KRS 324.160

324.160 Sanctions -- Grounds for sanctions. (1) The commission may order any or all of the following sanctions for violation of subsections (4) to (7) of this section: (a) Suspension of any license; (b) Revocation of any license; (c) Levy of fines not to exceed one thousand dollars ($1,000); (d) Placing of any licensee on probation for a period of up to twelve (12) months; (e) Requiring successful completion of academic credit hours or additional credit hours in real estate courses from an accredited institution or approved real estate school; or (f) Issuing a formal or informal reprimand. (2) A canceled license may be renewed if the licensee pays all necessary fees and meets all other active licensure requirements within one (1) year of the cancellation date. No licensee whose license is canceled shall engage in real estate brokerage during the period of cancellation or receive any compensation for real estate brokerage unless the compensation was earned prior to the effective date of the cancellation. (3) No licensee whose license is suspended shall engage in real estate brokerage or receive any compensation for real estate brokerage unless the compensation was earned prior to the suspension period. (4) The commission shall impose sanctions set out in subsection (1) of this section against a licensee for: (a) Obtaining a license through false or fraudulent representation; (b) Making any substantial misrepresentation or failing to disclose known defects which substantially affect the value of the property; (c) Making any false promises of a character likely to influence, persuade, or induce; (d) Pursuing a continued and flagrant course of misrepresentation or making false promises through agents or advertising or otherwise; (e) Acting for more than one (1) party in a transaction without the knowledge of all parties for whom the licensee acts; 1. A real estate licensee shall not directly or indirectly buy property listed with him or her or with the broker with whom the licensee is affiliated, nor acquire an interest therein, without first indicating in writing on the offer to purchase his or her status as a licensee; 2. Before a licensee becomes a party to a contract to purchase real property, the licensee shall disclose his or her status as a licensee to all parties to the transaction, in writing, on the sales contract or on the offer to purchase; 3. Before a licensee sells, or receives compensation for property in which the licensee owns an interest, the licensee shall disclose, in writing, any interest in the property to all parties to the transaction;