KREC Regulation Changes
Kentucky REALTORS® (KYR) represents more than 12,000 REALTORS who are involved in all aspects of real estate, including residential and commercial real estate brokers, sales agents, developers, builders, property managers, office managers, appraisers, and auctioneers. KYR appreciates the open process by which these regulations were developed and for allowing our organization and others in our industry to provide input and feedback. We appreciate the hard work and time each of the Commissioners and staff at the KREC have put into the process as well as all attempts to make improvements in the real estate profession in Kentucky.
KREC released potential changes to the following forms: Form 400 – Guide to Agency Relationships, Form 401 – Agency Consent Agreement – Seller and Buyer, Form 402 – Seller’s Disclosure of Property Conditions. The 2021 KYR GAC sent out a survey last year to request feedback on the forms. Once the feedback was compiled and thoroughly discussed, the GAC submitted a letter to the KREC for the Public Comment Hearing that reflects our opposition to some of the changes.
If you have any questions, please do not hesitate to contact KYR Government Affairs Director Richard Wilson at 859-263-7377 or by email at firstname.lastname@example.org.
A detailed outline of the changes the KYR Government Affairs Committee is opposed to will be released soon.
To read the testimony and comments delivered by KYR President Mike Inman to the KREC at the public comments hearing on June 22, 2022, click here.
2022 Proposed Regulations
Chapter 11 Real Estate Commission Regulation Links
- 011 Definitions for 201 KAR Chapter 11
- 105 Advertising
- 121 Improper conduct
- 121reg Standards of professional conduct
- 170 Education provider requirements
- 190 Consumer and administrative complaints; discipline; administrative hearings
- 210 Licensing, education, and testing requirements
- 210reg Licensing, education, and testing requirements
- 220 Errors and omissions insurance requirements