Harvey Green, Encino-based president and chief executive officer of Marcus & Millichap, tells GlobeSt.com that the court's ruling "is much bigger than it might first appear" in terms of its impact. Although the suit challenged the Kentucky law, the court's ruling could affect the seven other states with similar laws because the ruling "talks about the portability of licenses on a national basis, especially in the commercial markets," Green points out.
Green explains that the turf states were watching the Kentucky case very carefully. "Since we have had a favorable outcome, I think that will affect what the real estate commissioners and attorney generals do in these other states," the Marcus & Millichap president says.
Under Kentucky's turf state law, a broker who had a client with property in Kentucky but who was not licensed in Kentucky was prohibited from representing that client in the state, and from participating in a deal with an agent from Kentucky. "You had to turn 100% of the deal over to a Kentucky broker," Green explains.
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