Kentucky Statutes 324.237 – Notice of affiliation with Kentucky cooperating broker required
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(1) A notice of affiliation required under KRS § 324.236(3)(l) shall be filed with the
Kentucky cooperating broker and shall include the following:
(a) The name, firm name, firm address, firm telephone number, and real estate license number of the Kentucky cooperating broker;
(b) The name, firm name, firm address, firm telephone number, address for service of process, and current real estate license numbers and jurisdictions of licensure of both the out-of-state principal broker and out-of-state licensee;
(c) The effective date and a definite termination date of the corresponding cooperation agreement between the Kentucky cooperating broker and the out- of-state principal broker;
(d) An agreement that the out-of-state principal broker and out-of-state licensee shall:
1. Each comply with and be subject to KRS § 324.235 to KRS § 324.238, Kentucky law, and administrative regulations promulgated by the commission;
2. Not engage in improper conduct as set out in KRS § 324.160(4); and
3. Ensure that all documentation pertaining to transactions falling within the scope of the cooperation agreement complies with Kentucky law;
(e) The irrevocable consent of the out-of-state principal broker and out-of-state licensee that legal actions may be commenced against them in the proper court of any county in this state in which a cause of action may arise or in which the plaintiff may reside, by the service of process on the Kentucky Secretary of State pursuant to KRS § 454.210, and stipulating and agreeing that service of process on the Kentucky Secretary of State shall be taken and held in all courts to be as valid and binding as if service had been made upon the out-of- state principal broker and out-of-state licensee in this state;
(f) A statement that the out-of-state principal broker and out-of-state licensee are trustworthy and competent to transact business in a manner to safeguard the interests of the public, and that during the five (5) year period prior to the filing of the notice of affiliation:
1. No state has revoked the real estate license of the out-of-state principal broker or out-of-state licensee pursuant to a disciplinary action; and
2. Neither the out-of-state principal broker nor the out-of-state licensee has been convicted of a felony in any jurisdiction; and
(g) A statement that the out-of-state principal broker and out-of-state licensee each consent to any criminal records check undertaken by the commission in connection with any investigation pursuant to KRS § 324.150.
(2) A notice of affiliation shall be true and complete and shall be signed or otherwise authenticated under penalty of perjury by both the out-of-state principal broker and out-of-state licensee.
(3) An out-of-state principal broker and out-of-state licensee may enter into cooperation agreements and notices of affiliation with respect to more than one (1) Kentucky
cooperating broker.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 156, sec. 3, effective July 15, 2008.
Kentucky cooperating broker and shall include the following:
Terms Used In Kentucky Statutes 324.237
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Affiliation: means the relationship agreed upon between a licensee and a principal broker and reported to the commission, where the licensee places his or her license with the principal broker for supervision of the licensee's real estate brokerage activity. See Kentucky Statutes 324.010
- Broker: means any person who is licensed under KRS §. See Kentucky Statutes 324.010
- Commission: means the Kentucky Real Estate Commission. See Kentucky Statutes 324.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Principal broker: means a person licensed as a broker under KRS §. See Kentucky Statutes 324.010
- Real estate: means real estate in its ordinary meaning and includes timeshares, options, leaseholds, and other interests less than leaseholds. See Kentucky Statutes 324.010
- Revoked: means the status of a license when disciplinary action has been ordered that removes the licensee's legal authority to broker real estate for a minimum of five (5) years. See Kentucky Statutes 324.010
- Service of process: The service of writs or summonses to the appropriate party.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(a) The name, firm name, firm address, firm telephone number, and real estate license number of the Kentucky cooperating broker;
(b) The name, firm name, firm address, firm telephone number, address for service of process, and current real estate license numbers and jurisdictions of licensure of both the out-of-state principal broker and out-of-state licensee;
(c) The effective date and a definite termination date of the corresponding cooperation agreement between the Kentucky cooperating broker and the out- of-state principal broker;
(d) An agreement that the out-of-state principal broker and out-of-state licensee shall:
1. Each comply with and be subject to KRS § 324.235 to KRS § 324.238, Kentucky law, and administrative regulations promulgated by the commission;
2. Not engage in improper conduct as set out in KRS § 324.160(4); and
3. Ensure that all documentation pertaining to transactions falling within the scope of the cooperation agreement complies with Kentucky law;
(e) The irrevocable consent of the out-of-state principal broker and out-of-state licensee that legal actions may be commenced against them in the proper court of any county in this state in which a cause of action may arise or in which the plaintiff may reside, by the service of process on the Kentucky Secretary of State pursuant to KRS § 454.210, and stipulating and agreeing that service of process on the Kentucky Secretary of State shall be taken and held in all courts to be as valid and binding as if service had been made upon the out-of- state principal broker and out-of-state licensee in this state;
(f) A statement that the out-of-state principal broker and out-of-state licensee are trustworthy and competent to transact business in a manner to safeguard the interests of the public, and that during the five (5) year period prior to the filing of the notice of affiliation:
1. No state has revoked the real estate license of the out-of-state principal broker or out-of-state licensee pursuant to a disciplinary action; and
2. Neither the out-of-state principal broker nor the out-of-state licensee has been convicted of a felony in any jurisdiction; and
(g) A statement that the out-of-state principal broker and out-of-state licensee each consent to any criminal records check undertaken by the commission in connection with any investigation pursuant to KRS § 324.150.
(2) A notice of affiliation shall be true and complete and shall be signed or otherwise authenticated under penalty of perjury by both the out-of-state principal broker and out-of-state licensee.
(3) An out-of-state principal broker and out-of-state licensee may enter into cooperation agreements and notices of affiliation with respect to more than one (1) Kentucky
cooperating broker.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 156, sec. 3, effective July 15, 2008.