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Kentucky Legislature Takes a Stand for Consumers in 2006 Session - The Kentucky state legislature unanimously rejected a proposal by the Kentucky Real Estate Commission (KREC) that would have established certain minimum service requirements on real estate brokers in the state - KREC.ky.gov
Kentucky Legislature Takes a Stand for Consumers in 2006 Session

 

NewswireToday - /newswire/ - Elizabethtown, KY, United States, 2006/02/17 - The Kentucky state legislature unanimously rejected a proposal by the Kentucky Real Estate Commission (KREC) that would have established certain minimum service requirements on real estate brokers in the state - KREC.ky.gov.

   
 
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This legislation, had it passed in the original form proposed by the KREC would have made it an act of gross negligence on the part of brokers that did not provide home sellers with a certain level of service whether they requested it or not. Additionally it would have limited the choices available to consumers of real estate service in the state.

The prospect of passing this law was opposed by the US Justice Department Antitrust Division, The Federal Trade Commission, The American Homeowners Grassroots Alliance, and many real estate brokers and consumer groups because it was viewed as anti-competitive and harmful to consumers.

“Consumers should be able to select the level of service that they want from a real estate broker and not be expected to pay for services they don’t want or need” according to the US Department Of Justice Anti Trust Division, which has opposed similar legislation in nearly a dozen other states.

The Kentucky Real Estate Commission (KREC), charged with the responsibility of safe guarding the public interest, has been in the spotlight recently for its anti-consumer/anti-competitive rules and laws geared more in favor of real estate industry protection than consumer protection.

In 2005, The Kentucky Real Estate Commission, which operates independent of oversight by either the Executive or Judicial branches of state government, was sued in District Court by the US Justice Department Anti Trust Division for adopting regulations that restrict competition between brokers and causes consumers to pay higher prices for real estate services. The case was finally settled out of court with the Kentucky Real Estate Commission agreeing not to enforce laws on the books that banned rebates and discounts offered by brokers. Under the settlement agreement, the KREC agreed to reverse any action against any broker disciplined for offering a rebate, discount, or other inducement in the past.

The Kentucky Real Estate Commission is made up mostly of active real estate brokers selected by the industry trade association (Kentucky Association of REALTORS) and approved by the Governor of Kentucky.

 
 
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Written by / Agency / Source: TW Shortt & Assoc., Fla Real Estate School

 
 

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Kentucky Legislature Takes a Stand for Consumers in 2006 Session

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Publisher Contact: Terry Shortt - TWShortt.com 
270-769-2468 Broker[.]twShorttRealty.com
 
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