2011 Kentucky Revised Statutes CHAPTER 324 REAL ESTATE BROKERS AND SALESMEN 324.310 Delivery of sales associate's license to commission when association terminated -- Placing license in escrow with commission.
KY Rev Stat § 324.310 (1996 through Reg Sess) What's This?
324.310 Delivery of sales associate's license to commission when association
terminated -- Placing license in escrow with commission.
(1)
(2)
(3)
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.
A licensee may place his or her license in escrow with the commission provided
that:
(a) The licensee does not engage in any real estate activity for others during the
term of escrow of the license; and
(b) The licensee pays the annual license renewal fees for each year the license is
in escrow.
At the request of the licensee, upon the meeting of requirements applicable to active
licensees and completion of all continuing education requirements, a license placed
in escrow shall be automatically converted to an active license upon payment of the
established change fee.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 58, sec. 10, effective June 25, 2009. -- Amended
2000 Ky. Acts ch. 488, sec. 27, effective July 14, 2000. -- Amended 1992 Ky. Acts
ch. 448, sec. 26, effective July 14, 1992 -- Amended 1984 Ky. Acts ch. 352, sec. 11,
effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 196, sec. 29, effective July
15, 1982. -- Amended 1978 Ky. Acts ch. 172, sec. 10, effective June 17, 1978. -Amended 1976 Ky. Acts ch. 100, sec. 22. -- Amended 1974 Ky. Acts ch. 315,
sec. 64. -- Created 1942 Ky. Acts ch. 184, secs. 3 and 11. -- Recodified 1942 Ky.
Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 3990e-5.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
