The following terms and phrases, when used in this chapter,
have the following meanings unless the context clearly indicates otherwise.
(1)Act--Texas Occupations Code, Chapter 1101.
(2)Business entity--A domestic or foreign 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 the Act.
(3)Chapter 1102--Texas Occupations Code, Chapter 1102.
(4)Commission--The Texas Real Estate
Commission.
(5)[(4)] Compensation--A commission,
fee or other valuable consideration for real estate brokerage services
provided by a license holder under the Act.
(6)[(5)] Delivered--Sent by
United States Mail to the last known mailing address or by email to
the last known email address of a license holder or an applicant.
(7)Executive Director--The Executive
Director of the Texas Real Estate Commission.
(8)[(6)] Foreign broker--A real
estate broker licensed in another country, territory or state other
than Texas.
(9)[(7)] License--Any Commission
license, registration, certificate, approval, or similar form of permission
required by law.
(10)[(8)] License holder--A
person licensed or registered by the Commission under Chapter 1101
or 1102, Texas Occupations Code.
(11)[(9)] Place of business--A
place where the license holder meets with clients and customers to
transact business.
(12)Trade Association--a nonprofit
voluntary member association or organization:
(A)whose membership consists primarily of persons
who are licensed as real estate license holders and pay membership
dues to the association or organization;
(B)that is governed by a board of directors elected
by the members; and
(C)that subscribes to a written code of professional
conduct or ethics.
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 20, 2015
TRD-201503256 Kerri Lewis
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: October 4, 2015
For further information, please call: (512) 936-3092
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