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2016 KREC Newsletter 1 - Winter

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K e n t u c k y R e a l E s t a t e N E W S A Publication of the Kentucky Real Estate Commission CONTENTS License Renewal . . . . . . . . . . 1 Comments from the Chair . . . . 2 From the Director's Desk . . . . . 3 KREC Hotline FAQ's. . . . . . . . 4 Seller's Disclosure of Property Conditions Form . . . . . . . . . . 5 Post License Education . . . . . . 6 Ten Ways to Ensure a Smooth Sailing Real Estate Transaction 7 Errors & Omissions Insurance . 8 FBI Background Report . . . . . 9 Disciplinary Actions . . . . . . . 10 2015 KREC Statistics . . . . . . . 10 Disclosure of Special Flood Hazard Area . . . . . . . . . . . . . 11 Mark Your Calendar . . . . . . . 12 Commission Meeting Schedule . . . . . . . . . . . . . . . 12 Issue No. 229, Winter 2016 Your license must be renewed by March 31, 2016, in order to avoid can- celation and a fine from $100 - $200. Online renewal is very easy. Below are some guidelines to help you get started. NAVIGATE TO THE KREC HOMEPAGE From the KREC website (krec.ky.gov) click on "Online Licensing Services" and type in your license number and the last four digits of your social security number. If you do not know your license number, click on the "Licensee Database" tab from the homepage and simply look up your license number by searching for your name. Principal bro- kers will need to also input their registration key, which was included in their principal broker mailing. UPDATE YOUR CONTACT INFORMATION The next step is to ensure that all of your contact information is correct. The KREC strongly encourages licensees to update this information as it changes and it is a requirement of license law. Having a valid email address is extremely important, as the KREC sends out reminders and notices by email. The KREC has already received hundreds of renewal reminders returned due to incorrect addresses. Having an incorrect address on file at the KREC is a violation of KY real estate license law. RENEW YOUR LICENSE Follow the on screen instructions, which will depend on your license sta- tus. Renewal fees for all licensees (both active and escrow) are $60.00. Active licensees will also need to purchase group errors and omissions insurance or show proof of private coverage. More information about errors and omissions insurance can be found on Page 8. All licensees will pay a transaction fee based upon the amount paid and the type of payment method. Remember that active licensees cannot renew until their principal broker has registered and renewed. PAYMENT CONFIRMATION Your renewal will not be complete until you receive "Payment Confirmation." Please print this for your records. Many licensees need this for tax purposes and it serves as your official record for your renewal. All Licenses Expire on March 31, 2016!

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