Texas Statutes (Last Updated: January 4, 2014) |
OCCUPATIONS CODE |
Title 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING |
Subtitle A. PROFESSIONS RELATED TO REAL ESTATE |
Chapter 1101. REAL ESTATE BROKERS AND SALESPERSONS |
Subchapter M. REAL ESTATE RECOVERY TRUST ACCOUNT |
Sec. 1101.601. REAL ESTATE RECOVERY TRUST ACCOUNT
Latest version.
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(a) The commission shall maintain a real estate recovery trust account to reimburse aggrieved persons who suffer actual damages caused by an act described by Section 1101.602 committed by:
(1) a license holder;
(2) a certificate holder; or
(3) a person who does not hold a license or certificate and who is an employee or agent of a license or certificate holder.
(b) The license or certificate holder must have held the license or certificate at the time the act was committed.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003.