324.310 Delivery of sales associate's license to commission when association

355 words·~2 min read·/ky/324-310

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

terminated -- Placing license in inactive status with commission -- Reactivating

license.

(1)If any sales associate is discharged or terminates his or her association with the

principal broker, it shall be the duty of the broker to immediately deliver or mail to

the commission the sales associate's license in a manner that complies with KRS

324.312, along with the release statement signed by the principal broker. The broker

shall, at the time of mailing the sales associate's license to the commission, address

a communication to the last known residence address of the sales associate, which

shall advise the sales associate that his or her license has been delivered or mailed

to the commission. A copy of the communication to the sales associate shall

accompany the license when mailed or delivered to the commission. It shall be

unlawful for any sales associate to perform any of the acts contemplated by this

chapter either directly or indirectly under authority of the sales associate's license

from and after the date of receipt of the license from the broker by the commission.

(2)A licensee may place his or her license in inactive status with the commission

provided that:

(a)The licensee does not engage in any real estate activity for others during the

term of inactive status of the license;

(b)The licensee pays the biennial license renewal fees for each biennial renewal

period the license is in inactive status; and

(c)The licensee obtains extended reporting period coverage insurance for one

year at the current minimum requirements then in effect prior to entering

inactive status.

(3)At the request of the licensee, after complying with subsection

(4)of this section

and upon the meeting of requirements applicable to active licensees, the

commission shall reactivate a license placed in inactive status, in the absence of any

reason or condition which might warrant the refusal of the granting of a license.

(4)To reactivate a license, a licensee shall:

(a)Submit an acceptable criminal record check consistent with KRS 324.045(4);

(b)Complete all continuing education requirements required by the commission;

and

(c)Pay the applicable reactivation fees.