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Selected Date: 4/7/2015
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Occupations Code 1101.002 on 4/7/2015

	
					

Sec. 1101.002.  DEFINITIONS. In this chapter:


Text of subdivision effective until January 01, 2016

(1)  "Broker":

(A)  means a person who, in exchange for a commission or other valuable consideration or with the expectation of receiving a commission or other valuable consideration, performs for another person one of the following acts:

(i)  sells, exchanges, purchases, or leases real estate;

(ii)  offers to sell, exchange, purchase, or lease real estate;

(iii)  negotiates or attempts to negotiate the listing, sale, exchange, purchase, or lease of real estate;

(iv)  lists or offers, attempts, or agrees to list real estate for sale, lease, or exchange;

(v)   auctions or offers, attempts, or agrees to auction real estate;

(vi)  deals in options on real estate, including buying, selling, or offering to buy or sell options on real estate;

(vii)  aids or offers or attempts to aid in locating or obtaining real estate for purchase or lease;

(viii)  procures or assists in procuring a prospect to effect the sale, exchange, or lease of real estate;

(ix)  procures or assists in procuring property to effect the sale, exchange, or lease of real estate;

(x)  controls the acceptance or deposit of rent from a resident of a single-family residential real property unit; or

(xi)  provides a written analysis, opinion, or conclusion relating to the estimated price of real property if the analysis, opinion, or conclusion:

(a)  is not referred to as an appraisal;

(b)  is provided in the ordinary course of the person's business; and

(c)  is related to the actual or potential management, acquisition, disposition, or encumbrance of an interest in real property; and

(B)  includes a person who:

(i)  is employed by or for an owner of real estate to sell any portion of the real estate; or

(ii)  engages in the business of charging an advance fee or contracting to collect a fee under a contract that requires the person primarily to promote the sale of real estate by:

(a)  listing the real estate in a publication primarily used for listing real estate; or

(b)  referring information about the real estate to brokers.


Text of subdivision effective until January 01, 2016

(1-a)  "Business entity" means a "domestic entity" or "foreign entity" as those terms are defined by Section 1.002, Business Organizations Code.

(2)  "Certificate holder" means a person registered under Subchapter K.

(3)  "Commission" means the Texas Real Estate Commission.


Text of subdivision effective until January 01, 2016

(4)  "License holder" means a broker or salesperson licensed under this chapter.

(5)  "Real estate" means any interest in real property, including a leasehold, located in or outside this state. The term does not include an interest given as security for the performance of an obligation.

(6)  "Residential rental locator" means a person who offers for consideration to locate a unit in an apartment complex for lease to a prospective tenant. The term does not include an owner who offers to locate a unit in the owner's complex.


Text of subdivision effective until January 01, 2016

(7)  "Salesperson" means a person who is associated with a licensed broker for the purpose of performing an act described by Subdivision (1).

(8)  "Subagent" means a license holder who:

(A)  represents a principal through cooperation with and the consent of a broker representing the principal; and

(B)  is not sponsored by or associated with the principal's broker.

Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 14A.151, eff. Sept. 1, 2003.

Amended by:

Acts 2011, 82nd Leg., R.S., Ch. 1064 (S.B. 747), Sec. 1, eff. September 1, 2011.

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