Amends TCA Title 48; Title 62 and Title 66.

Present law generally prohibits any person from engaging in or conducting the business, or acting in the capacity of a real estate broker, affiliate broker, time-share salesperson or acquisition agent, within this state, without first obtaining a license. This bill specifies that a person licensed by the real estate commission may receive compensation directly to a business entity that the licensee owns and was formed for the purpose of receiving compensation earned by that licensee for acts regulated by the commission. This bill further specifies that a business entity formed for the purpose of receiving compensation as described above is not required to be licensed by the commission so long as the sole owner of the business entity is licensed by the commission.