| (a) For the purposes of qualifying for, maintaining, or renewing a license, a corporation or limited liability company must designate one individual holding an active Texas real estate broker license to act for it. The designated broker must be an officer of the corporation or a manager of a limited liability company. The corporation or limited liability company may not act as a broker during any period in which it has not designated a person to act for it who meets the requirements of the Act. Upon any change in the corporation or limited liability company's designated individual, the corporation or limited liability company must provide proof to the commission of the designated individual's current status as an officer or manager for that entity. A broker may not act as a designated person at any time while the broker's license is inactive, expired, suspended or revoked. (b) Section 1101.355 of the Act applies only to corporations or limited liability companies which are created under the laws of this state, provided, however, that a corporation or limited liability company formed under the laws of a state other than Texas will be considered to be 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. (c) If a licensed corporation or limited liability company is dissolved with the Office of the Secretary of State, then the license immediately becomes null and void. |
| 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; amended to be effective July 1, 1999, 24 TexReg 4825; amended to be effective January 1, 2004, 28 TexReg 9542; amended to be effective January 1, 2011, 35 TexReg 11677 |
