(1) Upon notification from the principal broker or the affiliate licensee that an affiliate licensee has been released pursuant to KRS 324.310(1), the commission shall notify the affiliate licensee at his or her last electronic mail address or addresses on file at the commission that, within thirty (30) days of the date of the release notification, the licensee shall:
(a) Reaffiliate with another broker by submitting a completed Acceptance and Release Form, KREC Form 200, or by using the licensee’s online services portal; or
(b) Request that his or her license be placed into inactive status by using the licensee’s online services portal or by submitting a completed License Status and Personal Information Update Form, KREC Form 201;
(c) If the affiliate holds a broker license and was formerly a principal broker, he or she shall:
- Affiliate with another principal broker;
- Open a new office as principal broker; or
- Place his or her license into inactive status.
(2) Failure to comply with the notification issued by the commission shall result in the cancellation of the licensee’s license.
(3) A licensee with a cancelled license shall not engage in real estate brokerage activity during the period of cancellation.