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Relating to the requirement that certain business entities obtain a license from the Texas Real Estate Commission.
No fiscal implication to the State is anticipated.
HB 2998 would stipulate that an LLC or an S corporation is not required to be licensed if the entity receives compensation on behalf of a licensed broker or sales agent that is earned by the license holder while engaged in real estate brokerage; performs no other acts of a broker; is registered with the TREC; and is at least 51 percent owned by the license holder on whose behalf the entity receives compensation. In effect, this bill would allow real estate agents to take advantage of the benefits of operating as an LLC or S Corp without having to go through duplicate licensure. Because the individual agent is required to be licensed, there is no reason to require the business they operate to also be licensed.
Texas Action supports HB 2998 which upholds our principles of individual liberty, limited government, and free markets by limiting or eliminating unnecessary duplicate licensure.
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