Okay, granted we’re not exactly Facebook with 500 million users, but we are quickly approaching our 4,000th account being created in our learning management system. Considering the limited number of real estate agents in Kentucky, that now easily makes us the largest real estate school in Kentucky. We’re always appreciative of the support from agents/brokers promoting our online courses so not only will the person who creates the 4,000th account receive some goodies, if an existing agent/broker referred them, we’re going to be providing a special gift for them as well. Stay tuned for the big announcement.

We just wanted to say thanks to all of you who have referred business to us over the past few years.  It seems like yesterday when we were the first ever online provider of online Kentucky approved 96 hour online real estate class credit. We’re now the largest pre-license real estate school in Kentucky and we continue to grow as we strive to help people achieve their dream of a career in real estate and help busy agents complete their continuing education when it’s convenient for them.

It’s happening everywhere as companies try to squeeze every little bit they can from consumers. Airlines are charging extra for bags, cans of soda and even window seats. If you look at your bill, cell phone companies have taken extra charges to an entirely new level. It seems fuel surcharges are now on everything, but we have some good news. Our low prices on online Kentucky approved pre-license courses are still all inclusive and include textbooks, free shipping, our cram course and our exclusive “No pass No Pay Guarantee.” The total course fee is now only $599 and  covers the entire cost of your education in order to meet the requirements of the Kentucky Real Estate Commission. Of course you could spend hundreds more for tuition, pay extra for study material and/or books and even more for gas to drive to a boring classroom, but why would you?

On July 15, 2008, four new statutes became effective, which now allow an out-of-state broker or out-of-state licensee to practice real estate in Kentucky as long as they follow certain requirements. These statutes only apply to commercial real estate and an individual practicing residential real estate in Kentucky must still be licensed in this state.

The out-of-state licensee must work under direct supervision of an out-of-state principal broker, and the out-of-state principal broker must enter into a written cooperation agreement with a Kentucky cooperating broker.

The Kentucky cooperating broker must be a licensed principal broker in the state of Kentucky. The agreement must contain all the terms outlined in KRS 324.236(2). (There is a sample form on our website.) The out-of-state licensee or broker must follow certain statutory requirements.
They must work with a Kentucky cooperating broker; they must limit their brokerage activities to those outlined in the cooperation agreement; they must hold escrow funds inside the state; and they must keep the Kentucky cooperating broker informed.

These are just a few of the statutory requirements that must be followed. For the precise language of the new law, please see KRS 324.235-KRS 324.238 on our website. The out-of-state principal broker is also required to file a Notice of Affiliation with the Kentucky cooperating broker. The Notice must contain the out-of-state principal broker’s or licensee’s name, firm name, firm address and telephone number, along with the terms specified in KRS 324.237. The Notice must give irrevocable consent to lawsuits being filed against the out-of-state licensee or broker and consent to service.

The Notice requires a statement that, during the prior five year period, the out-of-state principal broker or out-of-state licensee has not been subject to a disciplinary action or been convicted of a felony. The new commercial laws provide that the Commission may levy sanctions and penalties against an out-of-state broker or out-of-state licensee who violates these new laws. These sanctions may include levying a $1000.00 fine, issuing a formal or informal reprimand, reporting to the licensing authority of any state, revoking the authority to broker commercial real estate in Kentucky, publishing the sanctions imposed, and reporting suspected violations to the Commonwealth Attorney’s office. If you have any questions, please contact the Commission’s Legal Department for clarification.

Reprinted with Permission of Kentucky Real Estate Commission
Author- Kristen L. Reece (Staff Attorney)

Well it’s like this. Kentucky has completely changed the law when it comes to granting “reciprocal licenses.” The Kentucky Real Estate Commission (KREC) has transitioned to a new system called “license recognition.”

What’s the difference? Under the old system an agent licensed in anther state could get licensed in Kentucky, but it was based on which state they were licensed in and whether Kentucky had a reciprocal license agreement with that other state. If you were licensed in Ohio, you had to take a 48 hour Kentucky law class, but if you were licensed in Tennessee you didn’t even have to take the licensing exam. This new system changes that because now everyone currently licensed in another state will be treated exactly the same. It’s actually much easier to apply for a license in Kentucky now because the applicant no longer needs a broker licensed in Kentucky, no longer needs any additional education, and residency is no longer an issue. (Reciprocal licenses were for out of state agents only)

This almost sounds too good to be true, but the Kentucky Real Estate Commission is going to give an existing agent/broker in another state equivalent credit for what they’ve already completed and merely ask them to fulfill two standard license requirements.

1) Everyone that’s licensed in Kentucky must complete an FBI background check

2) Everyone that’s licensed in Kentucky must pass the law licensing exam with a 75% or higher score

If you’re background check is clean, that’s pretty much it. In addition, out of state brokers are really going to benefit when getting licensed here in Kentucky because there’s no longer a “Kentucky Broker Management Course” required or any additional educational hours. Keep in mind, this only applies if you are a broker in another state getting licensed in Kentucky. You’ll be applying directly to become a broker in Kentucky upon passing the broker exam. If you are an existing agent in Kentucky attempting to get your broker license, you still have to meet the broker education requirements which include additional hours and the required broker management course. It’s just the existing brokers are being given credit for the education they’ve already taken in their state.

A couple of points to keep in mind for the new license recognition laws in the state of Kentucky. The agent licensed in another state can’t be in escrow, have an inactive license, or a license that has been canceled. They will also need to provide documentation from every state they’ve ever been licensed in (current and past) that their license is/was in good standing and no action is pending against them.

What’s the bottom line? The KREC has made it much easier for most agents in other states to also get licensed in Kentucky. This is particularly true for agents in Ohio who no longer have to take a 48 hour law course. In some states like Tennessee there is a downside. Tennessee licensees used to be able to get a license without testing but now everyone has to take the licensing exam. If you are in good standing with your current real estate commission(s) now and you can pass the Kentucky law license exam, you’ll soon be licensed in Kentucky, but you might want to start studying now as the license exam costs $100 every time you have to take it. (One would be the preferred number)

If you have any questions about the changes in law or the new license recognition policy, we recommend you contact the Kentucky Real Estate Commission directly as they may be refining their regulations/views over the next few weeks. We have reviewed the law changes, asked them for clarification on certain issues and even sent this article to them for comments, but they obviously have the final say in whether you get licensed or not and exactly what it takes for you to become licensed.

Click here for 8 Minute Video on Material Included in study guide/cram course

Todd (Renegade) Thornton has officially announced that Thornton’s Real Estate Academy is currently the only real estate school in Kentucky approved by the Department of Defense to accept the Military Spouse Career Advancement Account Tuition Assistance program. (We believe we may have actually been the first real estate school in the country to be included on the approved list)

If you have a spouse that’s currently in the military it’s possible you might qualify for up to $6,000 dollars to advance your education and since our entire 96 hour online Kentucky pre-license course is less than $600, you’ll have quite a bit of eligibility left over for other courses or even advanced real estate broker courses if you wanted to prepare to run a real estate office. If you are not aware of this special trial program to improve job portability options and would like additional information please click here.

Once we receive notification of your approval, your textbook/material will be sent the next day via United States Priority Mail so you won’t be delayed in starting the course. If you’d like to preview our state of the art learning management system or would like additional information on our courses, please click here.