| (a) Definitions. For the purposes of this section:
(1) "Advertisement" has the meaning assigned by §535.155.
(2) "Alternate name" (commonly known as an alias) means
a name used by an individual license holder other than the name shown
on the license issued by the Commission, such as a middle name, maiden
name, or nickname. It does not include a common derivative of a name,
such as Kim for Kimberly or Bill for William, which is considered
the same as the name shown on the license.
(3) "Associated broker" means a broker who associates
with and gets paid through another broker under a relationship that
is intended to be a continuous relationship, including but not limited
to, an employment or ongoing independent contractor relationship.
(4) "Assumed business name" (commonly known as a DBA
or trade name) means any name used in business by a broker that meets
the requirements of subsection (d), other than the name shown on the
broker's license issued by the Commission, a team name, or an alternate
name.
(5) "Team name" means a name used by a group of one
or more license holders sponsored by or associated with the same broker
that performs real estate activities under an exclusive collective
name other than the broker's licensed name or assumed business name.
(b) Alternate names.
(1) Before a license holder starts using an alternate
name in an advertisement, the license holder must register the name
with the Commission on a form approved by the Commission.
(2) The Commission may request supporting documentation
evidencing the legal authority to use the alternate name if the last
name submitted is different from the last name shown on the license
issued by the Commission.
(3) A license holder must notify the Commission, and
their sponsoring broker, not later than the 10th day after the date
the license holder stops using an alternate name.
(c) Team names:
(1) A team name may not include any terms that could
mislead the public to believe that the team is offering brokerage
services independent from its sponsoring broker.
(2) A team name must end with the word "team" or "group".
(3) Before an associated broker or a sales agent sponsored
by a broker starts using a team name in an advertisement, the broker
must register the name with the Commission on a form approved by the
Commission.
(4) A broker must notify the Commission in writing
not later than the 10th day after the date the associated broker or
a sales agent sponsored by the broker stops using a team name.
(d) Assumed business names.
(1) Before a broker, associated broker or a sales agent
sponsored by a broker starts using an assumed business name of the
broker in an advertisement, the broker must:
(A) register the name with the Commission on a form
approved by the Commission; and
(B) provide written evidence of legal authority to
use the assumed business name in Texas, such as registration of the
name with the Secretary of State or county clerk's office.
(2) A broker must notify the Commission in writing
not later than the 10th day after the date the broker stops using
an assumed business name.
|
