2014 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.
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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.
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