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(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 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 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)Section 1101.355 of the Act applies only to business entities which are created under the laws of this state, provided, however, that a business entity 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, managers, or general partners are Texas residents and its principal place of business and all of its assets are located in Texas. (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 May 14, 2012
TRD-201202409 Loretta R. DeHay
General
Counsel
Texas Real Estate Commission
Effective date: June 3, 2012
Proposal publication date: March 16, 2012
For further information, please call: (512) 936-3092
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