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(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.
This agency hereby certifies that the adoption has
been reviewed by legal counsel and found to be a valid exercise of
the agency's legal authority.
Filed with the Office
of the Secretary of State on December 6, 2010
TRD-201006909 Loretta R. DeHay
General Counsel
Texas Real Estate Commission
Effective date: January 1, 2011
Proposal publication date: September 10, 2010
For further information, please call: (512) 465-3926
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