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A BILL TO BE ENTITLED
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AN ACT
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relating to the purchase, sale, or lease of real property on behalf |
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of a limited partnership or a limited liability company. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1101.005, Occupations Code, is amended |
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to read as follows: |
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Sec. 1101.005. APPLICABILITY OF CHAPTER. This chapter does |
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not apply to: |
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(1) an attorney licensed in this state; |
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(2) an attorney-in-fact authorized under a power of |
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attorney to conduct not more than three real estate transactions |
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annually; |
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(3) a public official while engaged in official |
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duties; |
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(4) an auctioneer licensed under Chapter 1802 while |
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conducting the sale of real estate by auction if the auctioneer does |
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not perform another act of a broker; |
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(5) a person conducting a real estate transaction |
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under a court order or the authority of a will or written trust |
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instrument; |
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(6) a person employed by an owner in the sale of |
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structures and land on which structures are located if the |
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structures are erected by the owner in the course of the owner's |
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business; |
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(7) an on-site manager of an apartment complex; |
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(8) an owner or the owner's employee who leases the |
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owner's improved or unimproved real estate; [or] |
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(9) a transaction involving: |
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(A) the sale, lease, or transfer of a mineral or |
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mining interest in real property; |
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(B) the sale, lease, or transfer of a cemetery |
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lot; |
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(C) the lease or management of a hotel or motel; |
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or |
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(D) the sale of real property under a power of |
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sale conferred by a deed of trust or other contract lien; |
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(10) the purchase, sale, or lease of real property for |
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a limited partnership by: |
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(A) a general partner of the limited partnership; |
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(B) an employee of a general partner of the |
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limited partnership who negotiates the transaction in the course of |
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employment; or |
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(C) an employee of the limited partnership who |
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negotiates the transaction in the course of employment; or |
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(11) the purchase, sale, or lease of real property for |
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a limited liability company by: |
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(A) a manager or managing member of the limited |
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liability company; |
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(B) an employee of a manager or managing member |
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of the limited liability company who negotiates the transaction in |
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the course of employment; or |
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(C) an employee or member of the limited |
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liability company who negotiates the transaction in the course of |
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employment. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2023. |