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2016 KREC Newsletter 2 - Summer (1)

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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 CONTENTS The Revised Seller's Disclosure of Property Condition Form . . . . . . . . . . . 1 Comments from the Chair - Escalation Clause Revisited . 2 From the Director's Desk - Licensee Safety . . . . . . . . . . . 3 KREC Hotline FAQ's. . . . . . . . 4 Post License & Continuing Education Q & A . . . . . . . . . . 6 The Date By Which The Closing Shall Occur . . . . . . . . 7 July Commission Meeting Coming to Lexington . . . . . . . 7 FBI Fingerprint Process . . . . 9 Disciplinary Actions . . . . . . . 10 Steve Stevens Named CEO for the KAR . . . . . . . . . . . . . . 12 Internet Advertising . . . . . . . 12 Licensee Education Requirements Explained . . . 13 Issue No. 230, Summer On May 6, 2016, the amendments to the Seller's Disclosure of Property Condition regulation and form became effective. The revised form can be found on the KREC website under "Hot Topics." At the May 21, 2016 meeting, the Commission voted to delay the enforcement of the mandatory use of this form until September 1, 2016, to allow licensees an opportunity to utilize the forms they have and to restock with the new forms. However, immediate use of the form is encouraged, if this is not an issue, because the new form does require three new disclo- sures. It also defines "single-family residential real estate dwelling," and changes the terminology used to reference "flood plain" to "special flood hazard zone" and changes "roof" to roof covering (see, Winter 2016 Newsletter, Issue No. 225, page 5). In addition, formatting changes have added a "not applicable" (N/A) option and made the form easier to read. Frequently-asked questions regarding the revised Seller's Disclosure of Property Condition Form (SDF) are: The Revised Seller's Disclosure of Property Condition Form Became Effective on May 6, 2016 By: Rhonda K. Richardson General Counsel "Do licensees have to go back to all active listings and get an updated SDF, or is it [the new SDF] just for contract list- ings signed on or after May 6th?" The revised form should be used for transactions commencing on or after the effective date of May 6, 2016. Enforcement of the use of the revised form will begin September 1, 2016. • Continued on Page 5

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