Tex. Property Code § 62.003
This is the official text of Tex. Property Code § 62.003, part of Texas’s Property Code — governs real property, landlord-tenant law, and property transactions.
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§ 62.003. DEFINITIONS.
Official statutory text
In this chapter:
(1) "Broker" means a person who:
(A) is licensed as a broker under Chapter 1101, Occupations Code, and is not acting as a residential rental locator as defined by Section 1101.002, Occupations Code; or
(B) is licensed or certified as a real estate appraiser under Chapter 1103, Occupations Code.
(2) "Commercial real estate" means all real estate except:
(A) real estate improved with one to four residential units;
(B) a single-family residential unit, including a condominium, townhouse, or home in a subdivision, if the unit is sold, leased, or otherwise conveyed on a unit-by-unit basis and regardless of whether the unit is part of a larger building or located on real estate containing more than four residential units;
(C) real estate that is or includes on the real estate a person's homestead;
(D) real estate that is not improved with a structure and is:
(i) zoned for single-family residential use; or
(ii) restricted for single-family use under restrictive covenants that will remain in effect for at least the next two years; or
(E) real estate that:
(i) is primarily used for farming and ranching purposes;
(ii) will continue to be used primarily for farming and ranching purposes; and
(iii) is located more than three miles from the corporate boundaries of any municipality.
(3) "Commission" includes a fee or other valuable consideration.
(4) "Commission agreement" means a written instrument that:
(A) entitles a broker to a commission;
(B) is signed by the person obligated to pay the commission or that person's authorized agent;
(C) references the commission amount or describes the formula used to determine the commission amount; and
(D) contains a description legally sufficient for identification of the real estate interest that is the subject of the agreement if the person obligated to pay the commission is a seller or lessor.
(5) "Deferred commission" means a commission that is earned and is not yet payable.
(6) "Real estate" has the meaning assigned by Section 1101.002, Occupations Code.
(1) "Broker" means a person who:
(A) is licensed as a broker under Chapter 1101, Occupations Code, and is not acting as a residential rental locator as defined by Section 1101.002, Occupations Code; or
(B) is licensed or certified as a real estate appraiser under Chapter 1103, Occupations Code.
(2) "Commercial real estate" means all real estate except:
(A) real estate improved with one to four residential units;
(B) a single-family residential unit, including a condominium, townhouse, or home in a subdivision, if the unit is sold, leased, or otherwise conveyed on a unit-by-unit basis and regardless of whether the unit is part of a larger building or located on real estate containing more than four residential units;
(C) real estate that is or includes on the real estate a person's homestead;
(D) real estate that is not improved with a structure and is:
(i) zoned for single-family residential use; or
(ii) restricted for single-family use under restrictive covenants that will remain in effect for at least the next two years; or
(E) real estate that:
(i) is primarily used for farming and ranching purposes;
(ii) will continue to be used primarily for farming and ranching purposes; and
(iii) is located more than three miles from the corporate boundaries of any municipality.
(3) "Commission" includes a fee or other valuable consideration.
(4) "Commission agreement" means a written instrument that:
(A) entitles a broker to a commission;
(B) is signed by the person obligated to pay the commission or that person's authorized agent;
(C) references the commission amount or describes the formula used to determine the commission amount; and
(D) contains a description legally sufficient for identification of the real estate interest that is the subject of the agreement if the person obligated to pay the commission is a seller or lessor.
(5) "Deferred commission" means a commission that is earned and is not yet payable.
(6) "Real estate" has the meaning assigned by Section 1101.002, Occupations Code.
Status: in_force · Read it on the official government site
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