|
(a)Acting as a principal, a person may purchase, sell,
lease, or sublease real estate for profit without being licensed as
a broker or sales agent.
(b)A person who owns property jointly may sell and
convey title to his or her interest in the property, but to act for
compensation or with the expectation of compensation as an agent for
the other owner, the person must be licensed unless otherwise exempted
by the Act.
(c)A real estate license is not required for an individual
employed by a business entity for the purpose of buying, selling,
or leasing real property for the entity. An entity is considered to
be an owner if it holds record title to the property or has an equitable
title or right acquired by contract with the record title holder.
An individual employed by a business entity means a person employed
and directly compensated by the business entity. An independent contractor
is not an employee.
(d)Trade associations or other organizations that
provide an electronic listing service for their members, but do not
receive compensation when the real estate is sold, are not required
to be licensed under the Act.
(e)Auctioneers are not required to be licensed under
the Act when auctioning real property for sale. However, a licensed
auctioneer may not show the real property, prepare offers, or negotiate
contracts unless the auctioneer is also licensed under the Act.
(f)An answering service or clerical or administrative
employees identified to callers as such to confirm information concerning
the size, price, and terms of property advertised are not required
to be licensed under the Act.
(g)A business entity which receives compensation on
behalf of a license holder that is earned by the license holder while
engaged in real estate brokerage is not required to be licensed by
the Commission if the business entity:
(1)performs no other acts of a broker;
(2)is:
(A)a limited liability company as defined by §101.001,
Business Organizations Code; or
(B)an S corporation as defined by 26 U.S.C. Section
1361;
(3)is at least 51 percent owned by the license holder
on whose behalf the business entity receives compensation; and
(4)is registered with the Commission as provided by §535.35
of this chapter (relating to Registration of Certain Business Entities).
The agency certifies that legal counsel has
reviewed the adoption and found it to be a valid exercise of the agency's
legal authority.
Filed with the Office
of the Secretary of State on November 9, 2023
TRD-202304131 Vanessa E. Burgess
General Counsel
Texas Real Estate Commission
Effective date: January 1, 2024
Proposal publication date: August 25, 2023
For further information, please call: (512) 936-3284
|
