Relating to real estate brokers, and the rental or leasing of real estate, and including effective date and applicability provisions

This bill relates to real estate brokers, and the rental or leasing of real estate. Under current law, a real estate broker is defined as a person acting for another for a fee, commission, or other compensation or promise, who engages directly or indirectly in the acts enumerated in the bill. Under the bill, a real estate broker is defined as a person acting for another for a fee, commission, or other compensation or promise, who engages in the acts enumerated in the bill. The bill creates an exception to Code chapter 543B for a person, limited liability company, or limited partnership who engages in any act that is related to the rental or leasing of real estate on behalf of a partnership, limited partnership, corporation, or limited liability company, and the person, limited liability company, or limited partnership maintains an ownership interest in the partnership, limited partnership, corporation, or limited liability company. The bill creates an exception to Code chapter 543B for a person who engages in an act related to the rental or leasing of real estate on behalf of a partnership, limited partnership, corporation, or limited liability company, and the person is an owner of a partnership, limited partnership, corporation, or limited liability company, which is a parent or subsidiary of, or under common control with the leasing partnership, limited partnership, corporation, or limited liability company. The bill also creates an exception to the Code chapter for a person who is a nonlicensed employee of a real estate broker and who engages in advertising, showing, listing, collecting of rents and deposits, procuring of prospects, completing form agreements, and executing form agreements as it relates to the rental, leasing, or property management of real estate. The bill takes effect upon enactment. The bill applies to all proceedings that are not finally adjudicated or are otherwise pending on the effective date of the bill, except to the extent such application would affect a person’s contractual or vested rights.