(a)(No change.)
(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 is [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; or
(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)(No change.)
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 August 20, 2015
TRD-201503259 Kerri Lewis
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: October 4, 2015
For further information, please call: (512) 936-3092
|
