of real estate brokerage by out-of-state principal brokers or out-of-state licensees;

(3) If any change in circumstances prevents compliance by the out-of-state principal broker or out-of-state licensee, that person shall immediately cease and desist from performing acts of real estate brokerage with respect to commercial real estate; and

(4) The commission may impose one (1) or more of the following sanctions or penalties against an out-of-state principal broker or an out-of-state licensee for failure to substantially comply with KRS 324.235 to 324.238 or for engaging in improper conduct as set out in KRS 324.160(4):
(a) Levy fines not to exceed one thousand dollars ($1,000);
(b) Issue a formal or informal reprimand;
(c) Report misconduct to the licensing authority of any state;
(d) Revoke or suspend the authority of the out-of-state principal broker or out-of-state licensee to perform acts of real estate brokerage with respect to commercial real estate;
(e) Publish and maintain a public registry of any sanctions or penalties imposed pursuant to this subsection; and
(f) Report suspected violations of KRS Chapter 523 to the Commonwealth’s attorney of the county in which the office of the commission is located.

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