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KREC- Members term duties
The 5 memebers of the KREC are appointed by the Governor. Prior to their appointment 4 memebes of the Commission must have been residents of the state and active licensed agents for 10 years. The term of a Commissioner is 4 years
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Citisen at larger
One of the member is appointed by the public, cannot be associated with or have a financial interest in the real estate brokerage business
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KREC memeber political parties
No more than 3 of anyone political party can serve on the KREC at the same time
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After July 2000
no person appointed after Jully 2000 shall serve more than two consective terms.
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The KREC appoints
the Chairperson of the commision
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An agenet must give written notice for the following changes
buisness address, firm name, broker, or surname
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Errors and Omissions insurance
can be obtained through the Kentucky Real Estate Commisionor through a private carrier cost can not exceed $125
No E & O while in Escrow
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Indusry members of the commission must be licensed for
10 years
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If a seller refuses to complete and sign a sellers dislosure of conditions statment
the agent will sign the section that states the seller has refused to sign and complete the form
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Seller disclosure form is not required
for a vacant residental building lot
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Licensees must complete the seller disclsure form
When selling their own property
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A sellers disclosure statement is required for residential transaction when the agent expected to earn
compensation
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For FSBO properties, any licensee involved in the transaction must give
Selller Disclsoure form to the seller
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Money in the recovery fund is used to pay
Fraudulant acts commitedby an agent, and for real estate reseach and education
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An Agent in Escrow
cannot not engage in any real estate activites for others
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Money to operate the Kentucky Real Estate Commission (KREC)
Licensees
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Money to fund the Real Estate Education, Reasearch, and Recovery fund comes
Licensees
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Industry members of the commission must have
active brokers or sales licensees
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the consumer member of the commission
can not have real estate license
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Before money can be paid out of the recovery fund
a complaint must be filed and a hearing must find the agent guilty of fraud
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The KREC holds
hearings, conducts seminars, gives test, and promulates regulations
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Money is paid from the recovery fund
when an agent fails to pay damages within 20 days of final order
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A court may fine anyone who vilates the license law
$100 to $1000 and or up to six month in jail
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A broker must provideda settlement statement if a lender or the attorney fail to do so at a closing
closing statment is resposablity of broker
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All offer must be presented without
undue delay (3 day or less)
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A broker must keep records for
5 years
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All contracts where a buyer is going to obtain financing, the exact manner of fiancing must be stated
this includes who will be underwriting the loan, such as FHA,VA, Conventioanal, or seller financing
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When a contract to purchase a time share is written in Kentucky the purchasers must be
told orally and in writtingthat they have 3 day right of rescission
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Anyone who promotes in Kentucky property located outside of Kentucky must
regsiter the KREC and pay $100 registration fee
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Sellers may offer inducements
licensees may not
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an agent who recieves a referal fee from a service provider without a written disclosure to the buyer and seller is
act improperly
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An agent can refuse to show listed property to a buyer is
directed by the seller in writing
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Licensees do not have to disclose refferal fees paid between
principal brokers (i believe it different for agents)
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The license law does not regulate
mortgages
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