6 3. Can an affiliated broker work as a licensee for a real estate management company while he is linked to the broker`s principal broker linked to another real estate company. ANSWER: No. UNLOCKING EARNEST MONEY DEPOSITS 1. Should the senior broker who holds the funds start the KRS release process (6) when contractors compete over serious money held in a senior broker trust account? ANSWER: No. The principal is able, but not should, to start the release process in KRS (6). 2. Does a provision in the sales contract stipulating that serious money will be repaid if the buyer cannot obtain financing authorizes the release of funds by a senior broker in his trust account? ANSWER: No. KRS (4) and (6). KRS (4) finds that none of the contractual filings are withdrawn until the contract is executed, by written agreement between all parties or by a decision of a competent court, unless authorized in paragraph 6 of this section.
(Added highlight.) In particular, KRS (6) was amended on June 25, 2009 to load into a relevant part: If it has been informed that one (1) or more contractors intended not to execute, the broker may initiate the unlocking process. Before the statute was amended on June 25, 2009, the provision (above) contained an additional language that was removed because it was confusing. The additional language that has been deleted is underlined below: If it is informed that one (1) or several contracting parties do not intend to pay, the broker may release the contract deposit, as stipulated in the contract, or if no provision is provided in the contract, the broker may initiate the release process. (Added highlight.) 6 3 CONTRACTS 1. Is a single show arrangement a list deal? ANSWER: No, it`s a commission agreement. (See Appendix 15 fortnight, which contains a copy of a single-time display agreement approved by the CREC (form L105) and a real-time trade show agreement (form L106) approved by the CREC. 2. When I read 201 KAR 11:250, it tells me that whatever type of change you have on a list contract, this change must be signed by the seller. For me, this would involve rebates, extensions and any changes that can be made to the original contract since the original contract was signed. Can you tell me if I`m interpreting it correctly? I am told that news can be accepted for these kinds of changes.
ANSWER: In accordance with item 201 KAR 11:250, section 1(8), all changes to a list contract must be properly initialized, dated and time-limited. 3. Note: A private lawyer should be contacted for legal advice on: a. Violation of contractual issues; B. The status of the Kentucky Non-Resident Escheat (KRS); c. The right to pledge the Kentucky broker (KRS); d. fixtures versus personality issues (i.e. personal property); and e. Time is the key. ADVERTISING OBLIGATIONS 1. We had a discussion here at work about disclosing a death during the sale of a home or property in Kentucky.
I had the impression that it was a state law that required the disclosure of information about death at the time of the sale. What does the law want? REPONSE: Since June 24, 2003, KRS has regulated an agent`s disclosure requirement. Under this law, real estate agents are not required to disclose in advance the stigma associated with a property, such as murder, suicide or a violent crime that occurred in the dwelling.