Kentucky Real Estate Listing Agreement

NECESSITY, FUNCTION, AND CONFORMITY: KRS 324.281 (5) and 324,282 require the Real Estate Commission, with the agreement of the Executive Director of the Kentucky Real Estate Authority, to adopt administrative provisions necessary to implement and enforce the provisions of Chapter 324 of Chapter KRS. KRS 324.121 authorizes a principal broker to designate a related licensee to act as an agent for a seller or renter, buyer or potential buyer or purchaser, excluding any other taker related to the principal broker. KRS 324.360 (2) requires the Commission to enact an administrative regulation authorizing the disclosure of conditions by a seller containing content in accordance with Directive 324.360 (3). KRS 324.160 (4) (e) authorizes the Commission to take disciplinary action when a licensee acts for more than one party in a transaction without the knowledge of all parties. This management regulation sets requirements for the designated agency; The form required for the seller to disclose the status of the property A specific procedure and a form of disclosure of past relationships between the parties in a housing transaction; standards and requirements to inform and define certain standards applicable to licensees and to protect the public with respect to the provision of signed documents, broker monitoring, retention of brokerage data, membership in commercial staff and termination, as well as written agreements between licensees and consumers regarding the provision of real estate agency services, including standards applicable to imitating the list and sales contracts; and behaviour that is considered inappropriate behaviour. Find a license – a search feature that allows users to check a Kentucky real estate agent`s license. The federal government has also passed the Truth Act (“TILA”) to ensure that consumers receive information on all fees and interest rates charged for financing a property. There are certain “trigger conditions” such as the amount of the down payment, the amount of the payment, the financing fee and the payment period. If any of these “trigger conditions” are used, the ads must also disclose the annual percentage, the necessary down payment and/or the repayment terms.

The Real Estate Settlement Procedures Act, commonly known as RESPA, was passed by Congress in 1974 to provide consumers with certain information and safeguards for home financing. ReSPA applies whenever a consumer receives a conventional loan, UNHA, VA or HUD. RESPA is administered by HUD.