The bill amends the Texas Occupations Code to exempt certain transactions from regulation by the Texas Real Estate Commission. It introduces new definitions for "Mineral," "Other energy source," and "Water," clarifying the scope of these terms in relation to real estate transactions. Specifically, "Mineral" encompasses various natural resources, while "Other energy source" includes geothermal, nuclear, solar, and wind energy. The definition of "Water" is expanded to include diffused surface water, groundwater, and state water.

Additionally, the bill modifies the applicability of Chapter 1101 by adding new exemptions for transactions involving the sale, lease, or transfer of real property interests in minerals, mining, standing timber, and other energy sources. It also introduces exemptions for transactions involving limited partnerships and limited liability companies, specifying the roles of general partners, employees, and managers in these transactions. The bill aims to streamline regulations and clarify the legal framework surrounding specific real estate transactions in Texas.

Statutes affected:
Introduced: Occupations Code 1101.002, Occupations Code 1101.005 (Occupations Code 1101)
House Committee Report: Occupations Code 1101.002, Occupations Code 1101.005 (Occupations Code 1101)