Texas Register
TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 535GENERAL PROVISIONS
SUBCHAPTER LTERMINATION OF SALESPERSON'S ASSOCIATION WITH SPONSORING BROKER
RULE §535.121Inactive License
ISSUE 03/16/2012
ACTION Proposed
Preamble Texas Admin Code Rule
(a)The license of a salesperson immediately becomes inactive upon each of the following circumstances:

  (1)the death of the salesperson's sponsoring broker;

  (2)the expiration, suspension, revocation or inactivation of the license of the sponsoring broker;

  (3)if the sponsoring broker is a business entity [ corporation], the dissolution of the entity [corporation ] or the forfeiture of its charter, which also places the license of the entity on inactive status;

  (4)if the sponsoring broker is a business entity [ corporation, limited liability company or partnership], the expiration, suspension, revocation or inactivation of the license of the designated broker of the entity, which also places the license of the entity on inactive status; or

  (5)if a broker notifies the commission in writing that the broker no longer sponsors the salesperson.

(b) - (c)(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 March 1, 2012

TRD-201201263

Loretta R. DeHay

General Counsel

Texas Real Estate Commission

Earliest possible date of adoption: April 15, 2012

For further information, please call: (512) 936-3092

 

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