KREC Updates Administrative Regulations

The Kentucky Real Estate Commission has revised its administrative regulations and required forms. The changes are in effect now, with the exception of the advertising regulation that will go into effect on June 16, 2020.

To view the KREC regulations, visit the Kentucky Legislative Research Commission website https://apps.legislature.ky.gov/law/kar/TITLE201.HTM and scroll down to Chapter 11. (Two of the regulations, Professional Standards and Licensing, Education, and Testing still appear as "marked up" versions. We expect "clean" versions of those to appear soon.)

The new KREC required forms are still pending. As soon as the final versions are published, we will make them available on Transaction Desk. At their January 16, 2020 meeting, the Commission voted to provide a grace period for Kentucky licensees that will give them until June 1, 2020, to use the new forms. Even though the new forms are now in force, no penalty will be assessed for using incorrect forms until then.

The Government Affairs Director of Kentucky Realtors® has prepared this summary of changes which may be useful. Click here to view https://www.louisvillerealtors.com/it/krec.pdf.