Kentucky Statutes 324.235 – Definitions for KRS 324.235 to 324.238
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As used in KRS § 324.235 to KRS § 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.
(1) (a) “Commercial real estate” means any parcel of real estate located in this state that is:
Terms Used In Kentucky Statutes 324.235
- 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
- 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.
- 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
- Sales associate: means any person licensed in accordance with KRS §. See Kentucky Statutes 324.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
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.