The Texas Real Estate Commission (TREC) proposes amendments to 22 TAC §535.5, License Not Required, and new §535.6, Equitable Interests in Real Property, in Chapter 535, General Provisions.

The proposed amendments remove the provision regarding selling and buying equitable interests in property from the "license not required" rule and create a new rule dealing with equitable interest in property, disclosures, and the circumstances under which buying and selling equitable interests will and will not require a real estate license.

Kerri Lewis, General Counsel, has determined that for the first five-year period the proposal is in effect there will be no fiscal implications for the state or for units of local government as a result of enforcing or administering the sections. There is no significant anticipated impact on small businesses, micro-businesses or local or state employment as a result of implementing the sections. There is no anticipated significant economic cost to persons who are required to comply with the proposal.

Ms. Lewis also has determined that for each year of the first five years the proposal is in effect, the public benefit anticipated as a result of enforcing the sections will be honest disclosure to the public and increased protection for consumers.

Comments on the proposal may be submitted to Kerri Lewis, General Counsel, Texas Real Estate Commission, P.O. Box 12188, Austin, Texas 78711-2188 or via email to general.counsel@trec.texas.gov. The deadline for comments is 30 days after publication in the Texas Register.

The new rule and amendments are proposed under Texas Occupations Code, §1101.151, which authorizes the Texas Real Estate Commission to adopt and enforce rules necessary to administer Chapters 1101 and 1102; and to establish standards of conduct and ethics for its license holders to fulfill the purposes of Chapters 1101 and 1102 and ensure compliance with Chapters 1101 and 1102.

The statutes affected by this proposal are Texas Occupations Code, Chapter 1101. No other statute, code or article is affected by the proposal.