Texas Register
TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 535GENERAL PROVISIONS
SUBCHAPTER EREQUIREMENTS FOR LICENSURE
RULE §535.53Business Entities
ISSUE 03/16/2012
ACTION Proposed
Preamble Texas Admin Code Rule
(a)For the purposes of qualifying for, maintaining, or renewing a license, a business entity must designate a broker to act for it. The business entity may not act as a broker during any period in which it does not have a designated broker to act for it who meets the requirements of the Act. To obtain or renew a license, or upon [Upon] any change in the business entity's designated broker, the entity must provide proof to the commission of the designated broker's current status as an officer, manager or general partner for that entity and proof that the business entity maintains appropriate errors and omissions insurance if the designated broker does not own directly at least [owns less than] 10 percent of the entity. A broker may not act as a designated broker at any time while the broker's license is inactive, expired, suspended or revoked.

(b) - (c)(No change.)

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State on March 1, 2012

TRD-201201264

Loretta R. DeHay

General Counsel

Texas Real Estate Commission

Earliest possible date of adoption: April 15, 2012

For further information, please call: (512) 936-3092

 

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