324.238 Compliance with KRS 324.160(4) and 324.235 to 324.238 -- Sanctions and
257 words·~1 min read·
/ky/324-238A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
penalties. For purposes of KRS 324.235 to 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 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.