KRS 324.238: Compliance with KRS 324.160(4) and 324.235 to 324.238 -- Sanctions and

penalties.

For purposes of KRS 324.235 to 324.238:

(1) A person licensed in a jurisdiction where there is not a legal distinction between a

real estate principal broker and a real estate broker or salesperson shall satisfy the

requirements of an out-of-state principal broker;

(2) Preliminary exchanges of information and materials, discussions, and investment or

other advice pertaining to commercial real estate shall not constitute a cts of real

estate brokerage by out-of-state principal brokers or out-of-state licensees;

(3) If any change in circumstances prevents compliance by the out -of-state principal

broker or out-of-state licensee, that person shall immediately cease and desist f rom

performing acts of real estate brokerage with respect to commercial real estate; and

(4) The commission may impose one (1) or more of the following sanctions or

penalties against an out -of-state principal broker or an out -of-state licensee for

failure to substantially comply with KRS 324.235 to 324.238 or for engaging in

improper conduct as set out in KRS 324.160(4):

(a) Levy fines not to exceed one thousand dollars ($1,000);

(b) Issue a formal or informal reprimand;

(c) Report misconduct to the licensing authority of any state;

(d) Revoke or suspend the authority of the out -of-state principal broker or out-of-

state licensee to perform acts of real estate brokerage with respect to

commercial real estate;

(e) Publish and maintain a public registry of any sanctions or penalties imposed

pursuant to this subsection; and

(f) Report suspected violations of KRS Chapter 523 to the Commonwealth's

attorney of the county in which the office of the commission is located.