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morganREI

Interpretation of RE agent Regulation

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what your interpretation?

( I understand that you are not giving legal advice) I just to get another opion that I'm reading this right.

 

 

Improper conduct RELATES TO: KRS 324.010(3), 324.160(4), (f), (l), (m), (o), (w), (v), (5), (7) Section 1. The following shall be improper for any licensed agent: (1) To accept or agree to accept, without written disclosure to the seller and buyer or lessor or lessee on the purchase or lease contract, a referral fee from any person in return for directing a client or customer to that person, or another, who provides or agrees to provide any goods, service, insurance or financing related to a transaction involving real estate. This provision shall not affect paying or receiving referral fees between licensed agents for brokerage services.

 

So an agent CAN accept a referral fee just as long as there is written disclossure.

 

 

 

This underlined section has been deemed unconstitutional (8) A broker licensed in Kentucky to aid, abet, or otherwise assist any individual who is not actively licensed in Kentucky in the practice of brokering real estate in this state. This prohibition shall include a Kentucky broker assisting any unlicensed individual with the listing, selling, leasing or managing of any Kentucky property or assisting an unlicensed individual in representing any buyer or lessee seeking property in Kentucky. An unlicensed individual shall include an individual who may be affiliated with a national franchise and may have a license in another state but who does not have an active Kentucky license

 

So a broker CAN assist in the leasing or selling of property. What about an agent?

 

 

 

371.010 Statute of frauds; Contracts to be written -- No action shall be brought to charge any person:…. (6) Upon any contract for the sale of real estate, or any lease thereof for longer than one (1) year; (8) Upon any promise, agreement, or contract for any commission or compensation for the sale or lease of any real estate or for assisting another in the sale or lease of any real estate.

 

This one, I'm just not sure about.

 

what do you think. can most of the stuff we talk about here with agents be done in my state??

 

thx morgan

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So an agent CAN accept a referral fee just as long as there is written disclossure.
That would be my interpretation, also.
So a broker CAN assist in the leasing or selling of property. What about an agent?
If that paragraph has been deemed unconstitutional, then one would have to believe a Broker can assist an unlicensed individual. There's no mention of how this applies to a licensed Agent.
This one, I'm just not sure about.
Nor am I. It isn't clear. I don't know if that's because you left some parts out, or it was written in classic legal mumbo-jumbo style.
what do you think. can most of the stuff we talk about here with agents be done in my state??
My understanding is that to be on the safe side, as a licensed Agent or Broker, you need to offer full disclosure of this fact before doing business with the individual in question. Getting a signature on a piece of paper alluding to this fact is probably a must.

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