As used in KRS 324.235 to 324.238, unless the context requires otherwise: (1) (a) "Commercial real estate" means any parcel of real estate located in this state that is: 1. Lawfully used primarily for sales, retail, wholesale, office, research, institutional, warehouse, manufacturing, or industrial purposes; 2. Lawfully used primarily for multifamily residential purposes involving five (5) or more dwelling units; or 3. Zoned for a business or commercial use by a planning unit acting pursuant to KRS Chapter 100. (b) "Commercial real estate" does not include single -family residential units such as condominiums, townhouses, manufactured homes, or homes or lots in a subdivision when sold, or residential units otherwise conveyed on a unit -byunit basis, even if t hose units are a part of a larger building or parcel of real estate containing more than four (4) residential units; (2) "Cooperation agreement" means a written co-brokerage, referral, affiliation, or other agreement or arrangement between an out -of-state principal broker and a Kentucky cooperating broker; (3) "Kentucky cooperating broker" means a principal broker licensed under this chapter who has entered into a written cooperation agreement with an out -of-state principal broker; (4) "Out-of-state principal broker" means an individual who is licensed as a real estate broker in a jurisdiction other than Kentucky, and who is the designated broker with whom one (1) or more out-of-state licensees are affiliated or associated; and (5) "Out-of-state licensee" me ans an individual who is licensed as a real estate broker or real estate sales associate in a jurisdiction other than Kentucky, and who is affiliated or associated with an out-of-state principal broker.
‹ Prev All Kentucky sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.