New KREC Rule on Licensure Status and Ownership

On July 1, 2008, the Kansas Real Estate Commission approved changes to the language in Kansas real estate license law (K.A.R. 86-3-19) that specifies when a real estate licensee must make certain disclosures in the sales contract during a real estate transaction. The Commission approved a new definition of the term "interest" and expanded the disclosure requirements to include situations where a real estate licensee's immediate family member has an interest in the property subject to the transaction.  For more information, please access this article on the KAR website at http://takeaction.realtoractioncenter.com/ct/i7SFI4p1bSbH/.