Ky. Rev. Stat. Ann. ch. 324 – Real Estate Brokers And Sales Associates | Midpage

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Kentucky Revised Statutes

Chapter 324

Ky. Rev. Stat. Ann. ch. 324

Real Estate Brokers And Sales Associates

Commonwealth of Kentucky

324.010Definitions for chapter.324.020Activities unlawful without license -- Requirement of licensing -- Application of chapter to owner or builder-developer -- Prohibition against fee splitting -- Exceptions -- Supervision of sales associate -- Authority to seek injunctive relief.324.030Exceptions to KRS 324.020.324.040Application for license as broker or sales associate.324.045Qualifications for license -- Examination -- Fee -- Criminal record check.324.046Requirements for initial licensure.324.080Form of license certificate -- Delivery.324.085Continuing education requirements -- Post-licensure education requirements -- Qualifications of instructors -- Administrative regulations. (Effective until July 15, 2026)324.090Expiration of license -- Fine for failure to renew on time -- Expired status.324.111Escrow account of broker -- Interest -- Audit -- Contract deposit release -- Separate property management accounts.324.112Broker to manage certain branch offices -- Qualified sales associate may manage certain branch offices -- Registration of branch offices -- Filing of licenses -- Temporary affiliation of one principal broker with another.324.115Brokers required to maintain definite place of business -- Exception for reciprocity agreements.324.117Advertising -- Affiliations to be listed -- Administrative regulations of commission.324.121Designation of licensee as exclusive agent -- Effect of designation -- Availability of dual agency.324.141Reciprocal licensing between states -- Consent to service of process by nonresident applicant.324.142Promotion of sales in Kentucky of property located outside state.324.150Investigation of licensee -- Disciplinary action against licensee --Investigative powers of commission -- Emergency hearings.324.151Complaints -- Answers.324.160Sanctions -- Grounds for sanctions.324.162Agent's duty to disclose.324.165Prohibited business practices -- Penalties.324.170Hearing to precede any disciplinary action -- Notice -- Conduct of hearing.324.200Hearing -- Denial of license or any other disciplinary action -- Appeal -- Stay of judgment pending appeal.324.220No other license to be issued for five years after revocation.324.230Revocation or suspension of principal broker's license renders inactive the license of person associated with broker.324.235Definitions for KRS 324.235 to 324.238.324.236Engaging in commercial real estate brokerage by out-of-state principal broker and out-of-state licensee.324.237Notice of affiliation with Kentucky cooperating broker required.324.238Compliance with KRS 324.160(4) and 324.235 to 324.238 -- Sanctions and penalties.324.281Kentucky Real Estate Commission -- Members -- Terms -- Vacancies -- Duties -- Mandatory continuing education -- Compensation of members -- Staffing needs.324.2811Automatic removal of member from commission.324.2812Limitation of commission's jurisdiction.324.282Election of chairperson -- Rules and regulations.324.284Employees -- Office -- Equipment and supplies.324.285Seal -- Records.324.286Disposition of fees -- Payment of expenses.324.287Fees.324.288Affiliation fee.324.310Delivery of sales associate's license to commission when association terminated -- Placing license in inactive status with commission -- Reactivating license.324.312Commission's right to return of associate's license -- Sanction for failure to return.324.330Notice of change of location, firm name, surname, or associate -- New license.324.360Form for seller's disclosure of conditions.324.395Errors and omissions insurance mandatory for all active status licensees -- Extended reporting period coverage insurance for inactive licensees.324.400Real estate education, research, and recovery fund -- Fees.324.410Purposes of fund.324.420Collection by aggrieved party from recovery fund.324.425Closing existing business of deceased or incapacitated principal broker.324.980Persons to whom KRS Chapter 324 does not apply.324.990Engaging in real estate brokerage without license -- Penalties.