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324.235 Definitions for KRS 324.235 to 324.238.
As used in KRS 324.235 to 324.238, unless the context requires otherwise:
(1) (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.
Effective:July 15, 2008
History: Created 2008 Ky. Acts ch. 156, sec. 1, effective July 15, 2008.
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