{"data":{"id":"us-ky/krs-324.010","jurisdiction":"us-ky","citation":"KRS 324.010","heading":"Definitions for chapter.","body":"As used in this chapter, unless the context requires otherwise:\n(1) \"Real estate brokerage\":\n(a) Means a single, multiple, or continuing act of dealing in time shares or\noptions, selling or offering for sale, buying or offering to buy, negotiating the\npurchase, sale, or exchange of real estate, engaging in property management,\nleasing or offering to lease, renting or offering for rent, or referring or offering\nto refer for the purpose of securing prospects, any real estate or the\nimprovements thereon for ot hers for a fee, compensation, or other valuable\nconsideration; and\n(b) Includes advertising for sale an equitable interest in a contract for the\npurchase of real property between a property owner and a prospective\npurchaser;\n(2) \"Commission\" means the Kentucky Real Estate Commission;\n(3) \"Net listing\" means a listing agreement that provides for a stipulated net price to the\nowner and the excess over the stipulated net price to be received by the licensee as\nthe fee compensation or other valuable consideration;\n(4) \"Principal broker\" means a person licensed as a broker under KRS 324.046 who, in\naddition to performing acts of real estate brokerage or transactions comprehended\nby that definition, is the single broker responsible for the operation of the company\nwith which he or she is associated;\n(5) \"Real estate\" means real estate in its ordinary meaning and includes timeshares,\noptions, leaseholds, and other interests less than leaseholds;\n(6) \"Sales associate\" means any person licensed in accordance with KRS 324.046(2)\nthat is affiliated with a Kentucky-licensed principal broker and who, when engaging\nin real estate brokerage, does so under the supervision of the principal broker;\n(7) \"Approved real estate school\" means:\n(a) A school that has been given a certificate of approval by the Kentucky\nCommission on Proprietary Education or other regulatory bodies that exercise\njurisdiction over accreditation and approval and the Kentucky Real Estate\nCommission. The school shall also be currently in good standing with both\nthe Kentucky Commission on Proprietary Education or other regulatory\nbodies that exercise jurisdiction over accreditation and approval and the\ncommission; or\n(b) A National Association of Realtors recognized program which has been\nreviewed by the Kentucky Real Estate Commission and deemed an approved\nreal estate school;\n(8) \"Accredited institution\" means a college or university accredited by appropriately\nrecognized educational associations or chartered and licensed i n Kentucky that\ngrants credits toward a program for either an associate, baccalaureate, graduate, or\nprofessional degree;\n(9) \"Property management\" means the overall management of real property for others\nfor a fee, compensation, or other valuable consider ation, and may include the\nmarketing of property, the leasing of property, collecting rental payments on the\nproperty, payment of notes, mortgages, and other debts on the property,\ncoordinating maintenance for the property, remitting funds and accounting\nstatements to the owner, and other activities that the commission may determine by\nadministrative regulation;\n(10) \"Broker\" means any person who is licensed under KRS 324.046(1) and performs\nacts of real estate brokerage;\n(11) \"Designated manager\" means a l icensed sales associate or broker who manages a\nmain or branch office for the principal broker, at the principal broker's direction,\nand has managing authority over the activities of the sales associates at that office;\n(12) \"Regular employee\" means an emp loyee who works for an employer, whose total\ncompensation is subject to withholding of federal and state taxes and FICA\npayments, and who receives from the employer a fixed salary governed by federal\nwage guidelines that is not affected by specific real estate transactions;\n(13) \"Referral fee\" means consideration of any kind paid or demanded for the referral of\na potential or actual buyer, seller, lessor, or lessee of real estate;\n(14) \"Designated agency\" means a form of agency relationship that exists when  a\nprincipal broker, in accordance with KRS 324.121, identifies different licensees in\nthe same real estate brokerage firm to separately represent more than one (1) party\nin the same real estate transaction;\n(15) \"Affiliation\" means the relationship agreed upon between a licensee and a principal\nbroker and reported to the commission, where the licensee places his or her license\nwith the principal broker for supervision of the licensee's real estate brokerage\nactivity;\n(16) \"Canceled\" means the status of a l icense when a licensee fails to renew a license,\nwrites the commission a check for fees that is not honored, fails to re-affiliate with a\nprincipal broker, or fails to complete requirements for continuing or post -license\neducation;\n(17) \"Suspended\" means t he status of a license when disciplinary action has been\nordered against a licensee that prohibits the brokerage of real estate for a specific\nperiod of time;\n(18) \"Revoked\" means the status of a license when disciplinary action has been ordered\nthat removes the licensee's legal authority to broker real estate for a minimum of\nfive (5) years; and\n(19) \"Post-license education\" means the forty -eight (48) hours of commission -approved\neducation required within two (2) years of receiving or activating an initial  sales\nassociate license.","path":["KRS Chapter 324"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53889","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:19Z","sha256":"149e74d2525e08b38d9bbbf237b81c35fd49d3ebe6f6e2b522a1368b89472595","source_id":"us-ky","stale":false,"prev":"us-ky/krs-323a.990","next":"us-ky/krs-324.020"},"notice":"GroundRules: Original legal text. Not legal advice."}