Broker Cooperation Agreements
An individual licensed in another state in good standing (known as a foreign licensee) may list or sell Kansas commercial real estate without obtaining a Kansas real estate license by cooperating with a Kansas supervising broker or branch broker. This agreement is only applicable for transactions involving commercial real estate for which the present use is other than one to four residential units or for agricultural purposes. A complete Broker Cooperation Agreement must be submitted to KREC within five business days. The following requirements shall be included:
- The real estate is not improved with a single family residence.
- The foreign licensee agrees to comply with all applicable laws and regulations of the state of Kansas.
- All escrow funds concerning the commercial real estate must be held in Kansas in the trust account of the Kansas supervising or branch broker who is the party to this agreement or by a third-party escrow agent located in Kansas.
- The parties agree to keep each other informed of all showings and negotiations and to furnish each other copies of all documents related to any commercial real estate transaction required by Kansas law to be retained.
Read K.S.A. 58-3077 in its entirety to ensure all requirements are met and consult an attorney with legal questions.
Did You Know? KREC Monitors Courses
Amber Nutt | Director of Education and Communication
All approved continuing education (CE) and pre-license courses are subject to monitoring per K.A.R. 86-1-12. KREC staff monitors a variety of in-person and online courses each year and issues a Directive to the school coordinator for corrective action if requirements are not met. Common violations found during a course audit include failure to:
- Update content
- Monitor attendance
- Submit completion data to KREC timely or accurately
- Effectively instruct
- Align instruction time with minimum requirements
Your comments matter! Complete the short Education Feedback form to provide KREC with any positive or constructive feedback on an approved course.
Building Better Real Estate Relationships
The Brokerage Relationships in Real Estate Transactions Act (BRRETA) requires real estate licensees to provide the brokerage relationships brochure to prospective sellers and buyers at the first practical opportunity. A licensee should explain the brochure and all options available in detail to the consumer. The brochure and other disclosure forms available on the KREC website are approved by the Commission and comply with Kansas real estate license law. See K.S.A. 58-30,110 and K.A.R. 86-3-26 for more information. Below are common questions related to BRRETA:
Who is responsible for making sure the agency disclosure is correct?
Every licensee involved in a transaction is responsible for accurately disclosing brokerage relationships in the purchase contract or lot reservation agreement. If the brokerage relationship is incorrect, the error may be corrected in a counter-offer or amendment to the contract.
What are the brokerage relationship options when a broker has no affiliated licensees?
If the broker is the only licensee, designated agency is not an option. The broker may act as a seller's agent or a buyer's agent (not in the same transaction); as a landlord's agent or a tenant's agent (not in the same transaction); or as a transaction broker.
Can a licensee take their listings when they change company affiliations?
When a licensee enters a brokerage relationship with a client or customer, the licensee is doing so on behalf of the supervising or branch broker. The broker owns those agreements. If the broker chooses to release his or her clients or customers from their written brokerage relationship agreement (i.e. agency agreement or transaction broker agreement), the broker should be communicating with the client or customer directly. If the salesperson or associate broker communicates with a client or customer and, after that communication, the client or customer asks the broker to be released from their written agreement, disciplinary action may be taken against the salesperson or associate broker.
Review the information from the National Association of REALTORS® or contact an attorney on how to conduct business with the practice changes REALTORS® implemented August 17, 2024. The Commission has no jurisdiction over these changes.
Disciplinary Actions
Revocations, suspensions, and aggregate fines greater than $500 issued 12/04/24 – 01/28/25.
|
Docket
Number
|
Last
Name
|
First
Name
|
License
Number
|
Legal
Action
|
Effective
Date
|
|
25-2390
|
Aguirre
|
Raul
|
00247837
|
Fine
|
12/10/24
|
|
25-2414
|
Bond
|
Martha
|
00223702
|
Fine
|
12/10/24
|
|
25-2385
|
Lofton
|
Angela
|
00222850
|
Fine
|
12/10/24
|
|
25-2384
|
McCormick
|
Sheryl
|
00247646
|
Fine
|
12/10/24
|
|
25-2386
|
Rippen
|
Libby
|
00235459
|
Fine
|
12/10/24
|
|
25-2400
|
Wedman
|
Mark
|
00222832
|
Fine
|
12/10/24
|
KREC on Social Media
Follow us on social media for weekly posts on renewal reminders, compliance information, regulation spotlights, and more. Find us on these platforms:
Search the Statutes by Keyword
The online statute book (updated 12/27/24) contains the most current rules and regulations for Kansas licensees. Use these two methods to find what you need within the digital PDF document:
- Click the linked bookmarks to search by title.
- Tap Ctrl F on your keyboard to open a search box and browse by keyword.
If you prefer a paper statute book, you may also print the PDF at your convenience.
|
|
