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(a)Business Entity.
(1)A business entity must be qualified to transact
business in Texas to receive a broker license.
(2)A Franchise Tax Account Status page from the Texas
Comptroller of Public Accounts issued within 21 days prior to the
date of its license application constitutes evidence of being qualified
to transact business in Texas.
(3)A foreign business entity must meet the additional
requirements of §535.132 of this chapter to be eligible for a
broker's license.
(b)Designated Broker.
(1)For the purposes of qualifying for, maintaining,
or renewing a license, a business entity must designate an individual
holding an active Texas real estate broker license in good standing
with the Commission to act for it.
(2)An individual licensed broker is not in good standing
with the Commission if:
(A)the broker's license was revoked or suspended,
including probated revocation or suspension, in the past two years;
(B)a business entity licensed by the Commission while
the broker was the designated broker for that business entity had
its license revoked or suspended, including probated revocation or
suspension, in the past two years;
(C)the broker has any unpaid or past due monetary
obligations to the Commission, including administrative penalties
and recovery fund payments;
(D)a business entity licensed by the Commission has
any unpaid or past due monetary obligations to the Commission, including
administrative penalties and recovery fund payments, that were incurred
while the broker was the designated broker for the entity;
(3)Regardless of the type of business entity, the
designated broker must be a managing officer of the business entity.
(4)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.
(5)To obtain or renew a license, or upon any change
in the business entity's designated broker, the entity must provide
to the Commission:
(A)proof of the designated broker's current status
as an officer, manager or general partner for that entity; and
(B)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.
(6)A broker may not act as a designated broker at
any time while the broker's license is inactive, expired, suspended,
or revoked.
(c)If a licensed corporation or limited liability
company is dissolved with the secretary of state then any license
held by that corporation or company immediately becomes null and void.
The agency certifies that legal counsel has
reviewed
the adoption and found it to be a valid exercise of the agency's legal
authority.
Filed with the Office
of the Secretary of State on February 10, 2015
TRD-201500374 Kerri Lewis
General Counsel
Texas Real Estate Commission
Effective date: March 2, 2015
Proposal publication date: December 12, 2014
For further information, please call: (512) 936-3092
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