It is considered improper dealing for a licensed auctioneer to negotiate, advertise, or conduct a sale of real estate at auction without a real estate license by the KREC
A licensed auctioneer and licensed broker may jointly conduct a sale of real estate at auction.
is the single broker who is responsible for the operation of a brokerage firm. There is only principal broker per company
is defined as real estate in its ordinary meaning and includes timeshares, options, leaseholds, and other interest less than leasholds
is anyone licensed under and who performs brokerage acts under the direction and control of a principal broker
means the overall management of property for others for a fee and may include marketing, leasing, collecting rent, paying owner's debts, coordinating maintenance, and accounting for funds
is a form of agency relationship that exists when principal broker identifies different licensees in the same real estate brokerage firm to separately represent more than one party in the same real estate transaction
occurs when a sales associate or broker places their license with a principal broker. The principal broker is required to supervise all affiliated licensees
Canceled- is the license status that occurs when a licensee fails to renew, fails to re-affilate, fails to complete continuing education, or writies a bad check to KREC
Suspened- is the license status that occurs when the KREC disciplines a licensee by prohibiting the practice of real estate brokerage for a specific peroid of time
Revoked- is the license status that occurs when the KREC disciplines a licensee by prohibiting the practice of real estate brokerage for min 5 years
Requirments for continuing education
All active licensee must have 6 hours of continuing education per year. At least 3 of the 6 hours must be in real estate law. Persons licensed prior to Jun19,1976 are exempt. Continuing education instructors must maintain a min rating as prescribed by the KREC
License expiration; Fine for failure to renew
A licensee has one year to renew an expired license by paying a fine not to exceed $200.
A licensee who allows his or her license to remain expired for longer than one year can get the licenses back by taking state exam
All branch offices outside a 50 mile radius of a main office must have a broker to manage the office.
An office inside a 50 mile radius may be managed by a sales associate providing the associate has been licensed 2 years and averaged 20 hours per week for 2 year period
It is unlawful to act as a real estate broker or sales associate ________
without a license issued by the Kentucky Real Estate Commission.
A Kentucky______ may compensate or split fees with a broker __________
- Broker ,
- Broker licensed outside Kentucky