Laws

License Required? Yes, property managers must hold a valid real estate broker license (§ 324.010(10) & § 324.020(2)(a)). However, a license is not required in the following cases:

• Employee/Principal Broker – A license is not required if the property manager is a regular employee of the owner or principal broker of the company providing property management services (§ 324.030(5)(a)).
• On-site Manager – A license is not required if the manager’s primary compensation is the use of the rental unit (§ 324.030(5)(b)).

Agreement Requirements – A property management agreement must contain the following elements (201 KAR 11:121 – Section 10):

• The manager’s real estate brokerage company name and address
• The landlord’s name and address
• The property’s address and number of units
• The agreement term and a statement indicating whether it will renew yearly
• A provision indicating the method for terminating the agreement
• The manager’s compensation details
• The tenant security deposit details
• The manager’s escrow or management bank account details
• The details of how security deposits will be retained and returned
• The conditions for when the manager may pay property-related expenses
• The manager’s date for sending an account of property-related transactions
• A copy of the lease that tenants will sign
• A statement verifying the landlord has a copy of the agreement and lease
• The signatures and signing date of the landlord and manager

Verify a Manager – oop.ky.gov