Kentucky Statutes 324.238 – Compliance with KRS 324.160(4) and 324.235 to 324.238 — Sanctions and penalties
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For purposes of KRS § 324.235 to KRS § 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 KRS § 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.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 156, sec. 4, effective July 15, 2008.
(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;
Terms Used In Kentucky Statutes 324.238
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Broker: means any person who is licensed under KRS §. See Kentucky Statutes 324.010
- Commission: means the Kentucky Real Estate Commission. See Kentucky Statutes 324.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Principal broker: means a person licensed as a broker under KRS §. See Kentucky Statutes 324.010
- Real estate: means real estate in its ordinary meaning and includes timeshares, options, leaseholds, and other interests less than leaseholds. See Kentucky Statutes 324.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(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 KRS § 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.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 156, sec. 4, effective July 15, 2008.