- An out-of-state licensee may render licensed services on a real estate transaction in cooperation with a KY broker based on a written cooperation agreement, under such local broker’s supervision.
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ReciprocityAny State* * Must pass the Kentucky State Law portion of the Kentucky Real Estate exam to qualify for "License Recognition." |
Specific to Kentucky- Principal Broker must maintain an escrow account at a Kentucky Bank. |
Reverse ReciprocityThese states specifically mention Kentucky in their Reciprocity: Nevada (Salesperson Only) These States recognize any other State licenses but may have additional requirements: Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington |
Customs
Attorneys conduct closings.
Conveyance is by grant deed or by bargain-and-sale deed. Deeds must show the name of the preparer, the amount of the total transaction, and the recording reference by which the grantor obtained title.
Mortgages are the principal security instruments because deeds of trust offer no power-of-sale advantages.
Enforcement of any security instrument requires a decree in equity, a judicial foreclosure proceeding.
Kentucky uses ALTA policies and endorsements.
Sellers pay closing costs; buyers pay recording fees. Responsibility for payment of title insurance premiums varies according to locale.
Property taxes are payable on an annual basis.
Conveyance is by grant deed or by bargain-and-sale deed. Deeds must show the name of the preparer, the amount of the total transaction, and the recording reference by which the grantor obtained title.
Mortgages are the principal security instruments because deeds of trust offer no power-of-sale advantages.
Enforcement of any security instrument requires a decree in equity, a judicial foreclosure proceeding.
Kentucky uses ALTA policies and endorsements.
Sellers pay closing costs; buyers pay recording fees. Responsibility for payment of title insurance premiums varies according to locale.
Property taxes are payable on an annual basis.