(a)A person may acquire an option or enter into a
contract to purchase real property and then sell or offer to sell
the option or assign or offer to assign the interest in the contract
without having a real estate license if the person:
(1)does not use the option or contract to purchase
to engage in real estate brokerage; and
(2)discloses in writing the nature of the
[their] equitable interest to any seller or potential
buyer.
(b)A person selling or offering to sell an option
or assigning or offering to assign an interest in a contract to purchase
real property without disclosing the nature of that interest as
provided by subsection (a) of this section [to a potential
buyer] is engaging in real estate brokerage.
[(c)A license holder who is engaging
in real estate brokerage by selling or buying or offering to sell
or buy an option or assigning or offering to assign an interest in
a contract to purchase real property must disclose to any potential
seller or buyer that the principal is selling or buying an option
or assigning an interest in a contract and does not have legal title
to the real property.]
(c)[(d)] A license holder acting
on his or her own behalf or in a capacity described by §535.144(a)
of this chapter (relating to When Acquiring or Disposing of Own Property
or Property of Spouse, Parent or Child) who is selling an option
or assigning an interest in a contract to purchase real property must
disclose in writing to any seller or potential
buyer that the license holder is selling an option or assigning an
interest in a contract and that the license holder does not have legal
title to the real property.
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 9, 2023
TRD-202302896 Vanessa E. Burgess
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: September 24, 2023
For further information, please call: (512) 936-3284
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