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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 Annual 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.
This agency hereby certifies that the proposal
has been reviewed
by legal counsel and found to be within the agency's
legal authority to adopt.
Filed with the Office
of the Secretary of State on August 26, 2010
TRD-201005018 Loretta R. DeHay
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: October 10, 2010
For further information, please call: (512) 465-3926
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