S.B. No. 1172 amends the Occupations Code to exempt certain transactions from regulation by the Texas Real Estate Commission. The bill 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 resources like geothermal and solar 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 exemptions for transactions involving the sale, lease, or transfer of real property interests in minerals, standing timber, and other energy sources. It also includes provisions for transactions involving limited partnerships and limited liability companies, allowing certain employees and partners to conduct real estate transactions without regulation. The bill aims to streamline the regulatory framework for specific real estate transactions, thereby reducing the burden on individuals and entities involved in these activities.

Statutes affected:
Introduced: Occupations Code 1101.002, Occupations Code 1101.005 (Occupations Code 1101)
Senate Committee Report: Occupations Code 1101.002, Occupations Code 1101.005 (Occupations Code 1101)
Engrossed: 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)
Enrolled: Occupations Code 1101.002, Occupations Code 1101.005 (Occupations Code 1101)