Updates to Kentucky Real Estate Commission Regulations
Legislative proposal in Kentucky requires agents to complete 12 hours of continuing education annually, sets new licensing periods, adjusts fees, and more. See comparison with surrounding states.
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Presentation Transcript
KENTUCKY REAL ESTATE COMMISSION Lois Ann Disponett, Chair, Kentucky Real Estate Commission H.E. Corder, Executive Director, Kentucky Real Estate Authority Heather Becker, General Counsel, Kentucky Real Estate Authority
Legislative Proposal Licensed agents will be required to complete 12 hours of continuing education annually, instead of 6 hours. Changes licensure period from one (1) year to two (2) years. Changes the terminology for licenses from escrow to inactive status Allows the Commission to set fees through administrative regulation Eliminates some microtransaction fees Caps remain set in statute Eliminates the requirement that the administrative coordinator of the Kentucky Real Estate Appraisers Board shall be a certified general or certified residential real property appraiser and shall possess not less than ten (10) years of experience as an appraiser within the Commonwealth of Kentucky.
Fees Broker s and sales associates original license and renewal fee - $100 ($20 annual increase) Recovery fund fee - $60 ($0 annual increase) Licensee brokerage transfer fee - $20 ($10 increase) Reactivation fee - $20 ($10 increase) Establishes caps for education provider and course review fees: Pre-licensing course review - $200 ($0 annual increase) Continuing and Post-license course review - $50 ($35 annual increase) Distance education course review - $75 ($0 annual increase) Removed microtransation fees: $10 certification of status with the Commission fee $10 request for change fee $10 instructor review fee Changes noted above are increases in caps and do not indicate automatic fee increases.
Surrounding State Comparison State Licensing Cycle and Fees Continuing Education Indiana $60 to apply $60 to renew 3 year license cycle 12 hours per year Tennessee $110 to apply $80 renewal 2 year license cycle 16 hours per year Missouri $50 plus $40/$80 to apply (Sales/Broker) $40/$50 to renew (Sales/Broker) 2 year license cycle 12 hours per license cycle Ohio $60/$100 to apply (Sales/Broker) $135/$180 to renew (Sales/Broker) 3 year license cycle 30 hours per license cycle West Virginia $25 plus $75/$150 to apply (Sales/Broker) $75/$150 to renew (Sales/Broker) 1 year license cycle 7 hours per year Virginia $150/$190 to apply (Sales/Broker) $$65/$80 to renew (Sales/Broker) 2 year license cycle 16/24 hours per license cycle (Sales/Broker) Illinois Initial, to apply/to renew, $125/$75 Managing, to apply/renew, $150/$100 2 year license cycle 6 hours for every year (plus a 12 hour managing broker course at renewal, when applicable)
Questions? H.E. Corder, Executive Director - harolde.corder@ky.gov Heather Becker, General Counsel - heather.becker@ky.gov Joseph Fawns, Legislative Liaison - joseph.fawns@ky.gov
