Bill Text: TX SB1712 | 2023-2024 | 88th Legislature | Enrolled

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Bill Title: Relating to the purchase, sale, or lease of real property on behalf of a limited partnership or a limited liability company.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Vetoed) 2023-06-16 - Vetoed by the Governor [SB1712 Detail]

Download: Texas-2023-SB1712-Enrolled.html

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S.B. No. 1712

AN ACT
relating to the purchase, sale, or lease of real property on behalf
of a limited partnership or a limited liability company.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1101.005, Occupations Code, is amended
to read as follows:
Sec. 1101.005. APPLICABILITY OF CHAPTER. This chapter does
not apply to:
(1) an attorney licensed in this state;
(2) an attorney-in-fact authorized under a power of
attorney to conduct not more than three real estate transactions
annually;
(3) a public official while engaged in official
duties;
(4) an auctioneer licensed under Chapter 1802 while
conducting the sale of real estate by auction if the auctioneer does
not perform another act of a broker;
(5) a person conducting a real estate transaction
under a court order or the authority of a will or written trust
instrument;
(6) a person employed by an owner in the sale of
structures and land on which structures are located if the
structures are erected by the owner in the course of the owner's
business;
(7) an on-site manager of an apartment complex;
(8) an owner or the owner's employee who leases the
owner's improved or unimproved real estate; [or]
(9) a transaction involving:
(A) the sale, lease, or transfer of a mineral or
mining interest in real property;
(B) the sale, lease, or transfer of a cemetery
lot;
(C) the lease or management of a hotel or motel;
or
(D) the sale of real property under a power of
sale conferred by a deed of trust or other contract lien;
(10) the purchase, sale, or lease of real property for
a limited partnership by:
(A) a general partner of the limited partnership;
(B) an employee of a general partner of the
limited partnership who negotiates the transaction in the course of
employment; or
(C) an employee of the limited partnership who
negotiates the transaction in the course of employment; or
(11) the purchase, sale, or lease of real property for
a limited liability company by:
(A) a manager or managing member of the limited
liability company;
(B) an employee of a manager or managing member
of the limited liability company who negotiates the transaction in
the course of employment; or
(C) an employee or member of the limited
liability company who negotiates the transaction in the course of
employment.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2023.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1712 passed the Senate on
May 2, 2023, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1712 passed the House on
May 24, 2023, by the following vote: Yeas 134, Nays 4, one
present not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor