324.235 Definitions for KRS 324.235 to 324.238.

262 words·~1 min read·/ky/chapter-324/324-235

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

As used in KRS 324.235 to 324.238, unless the context requires otherwise:

(a)"Commercial real estate" means any parcel of real estate located in this state

that is:

1. Lawfully used primarily for sales, retail, wholesale, office, research,

institutional, warehouse, manufacturing, or industrial purposes;

2. Lawfully used primarily for multifamily residential purposes involving

five

(5)or more dwelling units; or

3. Zoned for a business or commercial use by a planning unit acting

pursuant to KRS Chapter 100.

(b)"Commercial real estate" does not include single-family residential units such

as condominiums, townhouses, manufactured homes, or homes or lots in a

subdivision when sold, or residential units otherwise conveyed on a unit-by-

unit basis, even if those units are a part of a larger building or parcel of real

estate containing more than four

(4)residential units;

(2)"Cooperation agreement" means a written co-brokerage, referral, affiliation, or other

agreement or arrangement between an out-of-state principal broker and a Kentucky

cooperating broker;

(3)"Kentucky cooperating broker" means a principal broker licensed under this chapter

who has entered into a written cooperation agreement with an out-of-state principal

broker;

(4)"Out-of-state principal broker" means an individual who is licensed as a real estate

broker in a jurisdiction other than Kentucky, and who is the designated broker with

whom one

(1)or more out-of-state licensees are affiliated or associated; and

(5)"Out-of-state licensee" means an individual who is licensed as a real estate broker

or real estate sales associate in a jurisdiction other than Kentucky, and who is

affiliated or associated with an out-of-state principal broker.