The following terms and phrases, when used in this chapter,
shall have the following meanings unless the context clearly indicates
otherwise.
(1) Act--Texas Occupations Code, Chapter 1101.
(2) Business entity--A corporation, limited liability,
partnership or other entity authorized under the Texas Business Organizations
Code to engage in the real estate brokerage business in Texas and
required to be licensed under Texas Occupations Code, Chapter 1101.
(3) Chapter 1102--Texas Occupations Code, Chapter 1102.
(4) Compensation--A commission, fee or other valuable
consideration for real estate brokerage services provided by a license
holder under the Act.
(5) Denial of a license--To disapprove an applicant
for a broker, salesperson, apprentice inspector, real estate inspector,
or professional inspector for failure to satisfy the commission as
to the applicant's honesty, trustworthiness and integrity, or, if
the applicant seeks registration as an easement or right-of-way agent,
to disapprove an application for registration under §535.400
of this title (relating to Registration of Easement or Right-of-Way
Agents).
(6) Inactive broker--A licensed broker who does not
sponsor salespersons or perform any activities for which a broker
license is required and who has been placed on inactive status by
the commission.
(7) MCE--Mandatory Continuing Education required under
the Act.
(8) Mailed--Sent by United States Mail to the last
known mailing address or by email to the last known email address
of a license holder under Chapter 1101 or Chapter 1102, or applicant,
unless the commission is otherwise required by law to notify such
persons by Unites States Mail.
(9) Place of business--A place where the licensee meets
with clients and customers to transact business.
(10) Promptly--Three (3) calendar days unless otherwise
defined in a specific chapter or section.
(11) Reasonable time--Ten (10) calendar days unless
otherwise defined in a specific chapter or section.
(12) Rule--Any commission statement of general applicability
that implements, interprets, or prescribes law or policy, or describes
the procedure or practice requirements of the commission and is filed
with the Texas Register, including 22 TAC Chapters 533, 534, 535,
and 537.
(13) SAE--Salesperson Apprentice Education required
under the Act.
(14) State--One of the states, territories, and possessions
of the United States and any foreign country or governmental subdivision
thereof.
(15) Trust account--Any trust, escrow, custodial, property
management account, or other account in which a licensee holds money
on behalf of another person.
(16) Trust funds--Clients' money, earnest money, rents,
advance fees, security deposits, or any money held on behalf of another
person.
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