(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 § 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.

Terms Used In Texas Occupations Code 1101.601

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
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