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Kansas Administrative Regulation No. 86-3-19

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86-3-19 Disclosure of interest in property purchased, sold, leased or exchanged.

  1. A licensee shall not buy, sell, lease, or exchange real estate in which the licensee, an immediate family member of the licensee, or both the licensee and an immedidate family member of the licensee have an interest without disclosing the following in the real estate contract or lease:
    1. The licensee's licensure status;
    2. specification of whether the licensee has an interest in the property or transaction; and
    3. specification of whether the licensee's immediate family member has an interest in the property or transaction.
  2. For purposes of subsection (a), "interest" shall have the meaning specified in K.S.A. 58-3035, and amendments thereto.
  3. For purposes of subsection (a), "exchange" shall have the meaning specified in K.S.A. 58-3035, and amendments thereto.
  4. For purposes of subsection (a), "immediate family member" shall mean spouse, parent, child, or sibling.

(Authorized by K.S.A. 74-4202(b), as amended by L. 2008, ch. 155, sec. 9; implementing K.S.A. 2007 Supp. 58-3035, as amended by L. 2008, ch. 155, sec. 1, and K.S.A. 2007 Supp. 58-3062, as amended by L. 2008, ch. 155, sec. 5; effective May 1, 1982; amended, T-86-6-25-08, July 1, 2008; amended Oct. 24, 2008.)


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