Property Management requirements in Kentucky
Must Kentucky property management companies have a real estate brokerâ€™s license?
YES. Property management is expressly considered a real estate brokerage act requiring a real estate brokerâ€™s license. Property management is defined as:
the overall management of real property for others for a fee, compensation, or other valuable consideration, and may include the marketing of property, the leasing of property, collecting rental payments on the property, payment of notes, mortgages, and other debts on the property, coordinating maintenance for the property, remitting funds and accounting statements to the owner, and other activities that the commission may determine by administrative regulation.
Are there any exceptions to the requirement that a property manager have a real estate brokerâ€™s license?
Yes. For example, a person engaged in property management does not need to be licensed if they are a regular employee of the owner or principal broker of the company engaged in property management. In addition, a real estate brokerâ€™s license is not required if the person engaged in property management receives as his or her primary compensation the use of a rental unit.
Before hiring a property manager to manage your Kentucky rental property, you should always check that he or she is licensed appropriately. You can check the license status of Kentucky property managers and the Kentucky Real Estate Commissionâ€™s Public Database Search.
Must Kentucky community association managers have a real estate brokerâ€™s license?
NO. A brokerâ€™s license is not required to manage community associations or condo associations in Kentucky.
Kentucky Real Estate Broker Licensing Requirements
Kentucky real estate broker licensing requirements include:
Kentucky Real Estate Salesperson Licensing Requirements
Kentucky real estate salesperson licensing requirements include:
All active Kentucky real estate licensees are required to carry errors and omissions insurance as a condition of licensure.
IMPORTANT: This information is intended for informational purposes only and under no circumstances should it be considered legal advice or relied upon without first confirming its contents with your state real estate commission. Laws are updated frequently, and this information may not reflect the current law in your state. To confirm the specific requirements for each state, please contact your state real estate commission.