View as a webpage  /  Share

Commission Newsletter | March 2021

Deadline to Renew with License Extension

Executive Order No. 21-02 extended certain license expiration dates to March 31, 2021.

All complete renewal applications for licenses that were to expire from April 30, 2020 to March 1, 2021 will be considered timely if received by the Commission on or before March 31, 2021. The Commission will consider the renewal application late if it is received after March 31, 2021 and a late fee will apply to applicants attempting renewal under those circumstances pursuant to K.S.A. 58-3045(c).

Login to E-Gov to check CE and renew your license. Brokers, you can check license expiration dates for affiliated licensees by generating a current roster here.

Not Enough Money Can Kill Your Deal

Buying and selling real estate can be both exciting and scary for buyers and sellers. With so much to consider, the process can become overwhelming. One item often overlooked is the amount of closing costs associated with the transaction. A buyer approved for a $150,000 mortgage may assume this allows them to purchase a home for $150,000 with no additional costs. A seller who receives an offer for $150,000 may not account for all fees when deciding to accept an offer.

Kansas law requires licensees to inform the buyer, at the time the offer is made, and the seller, at the time the offer is presented, that certain closing costs must be paid and the approximate amount of such costs. This allows the buyer to adjust their offer accordingly and the seller to be fully informed before deciding to accept an offer.

Some licensees do not provide the buyer with the amount of closing costs at the time the offer is made because they believe the lender has provided this information. In addition, some licensees provide the closing cost information to the seller when the property is listed instead of when an offer is presented. Neither of these situations are compliant with Kansas law. Providing the closing cost estimate to your buyers or sellers, at the appropriate time, can help ensure everyone has considered the financial outcome of the transaction.

To better understand this requirement, refer to K.S.A. 58-3062(a)(16) and discuss it with your supervising broker.

New Features from KREC: Text Message Notifications

Opt-in to receive the Commission Newsletter and Commission Check In via text message. Visit the News section of the KREC website to subscribe via email and/or text message. You will be directed to a new page where you can update the Subscription Type to include SMS/Text Message delivery.

Also new, to receive notice of future Commission meetings or changes to the Commission meeting schedule visit the Meetings section of the KREC website to subscribe via email and/or text message.

Disciplinary Actions

Revocations, suspensions, and aggregate fines greater than $500 issued 02/17/21- 03/23/21.

Upcoming Events

• April 1: BRRETA Course
• April 7: Broker Supervision Course
• May 17: Commission Meeting

Errol Wuertz | Chair, 1^st District
Bryon Schlosser | Vice Chair, 2^nd District
Joseph Vaught | 3^rd District
Sue Wenger | 4^th District
Jacqueline Kelly | Public Member

—————————

Erik Wisner | Executive Director
Laura Kelly | Governor

krec@ks.gov

krec.ks.gov

(785) 296-3411

Jayhawk Tower
700 SW Jackson St
Suite 404
Topeka, KS 66603

Licenses are renewed every two years. Check your expiration date here.