324.020 Activities unlawful without license -- Requirement of licensing --

354 words·~2 min read·/ky/324-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Application of chapter to owner or builder-developer -- Prohibition against fee

splitting -- Exceptions -- Supervision of sales associate -- Authority to seek

injunctive relief.

(1)It shall be unlawful for any person who is not licensed as a real estate broker or

sales associate to:

(a)Hold himself or herself out to the public as a real estate broker or sales

associate or use any terms, titles, or abbreviations which express, infer, or

imply that the person is licensed as a real estate broker or sales associate; or

(b)Advertise for sale an equitable interest in a contract for the purchase of real

property between a property owner and a prospective purchaser.

(2)No person shall practice real estate brokerage with respect to real estate located in

this state unless:

(a)The person holds a license to practice real estate brokerage under this chapter;

(b)The person has complied with KRS 324.235 to 324.238.

(3)A licensee who is an owner or a builder-developer shall comply with the provisions

of this chapter and the administrative regulations applying to real estate brokers and

sales associates.

(4)No broker shall split fees with or compensate any person who is not licensed to

perform any of the acts regulated by this chapter, except that a broker may:

(a)Pay a referral fee to a broker licensed outside of Kentucky for referring a

client to the Kentucky broker;

(b)Pay a commission or other compensation to a broker licensed outside of

Kentucky in compliance with KRS 324.235 to 324.238; or

(c)Pay a licensed auctioneer for services rendered in cases where an auctioneer

and real estate broker collaborate in the conduct of a sale of real estate at

auction.

(5)Except as authorized in KRS 324.112(1) and 324.425, no sales associate shall

supervise another licensed sales associate or manage a real estate brokerage office.

(6)The Kentucky Real Estate Commission may seek and obtain injunctive relief

against any individual acting in violation of this chapter by filing a civil action in

the Circuit Court where the commission is located or where the unlawful activity

took place.