Sec. 1101.601. REAL ESTATE RECOVERY TRUST ACCOUNT. (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.
Structure Texas Statutes
Title 7 - Practices and Professions Related to Real Property and Housing
Subtitle A - Professions Related to Real Estate
Chapter 1101 - Real Estate Brokers and Sales Agents
Subchapter M. Real Estate Recovery Trust Account
Section 1101.601. Real Estate Recovery Trust Account
Section 1101.6011. Applicability to Business Entity
Section 1101.602. Entitlement to Reimbursement
Section 1101.603. Payments Into Trust Account
Section 1101.604. Management of Trust Account
Section 1101.605. Deadline for Action; Notice to Commission
Section 1101.606. Claim for Payment From Trust Account
Section 1101.607. Issues at Hearing
Section 1101.608. Commission Response
Section 1101.609. Court Order for Payment
Section 1101.610. Payment Limits; Attorney's Fees
Section 1101.611. Application of Judgment Recovery
Section 1101.613. Effect on Disciplinary Proceedings
Section 1101.614. Waiver of Rights
Section 1101.615. Notice to Consumers and Service Recipients