(a) - (e)(No change.) (f)A business entity [corporation or limited liability company] owned by a broker or salesperson which receives compensation on behalf of the licensee must be licensed as a broker under the Act. (g)For purposes of §1101.002(1)(A)(x) of the Act: (1)A person controls the acceptance or deposit of rent from a resident of a single-family residential real property unit and must be licensed under the Act if: (A)the person has the authority to use the rent to pay for services related to management of the property; or (B)the person has the authority to deposit the rent into a trust or bank account and sign checks or withdraw money from the account. (2)A single-family residential unit includes a single family home or a unit in a condominium, co-operative, row-home or townhome. The term does not include a duplex, triplex or four-plex unless the units are owned as a condominium, cooperative, row-home or townhome. [(g)Unless otherwise exempted by the Act, a person who manages real property or collects rentals for an owner of real property and also rents or leases the property for the owner for valuable consideration must be licensed.] (h) - (m)(No change.)
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 October 13, 2011
TRD-201104334 Loretta R. DeHay
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: November 27, 2011
For further information, please call: (512) 936-3092
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