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The following terms and phrases, when used in this chapter,
have the following meanings unless the context clearly indicates otherwise.
(1)Act--Chapter 1101, Texas Occupations Code.
(2)Business entity--A domestic or foreign corporation,
limited liability company, partnership or other entity authorized
under the Texas Business Organizations Code to engage in real estate
brokerage business in Texas and required to be licensed under the
Act.
(3)Chapter 1102--Chapter 1102, Texas Occupations Code.
(4)Commission--The Texas Real Estate Commission.
(5)Compensation--A commission, fee, or other valuable
consideration for real estate brokerage services provided by a license
holder under the Act.
(6)Executive Director--The Executive Director of the
Texas Real Estate Commission.
(7)Foreign broker--A real estate broker licensed in
another country, territory, or state other than Texas.
(8)License--Any Commission license, registration,
certificate, approval, or similar form of permission required by law.
(9)License holder--A person licensed or registered
by the Commission under Chapter 1101 or 1102, Texas Occupations Code.
(10)Place of business--A place where the license holder
meets with clients and customers to transact business.
(11)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 adoption and found it to be a valid exercise of the
agency's legal authority.
Filed with the Office
of the Secretary of State on May 22, 2023
TRD-202301874 Vanessa E.
Burgess
General Counsel
Texas Real Estate Commission
Effective date: June 11, 2023
Proposal publication date: March 3, 2023
For further information, please call: (512) 936-3284
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