python3, 99 bytes

Result

ERROR

Code [DL]

i=input().find('T')
d=-1
while 1:
 print(' '*d+'*'*(i-d+1)if ~d else' '*i+'*')
 d=input().find('K')

stdin

                      T                           
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
       K                                          

stdout

stderr

strace