| (a) An individual must hold an active Texas real estate broker license to act as the designated person for a corporation or limited liability company licensed as a Texas real estate broker. (b) There is only one designated person for each broker license issued to a corporation or limited liability company. (c) This section applies only to corporations or limited liability companies which are created under the laws of this state. (d) An individual who is an officer of a corporation or the manager of a limited liability company and is acting in behalf of the corporation or limited liability company is not required to have a license in order to sell real estate owned by the corporation or limited liability company, provided the individual receives no special compensation therefor. (e) If a corporation or limited liability company is to be licensed, one of its officers or managers must be licensed
as an active Texas real estate broker. (f) A corporation or limited liability company formed under the laws of a state other than Texas may be accepted as a Texas resident for purposes of this section if it is qualified to do business in Texas; its officers or managers, its principal place of business, and all of its assets are located in Texas; and all of its officers and directors or managers and members are Texas residents. (g) An individual whose real estate broker license has been suspended or revoked may not, during the period of such suspension or revocation, act as the designated person for a corporation or limited liability company licensed as a real estate broker. (h) A corporation or limited liability company licensed as a real estate broker must designate another of its officers or managers to act for it during any period of time in which its designated person ceases to be an officer or manager of the corporation or
limited liability company or in which the individual real estate broker license of its designated person has been suspended or revoked. A corporation or limited liability company is not authorized to exercise its licensure privileges until another of its offices or managers has been designated to act for it during any such period. (i) A corporation or limited liability company may not renew its license unless the person designated by it is licensed as an active Texas real estate broker.
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| Source Note: The provisions of this §535.53 adopted to be effective January 1, 1976; amended to be effective August 29, 1979, 4 TexReg 2900; amended to be effective September 24, 1993, 18 TexReg 6215; amended to be effective April 14, 1998, 23 TexReg 3682.
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