Current through Register Vol. 51, No. 3, September 1, 2024
RELATES TO:
KRS 2.013,
324.010,
324.020,
324.040,
324.045(1),
(2), (3),
324.046,
324.085,
324.090,
324.141,
324.160,
324.281,
324.287,
324.310,
324.330,
324.990,
28 C.F.R.
16.30-16.33
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
324.281(5) and
324.282
require the Real Estate Commission, with the approval of the executive director
of the Kentucky Real Estate Authority, to promulgate administrative regulations
necessary to carry out and enforce the provisions of KRS Chapter 324.
KRS
324.040(2) requires
applicants for licensure as a broker or sales associate to apply in writing on
forms prepared or furnished by the Real Estate Commission.
KRS
324.045(4) authorizes the
commission to promulgate an administrative regulation to require a national
criminal history check prior to licensure.
KRS
324.141(1) requires the
commission to promulgate administrative regulations to establish reciprocal
licensing procedures that allow out-of-state actively-licensed sales associates
and brokers to apply for a Kentucky license that is the same as, or equivalent
to, their out-of-state license.
KRS
324.090(1) requires the real
estate commission to establish an expiration and renewal date for licenses.
KRS
324.310(1) requires the
delivery of a sales associate's license to the commission when an association
with a principal broker is terminated, and
KRS
324.310(2) authorizes a
licensee to place his or her license into inactive status with the commission.
KRS
324.330(1) requires notice
to be given to the real estate commission when a licensee's location, firm
name, surname, or affiliation changes.
KRS
324.085(1) requires an
actively-licensed agent, except an agent licensed prior to June 19, 1976 and a
licensee satisfying the educational requirement in
KRS
324.085(2), to successfully
complete twelve (12) hours of mandatory continuing education for the biennial
license period as a condition of licensure renewal, requires six (6) of the
twelve (12) hours to be completed in the first year of the biennial license
period, and requires that six (6) of the twelve (12) hours pertain to the study
of real estate law.
KRS
324.085(2) requires a
licensee who is issued an initial sales associate license after January 1,
2016, to complete forty-eight (48) classroom or online hours of
commission-approved post-license education. This administrative regulation
establishes requirements for applying for initial licensure, license renewal,
and reciprocal licensing; the commission's criminal background check policies
for all applicants; the procedures for a licensee to report changes to his or
her contact information to the commission; the penalty for failure to comply
with
KRS
324.330; the procedure for the delivery of a
sales associate's license to the commission when affiliation with a principal
broker is terminated; the requirements relating to pre-license education;
continuing education, and post-license education and the disciplinary
consequences for failing to comply with the requirements.
Section 1. Initial Sales Associate License.
(1) Prior to applying for an initial sales
associate license, a prospective applicant shall complete six (6) academic
credit hours, or its equivalent, of prelicensing education with either:
(a) An approved pre-license education
provider; or
(b) An accredited
institution as defined by
KRS
324.010(8).
(2) An applicant for initial sales
associate licensure shall submit:
(a) A
national criminal history check in accordance with
KRS
324.045(5) and this
administrative regulation;
(b) A
completed application submitted on Score Report/License Application obtained
from the commission's testing provider after passing the required examination,
which shall contain a recent photo of the applicant;
(c) Proof of high school graduation, or its
equivalent;
(d) Proof of completion
of six (6) academic credit hours, or its equivalent in qualifying prelicense
education;
(e) Proof of Errors and
Omissions insurance coverage compliant with
KRS
324.395 and
201 KAR
11:220, if the license will be immediately
active;
(f) The nonrefundable sixty
(60) dollar original license fee and sixty (60) dollar recovery fund fee
required by
KRS
324.287(2) and (8);
and
(g) A completed and signed
Consent to Jurisdiction and Service of Process, KREC Form 205, if the applicant
resides outside of the Commonwealth of Kentucky.
(3) An applicant may submit a paper or
electronic application.
(4) Within
ten (10) days of being issued a license number and Occupations and Professions
Identification Number, OP ID, the licensee shall:
(a) Create an Online Services Portal
account;
(b) Verify the licensee's
current residential address and telephone number; and
(c) Provide one (1) valid electronic mail
address.
Section
2. Broker's License.
(1) Prior to
applying for a broker's license, a prospective applicant shall:
(a) Complete not less than twenty-one (21)
academic credit hours, consistent with
KRS
324.046(1)(a), of education to acquire a
broker's license, including a minimum of:
1.
Nine (9) academic credit hours of real estate courses, which shall not include
an applicant's sales associate prelicense education;
2. Three (3) academic credit hours of Broker
Management; and
3. Nine (9)
academic credit hours of broker elective courses, approved by the
commission.
(b) A
licensee shall not get duplicate course credit toward a broker's
license;
(c) A licensee shall get
course credit toward his or her broker's license by completing National
Association of Realtors, NAR designation courses. Credit for the designation
course shall be awarded consistent with accreditation at the time the course is
completed.
(d) An applicant for a
broker's license may submit a request for an education review by submitting a
completed Broker Education Review Form, KREC Form 207.
(2) An applicant for a broker's license shall
submit:
(a) Proof of the requisite sales
associate experience as provided in
KRS
324.046(1)(b) or its
equivalent as provided in
KRS 324.046(3)
or (4);
(b) A completed application submitted on
Score Report/License Application obtained from the commission's testing
provider after passing the required examination;
(c) Proof of completion of the broker
curriculum education real estate courses required by
KRS
324.046(1)(a),
KRS
324.046(3), and
201 KAR
11:170, Section 7;
(d) Proof of Errors and Omissions insurance
coverage compliant with
KRS
324.395 and
201 KAR
11:220, if the license will be immediately active, or
proof of extended reporting period coverage as required by
KRS
324.395 if the license will be placed into
inactive status;
(e) An original
copy of the applicant's national criminal history check obtained consistent
with
KRS
324.045(5) and this
administrative regulation;
(f) A
completed and signed Consent to Jurisdiction and Service of Process, KREC Form
205, if the applicant resides outside of the Commonwealth of Kentucky;
and
(g) The nonrefundable sixty
(60) dollar original license fee required by
KRS
324.287(2).
(3) An applicant may submit a
paper or electronic application.
(4) The provisions of the section shall not
be implemented until April 1, 2020.
Section 3. Reciprocal Licensing.
(1) An individual actively licensed as a real
estate professional outside of Kentucky may apply for an equivalent Kentucky
license.
(2) To obtain a sales
associate license by reciprocal licensing, an individual shall:
(a) File with the commission a national
criminal history check in accordance with
KRS
324.045(5) and this
administrative regulation;
(b) File
with the commission a certification of licensure issued within the preceding
ninety (90) days by the regulatory authority of the state for which the
individual seeks reciprocity;
(c)
Submit proof of completion of six (6) academic credit hours or their equivalent
in real estate courses from an accredited institution or approved real estate
school pursuant to
KRS
324.046 and
KRS
324.141(1)(a) 3.;
(d) Pass the Kentucky law portion of the
licensing examination for a sales associate's license;
(e) Submit a completed and signed Consent to
Jurisdiction and Service of Process, KREC Form 205, if the applicant resides
outside of Kentucky; and
(f) The
nonrefundable sixty (60) dollar original license fee and sixty (60) dollar
recovery fund fee required by
KRS
324.287(2) and
(8).
(3) To obtain a broker license by reciprocal
licensing an individual shall:
(a) File with
the commission a national criminal history check in accordance with
KRS
324.045(5) and this
administrative regulation;
(b) File
with the commission a certification of licensure issued within the preceding
ninety (90) days by the regulatory authority of the state for which the
individual seeks reciprocity;
(c)
Submit proof of completion of twenty one (21) academic credit hours or their
equivalent in real estate courses from an accredited institution or approved
real estate school pursuant to
KRS
324.046 and
KRS
324.141(1)(a) 3.;
(d) Pass the Kentucky law portion of the
licensing examination for a broker's license;
(e) Submit a completed and signed Consent to
Jurisdiction and Service of Process, KREC Form 205, if the applicant resides
outside of Kentucky; and
(f) The
nonrefundable sixty (60) dollar original license fee and sixty (60) dollar
recovery fund fee required by
KRS
324.287(2) and
(8).
(4) For purposes of subsections (2)(c) and
(3)(c) of this Section, "or their equivalent" shall mean any education
requirements approved by the commission pursuant to a reciprocity agreement
entered into between the jurisdiction from which the applicant is seeking
reciprocity and the commission.
(5)
An applicant may submit a paper or electronic application.
(6) Within ten (10) days of being issued a
license number and OP ID, the licensee shall:
(a) Create an Online Services Portal
account;
(b) Verify the licensee's
current residential address and telephone number; and
(c)
1.
Provide one (1) electronic mail address;
2. The licensee may provide additional,
unique electronic mail addresses.
Section 4. Real Estate Examination.
(1) A successful passing score on required
portions of the real estate examination mandated by
KRS
324.045(2) shall be valid
for sixty (60) days.
(2) An
applicant who fails to pass any required portion of the examination mandated by
KRS
324.045(2) three (3) times
shall wait at least thirty (30) calendar days from the date of the applicant's
third failed examination prior to retaking the examination, or the score shall
be void.
Section 5.
Foreign Language Diplomas or Transcripts.
(1)
If an applicant submits documentation of qualifying education in a language
other than English, the diploma or transcript shall:
(a) Be accurately translated by a foreign
language document translation service; and
(b) Include a certification stating that the
translation is true, accurate, and complete.
(2) The applicant shall provide a letter to
the commission indicating that the curriculum of the proffered education is
equivalent to a high school diploma or GED. The comparison shall be made by an
education credential service provider with membership in the National
Association of Credential Evaluation Services.
(3) If the applicant is unable to comply with
the requirements of this section, the applicant shall submit proof of the
receipt of a GED granted by an agency or institution within the United
States.
Section 6.
National Criminal History Check.
(1) Prior to
taking a licensure examination, an applicant shall request a copy of the
applicant's national criminal history check, which shall only be valid for
ninety (90) days from the date of the record report.
(2)
(a) The
applicant may request a copy of his or her national criminal history check from
the Federal Bureau of Investigation pursuant to the provisions of
28 C.F.R. 16.30
to
16.33
or through the Kentucky State Police for submission to the Federal Bureau of
Investigation consistent with
KRS
324.045(5).
(b) An applicant may submit the Criminal
History Affidavit, KREC Form 209, with his or her application for licensure if:
1. The applicant is unable to obtain his or
her national criminal history check from the Federal Bureau of Investigation
because the applicant's fingerprints are rejected;
2. The applicant submits proof that he or she
was fingerprinted at a recognized state or local law enforcement
agency;
3. The applicant submits a
Kentucky Administrative Office of the Courts (AOC) Fast Check Criminal Records
Report, or a similar informal background report from the jurisdiction where the
applicant resides; and
4. The
applicant submits proof of an alternate request for a Federal Bureau of
Investigation records check by name or social security number.
(c) An issued license shall be
subject to discipline if, while an applicant, the licensee:
1. Having submitted a Criminal History
Affidavit, KREC Form 209, with his or her application for licensure, fails to
submit the national criminal history check within ten (10) days of receiving
the report; or
2. Failed to report
any new criminal charges or convictions that occurred after the national
criminal history check report date.
(3)
(a) The
commission shall investigate a national criminal history check which reveals a
felony conviction within the previous ten (10) years, or a misdemeanor
conviction within the previous five (5) years, and may investigate any charges
or convictions revealed by the national criminal history check or any other
evidence of dishonesty, untruthfulness, or bad reputation of the
applicant.
(b) In the determination
of the chair of the commission, the commission may delegate the investigative
process to the Applicant Review Committee, a subcommittee of the commission, to
be comprised of no more than two (2) commissioners;
(c) The Applicant Review Committee shall
operate consistent with KRS Chapter 335B.
(4) Following the completion of the
investigation, the commission shall review the investigation report and shall:
(a) Order the applicant to appear before the
commission for a hearing before the real estate commission or the real estate
commission's authorized representative to determine whether the applicant meets
the standards of
KRS
324.045; or
(b) Allow the applicant to proceed with his
or her licensure application without a hearing.
(5) If an authorized representative conducts
the hearing, the authorized representative shall recommend to the real estate
commission whether the applicant meets the standards of
KRS
324.045. The real estate commission may
accept the recommendation, reject the recommendation and enter a separate
order, or remand to the representative for further proceedings in accordance
with KRS Chapter 13B.
(6) Following
the hearing, if all other licensing pre-requisites are satisfied, the real
estate commission shall either approve or deny the application and notify the
applicant of its decision along with a written explanation of the reasons for
its decision.
(7) If the real
estate commission denies the application, the real estate commission shall
indicate in its order, if and when, the applicant will be eligible to submit a
subsequent licensure application.
(8) If an applicant, or a licensee without an
active license, has engaged in any unlicensed brokerage activity within this
Commonwealth, that person shall, prior to the issuance or reactivation of any
license by the commission, submit proof that he or she has returned all fees
earned or received as a result of the unlicensed brokerage activity, consistent
with
KRS
324.990(2).
Section 7. Release by Principal
Broker.
(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:
1. Affiliate with another principal
broker;
2. Open a new office as
principal broker; or
3. 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.
Section
8. License Renewal.
(1)
(a) Licenses shall be renewed on or before
March 31 through the licensee's Online Services Portal account.
(b) A licensee who is unable to renew his or
her license using his or her Online Services Portal may utilize the License
Renewal Form, KREC Form 208.
(2) A cancelled license shall not be renewed
until the license is reactivated and in good standing.
(3)
(a) A
license shall be cancelled if not renewed.
(b) A licensee with a cancelled license shall
not engage in real estate brokerage pursuant to
KRS
324.160(2).
(4) A licensee shall file or
verify with the commission at renewal a telephone number, residential address,
and an electronic mail address or addresses.
Section 9. Licensing Records.
(1)
(a) A
licensee shall notify the commission by submitting a completed License Status
and Personal Information Update Form, KREC Form 201, or through the online
services portal, of a change in the following information:
1. The licensee's legal name;
2. The licensee's nickname;
3. Any alternate or assumed name being used
by the licensee;
4. The licensee's
residential address;
5. The
licensee's electronic mail address or addresses; or
6. The licensee's preferred direct or
personal phone number.
(b) If the licensee is changing his or her
legal name, he or she shall provide legal documentation supporting the changed
name.
(c) Processing of the changes
contemplated in paragraph (a) of this subsection shall require payment of a
nonrefundable ten (10) dollar change request fee required by
KRS
324.287.
(d) The licensee shall submit a completed and
signed Consent to Jurisdiction and Service of Process, KREC Form 205, if the
licensee is moving to a residence outside the Commonwealth of
Kentucky.
(2)
(a) A licensee shall notify the commission by
completing, signing, and filing with the commission the Certification of
Insurance Coverage, KREC Form 203, or through the online services portal, of
any change in private professional liability insurance coverage or extended
reporting period coverage as required by
KRS
324.395.
(b) This notice shall be accompanied by a
nonrefundable ten (10) dollar change request fee required by
KRS
324.287(8).
(3)
(a) A principal broker shall notify the
commission of any change of his or her primary company location, firm name,
alternate or assumed name, doing business as, branch office name, branch office
address, designated manager or managers, escrow account or accounts, or email
address or addresses by completing, signing, and filing with the commission the
Company Information Update Form, KREC Form 202, or through the online services
portal.
(b) This notice shall be
accompanied by a nonrefundable ten (10) dollar change request fee required by
KRS
324.287.
(4)
(a) A
principal broker shall notify the commission of a change in principal broker at
an existing real estate brokerage company by submitting a completed Company
Change of Principal Broker Form, KREC Form 204, or through the online services
portal.
(b) This notice shall be
accompanied by the fee required by
KRS
324.287.
(5)
(a) An
affiliated licensee shall submit a completed Acceptance and Release Form, KREC
Form 200, to change his or her affiliation to another principal
broker.
(b) This form shall be
accompanied by the fee required by
KRS
324.287.
(6) A licensee requesting a license history
certification shall complete and submit the License Status and Personal
Information Update Form, KREC Form 201, accompanied by a nonrefundable ten (10)
dollar fee for each certification requested.
(7) A licensee shall be subject to discipline
consistent with the commission's authority in
KRS
324.160(1) for a violation
of
KRS
324.160(4)(t) if the
licensee fails to submit notification to the commission of any changes required
by this section within ten (10) days of the change.
Section 10. Inactive Status.
(1) An active licensee who wishes to place
his or her license into inactive status shall submit Form 201, License Status
and Personal Information Update Form, or through the online services
portal.
(2) All licensees placing a
license into inactive status shall:
(a)
Obtain extended reporting period (ERP) coverage insurance for a period of one
(1) year as established by
KRS
324.395(1); and
(b) Submit a completed Certificate of
Insurance Coverage, KREC Form 203, with proof of the required
coverage.
(3) The
coverage obtained pursuant to subsection (2) of this section shall be
consistent with the minimum requirements prescribed by
201 KAR
11:220.
(4) To reactivate a license from inactive
status, a licensee shall complete and submit Form 201, License Status and
Personal Information Update Form, or through the online services portal, and
comply with
KRS
324.310 and complete the following education:
(a) If the licensee has not taken the Core
course in four (4) years, the licensee shall complete Core; and
(b) If the licensee has been inactive during
more than one (1) education cycle, the licensee shall complete core plus six
hours of continuing education elective to be selected from a list of courses to
be compiled by the commission. This paragraph shall not take effect until
January 1, 2021.
(5) If
the licensee is exempt from continuing education requirements pursuant to
KRS
324.046(5), the licensee
shall not be required to complete any continuing education to reactivate a
license from inactive status.
Section
11. Mandatory Continuing Education.
(1) An active licensee, licensed by the
commission on or after June 19, 1976, shall comply with the requirements of
KRS
324.085(1) by attending and
successfully completing six (6) hours of continuing education courses sponsored
or approved by the commission each year. Three (3) of the hours of continuing
education shall be in law, and three (3) of the hours of continuing education
may be electives.
(a) An active licensee
shall complete the continuing education requirements consistent with
KRS
324.085(1) no later than
December 31 of the first year in the renewal cycle. An active licensee shall
receive continuing education credit for any approved course completed on or
before December 31, if the education provider has reported the licensee's
course completion to the commission before 11:59 p.m. on December 31 consistent
with
201 KAR
11:170, Section 6(3).
(b) An active licensee who fails to complete
his or her continuing education requirement shall have his or her license
cancelled and be ineligible to renew if the licensee has not completed the
continuing education required by
KRS
324.085(1) and this
administrative regulation.
(2) An active licensee's annual mandatory
continuing education requirement shall not be satisfied by the completion of a
pre-license course.
(3) A candidate
shall not submit completion of the same continuing education course more than
once for licensure credit in the same calendar year.
(4) A licensee shall not receive credit for
more than nine (9) hours of continuing education in a calendar day.
(5) A licensee shall not receive credit for a
course if the licensee arrives more than ten (10) minutes after the scheduled
start of the course or after the conclusion of any break during the
course.
(6) An active licensee
shall attend a commission-approved core course once every four (4) years, with
the first four (4) year cycle beginning from the year of initial licensure. The
core course shall:
(a) Satisfy the licensee's
mandatory continuing education requirement for the year in which the course is
taken; and
(b) Be a six (6) hour
comprehensive review of the requirements of:
1. KRS Chapter 324;
2. 201 KAR Chapter 11;
3. Common and federal law relating to real
estate; and
4. The standards of
practice for a real estate licensee.
(7) An active licensee who fails to complete
Core in a year in which the licensee is required to complete Core, even if the
licensee completed other continuing education, shall be subject to the
delinquency procedures set forth in Section 13 of this administrative
regulation.
Section 12.
Exemptions from the Continuing Education Requirement.
(1) A person licensed prior to June 19, 1976
shall not be required to complete continuing education.
(2) A reciprocal licensing broker, who has
been licensed for less than three (3) months when education is due, shall not
be required to attend a continuing education course during the first education
cycle in which he or she is licensed in Kentucky.
(3) A reciprocal licensing sales associate
shall not be required to complete continuing education during the first two (2)
full education cycles of licensure in Kentucky. A reciprocal licensing sales
associate shall complete the education required by
KRS
324.085(2).
(4) A licensee shall not be required to
comply with
KRS
324.085(1) during the first
two (2) full education cycles from the date of issuance of a sales associate
license.
(5) A licensee whose
license is inactive shall not be required to attend continuing education
courses while the license remains inactive, except as provided in this
administrative regulation.
Section
13. Continuing Education Compliance and Delinquency.
(1) The commission shall, for good cause
shown, extend the time requirements established by
KRS
324.085(1) and this
administrative regulation. Good cause may include a true hardship, extensive
medical issues for the licensee or the licensee's immediate relative, active
military duty or service, or other good cause that clearly warrants
relief.
(2)
(a) The request for extension and any
supporting documentation shall be received in writing on or before the last day
of the month or year in which the education requirement is due, unless the
hardship prevents compliance with subsection (1) of this section.
(b) A license shall not be cancelled while a
hardship request is pending.
(c)
The commission shall review the hardship request and notify the licensee in
writing of the commission's decision.
(3)
(a) If a
licensee fails to comply with the mandatory education requirements of this
administrative regulation, the executive director or the executive director's
representative shall issue a delinquency notice to the licensee.
(b) If the licensee fulfilled the education
requirement in the year it was required, proof shall be forwarded to the
commission upon request, and the license shall be reactivated.
(4)
(a) If the licensee fails to request an
extension and fails to forward proof of completion prior to the deadline, the
license shall be cancelled automatically.
(b) A license cancelled for nonfulfillment of
the continuing education requirements may be reactivated if the licensee enters
into a written delinquency plan, pays a $1,000 administrative fine, and either:
1. Places the license into inactive status;
or
2. Agrees in the delinquency
plan to complete the delinquent continuing education requirements for the
previous calendar year on or before April 30.
(5) A licensee who places his or her license
into inactive status under the provisions of this section shall not reactivate
the license until he or she has:
(a) Completed
all delinquent mandatory continuing education requirements; and
(b) Satisfied the requirements of
KRS
324.310.
(6) A licensee who fails to place his or her
license into inactive status or file the delinquency plan immediately following
the year in which continuing education requirements were not fulfilled, shall
automatically have the license cancelled and shall not be eligible to renew
without completing the delinquent education.
(7) If a licensee fails to complete the
requirements of the delinquency plan within twenty (20) days of the agreed
completion date, the commission shall issue a notice of violation to the
licensee.
(8) Failure to respond to
the notice of violation shall result in a default order of suspension for a
period of six (6) months.
(9) If
the commission suspends the license as a result of a default order or after
hearing, if one is requested, the licensee shall not be allowed to activate the
license unless, within ninety (90) days following expiration of the suspension,
the licensee:
(a) Completes all delinquent
mandatory continuing education requirements;
(b) Submits the required documents to
reinstate the license; and
(c) Pays
all necessary reactivation, renewal, and transfer fees.
(10) If the licensee does not reinstate the
license within ninety (90) days following the completion of the suspension
period, the license shall be cancelled and the licensee shall be obligated to
meet the requirements for initial licensure, including retaking the
examination.
(11) A license
cancelled under this section shall not be reactivated until the licensee has
completed all of his or her mandatory education requirements, complied with all
commission orders, and submitted all other applicable licensing
requirements.
(12) Failure of the
executive director or his or her representative to issue a deficiency notice to
the licensee shall not relieve the licensee of his or her mandatory education
requirements or the penalties associated with the deficiency.
(13) A license cancelled for continuing
education deficiency shall be subject to the provisions of
KRS
324.160(2).
Section 14. Post-License Education
Compliance and Delinquency.
(1) The time
requirements established by
KRS
324.085(2) and this
administrative regulation shall be extended by the commission for good cause
shown, such as a true hardship, extensive medical issues for the licensee or
the licensee's immediate relative, active military duty or service, or other
good cause that clearly warrants relief.
(2) The license of a licensee who fails to
complete his or her post-licensing education on or before the licensee's
deadline shall be automatically cancelled the following day.
(3) A license of a licensee cancelled for
post-license education deficiency may not be reactivated until all delinquent
post-licensing education is complete.
(4) A license cancelled for post-license
education deficiency shall be subject to the provisions of
KRS
324.160(2).
Section 15. Death or Incapacity of
a Principal Broker.
(1) Pursuant to
KRS
324.425, an affiliated licensee may complete
and close the existing business of a deceased or incapacitated broker for a
temporary period, not to exceed six (6) months.
(2) Any affiliate requesting principal broker
status pursuant to
KRS
324.425 shall submit a completed Notification
of Death or Incapacity of a Licensee, KREC Form 206.
Section 16. Incorporation by Reference.
(1) The following material is incorporated by
reference:
(a) "Acceptance and Release Form",
KREC Form 200, 7/2019;
(b) "License
Status and Personal Information Update Form", KREC Form 201, 11/2019;
(c) "Company Information Update Form", KREC
Form 202, 11/2019;
(d)
"Certification of Insurance Coverage", KREC Form 203, 11/2019;
(e) "Company Change of Principal Broker
Form", KREC Form 204, 7/2019;
(f)
"Consent to Jurisdiction and Service of Process", KREC Form 205,
7/2019;
(g) "Notification of Death
or Incapacity of a Licensee", KREC Form 206, 11/2019;
(h) "Broker Education Review Form", KREC Form
207, 7/2019;
(i) "License Renewal
Form", KREC Form 208, 11/2019; and
(j) "Criminal History Affidavit", KREC Form
209, 7/2019.
(2) This
material may be inspected, copied, or obtained, subject to applicable copyright
law, at the Kentucky Real Estate Commission, 656 Chamberlin Avenue, Suite B,
Frankfort, Kentucky 40601, Monday through Friday, 8 a.m. to 4:30 p.m. This
material is also available from the commission's Web site:
www.krec.ky.gov.
STATUTORY AUTHORITY:
KRS
324.045,
324.141,
324.281(5),
324.282