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(a)A person may acquire an option or enter into a
contract to purchase real property and then sell or offer to sell
the option or assign or offer to assign the interest in the contract
without having a real estate license if the person:
(1)does not use the option or contract to purchase
to engage in real estate brokerage; and
(2)discloses the nature of their equitable interest
to any potential buyer.
(b)A person selling or offering to sell an option
or assigning or offering to assign an interest in a contract to purchase
real property without disclosing the nature of that interest to a
potential buyer is engaging in real estate brokerage.
(c)A license holder who is engaging in real estate
brokerage by selling or buying or offering to sell or buy an option
or assigning or offering to assign an interest in a contract to purchase
real property must disclose to any potential seller or buyer that
the principal is selling or buying an option or assigning an interest
in a contract and does not have legal title to the real property.
(d)A license holder acting on his or her own behalf
or in a capacity described by §535.144(a) who is selling an option
or assigning an interest in a contract to purchase real property must
disclose to any potential buyer that the license holder is selling
an option or assigning an interest in a contract and that the license
holder does not have legal title to the real property.
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office
of the Secretary of State on February 15, 2017
TRD-201700646 Kerri Lewis
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: April 2, 2017
For further information, please call: (512) 936-3092
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