Updated August 02, 2023
A Kentucky real estate agent listing agreement is used to grant a real estate agent the legal right to represent a property owner in a transaction for the sale of a property. The listing agreement will specify various conditions under which the property must be sold. Such conditions will address the type of listing (e.g., open listing, exclusive right to sell), the term of the agreement’s validity, marketing strategies, the desired sales price, and the commission granted to the realtor upon completing the transaction. In most scenarios, the realtor will be given a commission based on a percentage of the total purchase price. Commission terms can vary depending on the realtor and seller’s preferences.
Agency Disclosure Forms (201 KAR 11:121 – Section 5) – Kentucky licensees are required to provide disclosure to prospective clients before receiving any confidential information and before agreeing to represent the party in a real estate transaction. The licensee must complete one (1) of the following forms (the form selected by the licensee will be dependant on company policy):
- Consumer Guide To Agency Relationships (For Companies That Allow Only Dual Agency Model Policy)
- Consumer Guide To Agency Relationships (For Companies That Allow Designated Agency & Dual Agency Model Policy)
According to 201 KAR 11:121 – Section 6, when a buyer makes an offer to purchase, and that offer is reviewed by the seller, the client of the licensee must sign either an Agency Disclosure Statement for Seller or an Agency Disclosure Statement for Buyer (whichever applies).
Dual Agency (§ 324.121(2)) – Legal in Kentucky. The agent will need to acknowledge dual agency by selecting the first box in Section III of the Agency Disclosure Statement (available above).
Property Disclosure Statement (§ 324.360) – Property sellers will need to complete this disclosure and make it available to buyers after creating a listing agreement or similar document. The disclosure provides prospective buyers with a report on the material condition of the seller’s property.
Search a Licensee – A search function allowing users to verify the license of a Kentucky real estate agent.
Other Versions
Kentucky RE Commission (Exclusive Right-to-Sell) – PDF
Kentucky RE Commission (Land only) – PDF