2011 Kentucky Revised Statutes CHAPTER 324 REAL ESTATE BROKERS AND SALESMEN 324.236 Engaging in commercial real estate brokerage by out-of-state principal broker and out-of-state licensee.
KY Rev Stat § 324.236 (1996 through Reg Sess) What's This?
324.236 Engaging in commercial real estate brokerage by out-of-state principal
broker and out-of-state licensee.
An out-of-state principal broker and his or her out-of-state licensee, for or in the
expectation of a fee, commission, compensation, or other valuable consideration, may
engage in real estate brokerage with respect to commercial real estate if the requirements
of this section are satisfied:
(1) The out-of-state licensee shall be licensed with and work under the direct
supervision of the out-of-state principal broker;
(2) The out-of-state principal broker shall enter into a written cooperation agreement
with the Kentucky cooperating broker that shall include but not be limited to the
following:
(a) The terms of cooperation and compensation between the out-of-state principal
broker and the Kentucky cooperating broker;
(b) A description of the parties, the commercial real estate, or other information
sufficient to identify the specific transactions governed by the cooperation
agreement; and
(c) The effective date and a definite termination date of the cooperation
agreement; and
(3) Regarding transactions that fall within the scope of the cooperation agreement
specified in subsection (2) of this section, the out-of-state principal broker and the
out-of-state licensee shall:
(a) Work in cooperation with a Kentucky cooperating broker;
(b) Furnish the Kentucky cooperating broker with a copy of the out-of-state
principal broker's and out-of-state licensee's current real estate license from
the jurisdiction of his or her primary place of business;
(c) Limit acts of real estate brokerage to commercial real estate transactions
referenced in the cooperation agreement;
(d) Only list commercial real estate located in this state for sale, lease, or
exchange if the real estate is co-listed with the Kentucky cooperating broker;
(e) Be prohibited from holding escrow funds, security deposits, or other moneys
in escrow or other accounts located outside this state;
(f) Promptly provide the Kentucky cooperating broker with relevant
documentation relating to the specific transaction or transactions governed by
the cooperation agreement;
(g) Keep the Kentucky cooperating broker fully informed of all activities through
prompt communications;
(h) Perform all actions under the direct supervision and control of the Kentucky
cooperating broker;
(i) List his or her individual name, firm name, or both in advertising for
commercial real estate transactions only if the advertising:
1.
(j)
(k)
(l)
Includes with equal prominence the same identifying information for the
Kentucky cooperating broker and his or her relevant licensees, except
that, with respect to multistate portfolio listings, only the name or firm
of the Kentucky cooperating broker printed in legible type shall be
mandatory, with no requirement concerning prominence; and
2.
Otherwise complies with the requirements of this chapter;
Comply with and be bound by and subject to Kentucky law and the
regulations of the commission, including but not limited to KRS 324.235 to
324.238;
Not engage in improper conduct as set out in KRS 324.160(4); and
File with the Kentucky cooperating broker a true and complete notice of
affiliation in compliance with KRS 324.327.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 156, sec. 2, effective July 15, 2008.
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