: Texas Register

Texas Register

TITLE 22	EXAMINING BOARDS
PART 23	TEXAS REAL ESTATE COMMISSION
CHAPTER 535	GENERAL PROVISIONS
SUBCHAPTER B	GENERAL PROVISIONS RELATING TO THE REQUIREMENTS OF LICENSURE
RULE §535.5	License Not Required
ISSUE	09/05/2014
ACTION	Proposed

Preamble

Texas Admin Code Rule

(a)Acting as a principal, a person may purchase, sell, lease, or sublease real estate for profit without being licensed as a broker or salesperson.

(b)A person may acquire an option or contract to purchase real estate and then sell the option or contract, [it] or offer to sell the option or contract, [it] without having a real estate license. A person who performs these actions for compensation or with the expectation of compensation as an agent for the seller must be licensed unless otherwise exempted by the Act.

(c)(No change.)

(d)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.

(e) - (h)(No change.)

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 25, 2014

TRD-201404021

Kerri Lewis

General Counsel

Texas Real Estate Commission

Earliest possible date of adoption: October 5, 2014

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

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