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.

Source Note: The provisions of this §535.1 adopted to be effective January 1, 2011, 35 TexReg 11673; amended to be effective March 6, 2013, 38 TexReg 1363; amended to be effective January 1, 2015, 39 TexReg 9669; amended to be effective January 1, 2016, 40 TexReg 8220; amended to be effective June 11, 2023, 48 TexReg 2948