Kentucky REALTOR® News

Understand the August 1 changes to HUD-1, closing process

Feb 27, 2015
The days of filling out the HUD-1 settlement form and getting a Good Faith Estimate (GFE) from the lender are winding down. On August 1, those two forms are going away. The Truth in Lending Act (TILA) disclosure form is going away, too. Replacing them are two new forms: the Closing Disclosure and the Loan Estimate. You can familiarize yourself with these new forms on the website of the Consumer Financial Protection Bureau (CFPB), which has taken over administration of the Real Estate Settlement Procedures Act (RESPA) from HUD. Just go to and type in the name of the forms in the search box. Read More

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HB149: Post-license education

Feb 23, 2015

State Representative Tommy Thompson filed the bill on January 8th and it has been amended by HCS. This legislation will require 48 hours of education within two years after a person receives a real estate sales license; and does not affect current licensees. Increased education helps protect the public and better ensure real estate licensees maintain an acceptable level of industry knowledge throughout their career. Here is the current status timeline:   

  • Jan 8 - introduced in House
  • Jan 9 - to Licensing & Occupations (H)
  • Feb 4 - posted in committee
  • Feb 11 - reported favorably, 1st reading, to Consent Calendar with Committee Substitute
  • Feb 12 - 2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Tuesday, February 17, 2015; taken from the Consent Orders of the Day, placed in the Regular Orders of the Day for Friday, February 13, 2015

To view the bill status, click here. To learn more about the bill, click here or watch the video explaining the bill here.

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SB123: Dog bite legislation for property owners

Feb 22, 2015
Currently, under Kentucky state law, property owners are responsible for their tenants dog if the animal attacks or bites someone. As it states, the "owner," when applied to the proprietorship of a dog, includes "every person having a right of property in the dog and every person who keeps or harbors the dog, or has it in his care, or permits it to remain on or about premises owned or occupied by him." This bill would exclude the property owner if the owner is acting as a landlord for a tenant who owns such a dog by amending KRS 258.095 - modifying the definition of persons who would qualify as the owner of a dog for purposes of that chapter. To view the bill status, click here.  To learn more about the bill, click here to watch the video.



returned to Agriculture (S)



1st reading



taken from Agriculture (S)



to Agriculture (S)



introduced in Senate

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ListHub will stop sending Trulia listings

Feb 20, 2015
Following the recent decision to stop sending listings to Zillow, ListHub announced it will also stop supplying listings data that it aggregates from more than 560 multiple listing services to Trulia, having terminated its syndication agreement with the nation’s second most visited real estate search portal in the wake of its acquisition by Zillow. Read More
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Kentucky unemployment hits near seven year low at 5.7%

Jan 23, 2015
Kentucky’s seasonally adjusted preliminary unemployment rate nearly matched the U.S. rate as it plunged to a preliminary 5.7 percent rate in December 2014 from a revised 6 percent in November 2014, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet. This is the lowest rate for the state since February 2008 when it was 5.7 percent. The U.S. seasonally adjusted jobless rate for December 2014 declined to 5.6 percent from 5.8 percent in November 2014, according to the U.S. Department of Labor. Kentucky’s preliminary December 2014 jobless rate was 2.2 percentage points below the 7.9 percent rate recorded for the state in December 2013. Read More
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Kentucky REALTORS hosting Gubernatorial Candidate Forum at upcoming meeting

Jan 21, 2015
At the upcoming Legislative & Business Meetings, the Kentucky Association of REALTORS is hosting a forum for gubernatorial candidates to speak about their outlook, views and goals in the upcoming election and how their campaign plans to address the future of Kentucky specifically when it comes to real estate. Each candidate will have a few minutes to speak and then the floor will open for questions from the membership. Members of KAR are invited to attend and find out first-hand what is important to each candidate leading up to the May primaries and the general election in November. The official filing deadline is January 27 and KAR will continue to reach out to all candidates who file to run for office. Read More 
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TRIA signed into law with 6 year extension

Jan 15, 2015
On Jan.  12, President Obama signed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, into law. On Jan. 7 the House passed H.R. 26, by a vote of 416-5; the following day, the Senate passed it by a vote of 93-4.  This follows strong advocacy efforts by NAR in support of reauthorization, including many visits to Congressional offices, letters to both the House and Senate, and participation as a steering committee member in the Coalition to Insure Against Terrorism (CIAT). Read More
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KAR to fill Delegate at-large vacancy

Jan 15, 2015

The Past Presidents Committee announces a vacancy for the position of Delegate at-Large. In accordance with the KAR Bylaws, a successor for the remainder of the term will be made by a majority vote of the Board of Directors. The Delegate at-Large term ends December 31, 2015.

Those interested in serving as Delegate at-Large for the remainder of the term should contact their KAR Region Director to let them know that you would like to be considered for this vacancy. The Board of Directors will hold the election at the Legislative & Business Meeting in February. 

Information regarding the responsibilities of Directors of KAR can be found in the KAR Bylaws and KAR Policies and Procedures Manual.  

If you have any questions, please contact Julie Johnson at KAR at 800-264-2185 or by email 

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Harris named KAR Director of Governmental Affairs

Jan 15, 2015
The Kentucky Association of REALTORS® (KAR) announces that David C. Harris has been hired as the Director of Governmental Affairs. David comes to KAR with a strong and impressive background in political campaigns, governmental affairs, advocacy and non-profit associations. 

He has served as a field representative for a major political party and worked on local, state, and federally related political campaigns. Earlier in his career, David served as a programs and advocacy manager for the Kentucky Southeast Indiana Chapter of the National Multiple Sclerosis Society and as a legislative assistant for the Kentucky Transportation Cabinet. David also served as the manager of government affairs for Greater Louisville Inc. - the Metro Chamber of Commerce. While working with Greater Louisville Inc., he researched numerous political issues including tax issues and immigration policy while advocating for proposals that encouraged business leaders to take action on other local issues. 

“David came to KAR with just the right balance of legislative, advocacy and non-profit experience,” said Joe McClary, KAR’s CEO. “He also understands and loves Kentucky which is one of the reasons we are thrilled he has joined our team.”

David’s primary responsibility at the Association will be to promote and defend homeownership and private property rights across the state. He is married to Jennifer and they have two children.
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Kentucky special election for Senate seat has candidates

Jan 12, 2015

Democrats and Republicans in the 27th Senate District nominated their candidates on Saturday for a special election to fill a vacancy by newly sworn-in Rowan County Judge-Executive Walter Blevins, kickstarting the state’s first campaign of 2015.

The Kentucky Democratic Party announced more than 100 gathered in Morehead early Saturday to select Maysville attorney Kelly Caudill as the party’s nominee for the March 3 special election.

Republicans in the district’s GOP committees named Millersburg real estate attorney and cattle farmer Steve West their candidate at a meeting in Flemingsburg Saturday afternoon, according to a Republican Party of Kentucky news release. Read More
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Kentucky Representatives elect leadership

Jan 07, 2015
House Republicans re-elected their longtime leader on Tuesday despite growing frustration in the party that Kentucky remains the only Southern state with a Democratic-controlled legislature. Democrats re-elected House Speaker Greg Stumbo, who faced no opposition. Stumbo has said for months he was waiting until the election for speaker to decide if he would challenge Attorney General Jack Conway for the Democratic nomination for governor this year. Read More
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Kentucky firms see price fixing claims dismissal upheld

Jan 06, 2015

A federal appellate court affirms dismissal of class-action lawsuit brought by home sellers who claimed that local brokerages had conspired to fix commission rates in violation of federal antitrust laws.

A group of home sellers (collectively, “Sellers”) filed a lawsuit against a number of local brokerages and some of their corporate parent companies.  The lawsuit alleged that the brokerage firms had entered into an illegal arrangement to fix commission rates, demonstrated by the fact that they all charged a similar rate and the commission rates hadn’t decreased despite a rise in the average home sale price. Read More

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Terrorism Risk Insurance reauthorization fails to pass Senate

Dec 18, 2014

The following is a statement by National Association of Realtors® President Chris Polychron:

“The U.S. Senate’s alarming failure to renew the federal terrorism risk insurance program before adjournment will stall commercial real estate development around the country. The Senate missed an opportunity to approve a six-year reauthorization of the Terrorism Risk Insurance Act, which passed the U.S. House of Representatives with overwhelming bipartisan support.

“TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack and allows the U.S. to maintain a stable terrorism insurance market so employers can invest in properties and create jobs without assuming the risk and liabilities of a terrorist attack. Terrorism risk insurance is also a requirement of many existing commercial mortgage balances, so those whose coverage will lapse at the expiration of TRIA will be in technical default of their mortgage terms. 

“Without action, terrorism insurance will become scarce and expensive, causing construction projects to stall, commercial property values to drop and the ongoing economic recovery to slow. Realtors® will work closely with Congress in the new year to swiftly reenact TRIA and provide much needed certainty to the market." Read More

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RealtorsĀ® applaud passage of legislation to extend key real estate tax provisions

Dec 17, 2014

The following is a statement by NAR President Chris Polychron:

“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.

Realtors® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed. We are grateful to Sens. Debbie Stabenow, D-Mich., and Dean Heller, R-Nev., and Reps. Tom Reed, R-N.Y., and Charlie Rangel, D-N.Y., for championing the provision.       

“The legislation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings.” Read More

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3 percent down payment mortgage makes a comeback

Dec 11, 2014
In an effort to open up lending to more low-income and first time home buyers, Fannie Mae and Freddie Mac announced Monday that they will start backing mortgages with down payments of as little as 3% of the home's price.

The new loans will only be doled out to those who buy private mortgage insurance, have a credit score of at least 620 and offer complete documentation of their income, assets and job status. And, to further mitigate risk, the agencies will require borrowers to receive home ownership counseling. Read More
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Contact KAR

859.263.7377 (local)
800.264.2185 (toll free)
859.263.7565 (fax)

161 Prosperous Place, Suite 100
Lexington, KY 40509