Chapter: Under Kentucky law, how long does a licensee have to notify the Kentucky Real Estate Commission (KREC) of a change of address? (EN)

Chapter: Under Kentucky law, how long does a licensee have to notify the Kentucky Real Estate Commission (KREC) of a change of address? (EN)

Legal Requirement: Notification of Address Change

Kentucky law mandates that all licensed real estate professionals maintain accurate and current contact information with the Kentucky Real Estate Commission (KREC). This ensures effective communication regarding regulatory matters, disciplinary actions, continuing education requirements, and other essential information. Failure to comply with this requirement can result in penalties, including fines and potential license suspension.

Kentucky Revised Statutes (KRS) and Kentucky Administrative Regulations (KAR)

The specific legal framework governing address changes is outlined in the Kentucky Revised Statutes (KRS) and further clarified by the Kentucky Administrative Regulations (KAR). These documents serve as the authoritative sources for determining the licensee’s obligation. Specifically, relevant sections address the responsibility of licensees to inform the KREC of any change in personal or business address.

• KRS Chapter 324: This chapter provides the general framework for real estate licensing in Kentucky. While it might not explicitly detail the timeframe for address changes, it establishes the authority of the KREC to promulgate regulations and enforce compliance.
• 201 KAR 11:121: This Kentucky Administrative Regulation, specifically pertaining to licensee duties and responsibilities, clearly articulates the requirements for notifying the KREC of address changes.

Timeframe for Notification: 10 Days

According to 201 KAR 11:121, Section 3 (1), a licensee is required to notify the Kentucky Real Estate Commission (KREC) of any change of address within ten (10) days of the change. This includes both residential and business addresses. The notification must be submitted in a manner prescribed by the KREC, typically through an online portal or written notification.

Importance of Timely Notification: Communication Efficiency

The 10-day notification requirement facilitates effective communication between the KREC and its licensees. Efficient communication is crucial for the following reasons:

1. Regulatory Updates: Licensees need to stay informed about changes in real estate laws, regulations, and policies. Timely address updates ensure that the KREC can disseminate this information effectively.

2. Disciplinary Actions: In the event of a complaint or investigation, the KREC must be able to reach the licensee promptly. An outdated address can hinder this process.

3. Continuing Education: Licensees are required to complete continuing education courses to maintain their licenses. The KREC uses the licensee’s address to send notifications and reminders about these requirements.

4. License Renewal: Address updates are essential for ensuring that license renewal notices are delivered to the correct location.

Methods of Notification

The KREC typically provides multiple methods for licensees to update their address information. These methods usually include:

• Online Portal: The KREC’s website often features an online portal where licensees can log in and update their personal information, including their address. This method is generally the most efficient and preferred way to update address information.
• Written Notification: Licensees may also submit a written notification of their address change to the KREC. This notification must include the licensee’s name, license number, old address, and new address. This notification must be signed and dated.

Consequences of Non-Compliance: Penalties and Disciplinary Action

Failure to notify the KREC of an address change within the required timeframe (10 days) can result in penalties, which may include:

• Fines: The KREC may impose a monetary fine for non-compliance. The amount of the fine will vary depending on the severity and frequency of the violation.

• Disciplinary Action: In more serious cases, the KREC may take disciplinary action against the licensee, such as license suspension or revocation.

Related Concepts: Licensee Responsibility and Due Diligence

The requirement to notify the KREC of an address change is a fundamental aspect of a licensee’s professional responsibility and due diligence. Licensees are expected to be proactive in maintaining accurate and up-to-date contact information with the KREC. This demonstrates a commitment to ethical and compliant practice.

Practical Application: Hypothetical Scenarios

Consider the following scenarios to illustrate the importance of adhering to the 10-day notification requirement:

1. Scenario 1: A licensee moves to a new residence on July 1st. They forget to notify the KREC. On July 15th, the KREC attempts to send a notification about a new regulation impacting escrow accounts. Because the licensee’s address is incorrect, they do not receive the notification and may inadvertently violate the new regulation.

2. Scenario 2: A complaint is filed against a licensee. The KREC attempts to contact the licensee using their old address. Because the licensee has not updated their address, they do not receive the notification and may be unable to respond to the complaint in a timely manner, potentially leading to disciplinary action.

Summary

Kentucky law, specifically 201 KAR 11:121, Section 3 (1), requires licensed real estate professionals to notify the Kentucky Real Estate Commission (KREC) of any change of address within ten (10) days of the change. This requirement is essential for maintaining effective communication between the KREC and licensees and ensuring compliance with regulatory requirements. Failure to comply can result in fines and disciplinary action.