For purposes of KRS 324.235 to 324.238: (1) A person licensed in a jurisdiction where there is not a legal distinction between a real estate principal broker and a real estate broker or salesperson shall satisfy the requirements of an out-of-state principal broker; (2) Preliminary exchanges of information and materials, discussions, and investment or other advice pertaining to commercial real estate shall not constitute a cts of real estate brokerage by out-of-state principal brokers or out-of-state licensees; (3) If any change in circumstances prevents compliance by the out -of-state principal broker or out-of-state licensee, that person shall immediately cease and desist f rom performing acts of real estate brokerage with respect to commercial real estate; and (4) The commission may impose one (1) or more of the following sanctions or penalties against an out -of-state principal broker or an out -of-state licensee for failure to substantially comply with KRS 324.235 to 324.238 or for engaging in improper conduct as set out in KRS 324.160(4): (a) Levy fines not to exceed one thousand dollars ($1,000); (b) Issue a formal or informal reprimand; (c) Report misconduct to the licensing authority of any state; (d) Revoke or suspend the authority of the out -of-state principal broker or out-ofstate licensee to perform acts of real estate brokerage with respect to commercial real estate; (e) Publish and maintain a public registry of any sanctions or penalties imposed pursuant to this subsection; and (f) Report suspected violations of KRS Chapter 523 to the Commonwealth's attorney of the county in which the office of the commission is located.
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