Practice of Real Estate: Listing, Marketing, Settlement, and Fair Housing
Listings
Exclusive right to sell pays the broker regardless of who procures the buyer; exclusive agency leaves the seller the right to sell without commission; open listings are non-exclusive. Avoid net listings, which pit the broker's compensation against the seller's best price. A listing should state the term, price, compensation, agency status, and exclusions.
Marketing
Advertising must identify the brokerage and follow fair housing law. Do not advertise another broker's listing without permission, and do not use misleading claims. MLS rules govern submission and cooperation.
Settlement
The contract drives the process: escrow/earnest money, title search, survey, inspections, financing, appraisal, closing disclosure, prorations, deed delivery, and recording. Kentucky closings are commonly handled by attorneys or title companies. Review the settlement statement for prorations and charges.
Fair housing
Federal protected classes are race, color, religion, sex, national origin, familial status, and disability. Kentucky law adds age (40 and over); local ordinances may add categories such as sexual orientation, gender identity, or source of income. Prohibited practices include steering, blockbusting, redlining, discriminatory advertising, and refusing reasonable accommodations or modifications for disability. HOPA allows limited housing for older persons.
Worked example: An ad reading "perfect for a young couple - no children" violates familial status. Rule of thumb: describe the property, not the preferred buyer, and apply the same objective standards to every applicant.