The following terms and phrases, when used in this chapter,
have the following meanings unless the context clearly indicates otherwise.
(1) Act--Texas Occupations Code, Chapter 1101.
(2) Business entity--A domestic or foreign 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 the Act.
(3) Chapter 1102--Texas Occupations Code, Chapter 1102.
(4) Commission--The Texas Real Estate Commission.
(5) Compensation--A commission, fee or other valuable
consideration for real estate brokerage services provided by a license
holder under the Act.
(6) Delivered--Sent by United States Mail to the last
known mailing address or by email to the last known email address
of a license holder or an applicant.
(7) Executive Director-The Executive Director of the
Texas Real Estate Commission.
(8) Foreign broker--A real estate broker licensed in
another country, territory or state other than Texas.
(9) License--Any Commission license, registration,
certificate, approval, or similar form of permission required by law.
(10) License holder--A person licensed or registered
by the Commission under Chapter 1101 or 1102, Texas Occupations Code.
(11) Place of business--A place where the license holder
meets with clients and customers to transact business.
(12) Trade Association--a nonprofit voluntary member
association or organization:
(A) whose membership consists primarily of persons
who are licensed as real estate license holders and pay membership
dues to the association or organization;
(B) that is governed by a board of directors elected
by the members; and
(C) that subscribes to a written code of professional
conduct or ethics.
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| Source Note: The provisions of this §535.1 adopted to be effective January 1, 2011, 35 TexReg 11673; amended to be effective March 6, 2013, 38 TexReg 1363; amended to be effective January 1, 2015, 39 TexReg 9669; amended to be effective January 1, 2016, 40 TexReg 8220 |
