Get Texas Bbe 1 Form

When filling out the Texas BBE 1 form, there are several important guidelines to follow. Below is a list of things you should and shouldn't do.

• Do ensure that the designated broker is an active Texas real estate broker.
• Do submit a current "Certificate of Good Standing" dated within 21 days of your application.
• Do pay all required fees at the time of filing the application.
• Do provide proof of ownership if the designated broker owns 10% or more of the entity.

• Don't submit the application without the appropriate fees, as it will be rejected.
• Don't use a P.O. Box as the only address; a physical business address is required.
• Don't assume your application will be returned for completion if it is incomplete.
• Don't forget to check for any unpaid judgments or pending criminal charges against the business entity or its designated broker.

What is the Texas BBE 1 form?

The Texas BBE 1 form is an application used by business entities, such as corporations, LLCs, or partnerships, to apply for a real estate broker license in Texas. This form is necessary if the business entity intends to provide brokerage services in the state.

Who needs to fill out the BBE 1 form?

Any business entity that wants to operate as a real estate broker in Texas must complete the BBE 1 form. This includes corporations, limited liability companies, and partnerships. Additionally, the designated broker for the entity must be an active, licensed Texas real estate broker.

What are the fees associated with the BBE 1 application?

The total fees required with the BBE 1 application are as follows:

1. Application Processing Fee: $123.00
2. TREC Application Fee for LLC: $20.00
3. Real Estate Research Center Fee: $20.00
4. Recovery Fund Fee (if not previously paid): $10.00
5. Paper Filing Fee: $20.00

All fees must be submitted at the time of filing the application. Payments can be made via cashier’s check, personal check, or money order. Cash is not accepted.

What happens if the application is incomplete?

If the application is incomplete, it will not be returned for completion. Instead, a letter will be mailed to request that the deficiencies be remedied. It is crucial to ensure that all information is complete to avoid delays.

Do I need to provide a Certificate of Good Standing?

Yes, a current "Certificate of Good Standing" must accompany the application. This certificate should be issued within 21 days prior to the application date and is available from the Texas Comptroller of Public Accounts.

What is the role of the designated broker?

The designated broker is responsible for acting on behalf of the business entity. This person must be an active Texas real estate broker. If the designated broker does not own at least 10% of the entity, the business entity must maintain errors and omissions (E&O) insurance of at least $1 million.

Are fingerprints required for the designated broker?

Yes, fingerprints are required for the designated broker. The designated broker must pay a fee to the Department of Public Safety (DPS) for fingerprinting. This is necessary to meet the statutory requirements for honesty and integrity. The process may take up to 10 days, so plan accordingly.

What if the business entity is from another state?

A business entity chartered in another state can apply for a Texas broker license. However, it must be licensed as a real estate broker in its home state or provide proof that its home state does not license business entities as brokers. A certificate recognizing the entity's standing in its home state must be included with the application.

What should I do if I have defaulted on a student loan?

If you have defaulted on a student loan guaranteed by the Texas Guaranteed Student Loan Corporation (TG), contact TG before filing the application. State law prohibits renewing a license if there is a default unless a repayment agreement has been made.

How long does the application process take?

The processing time can vary. However, if all requirements are met, including fingerprinting and fee payments, the application can be processed relatively quickly. If requirements are not met within one year of filing, the application will expire.

How to Use Texas Bbe 1

Completing the Texas BBE 1 form is an essential step for a business entity seeking a real estate broker license in Texas. This process involves providing accurate information about the business, its designated broker, and any required documentation. To ensure a smooth application experience, follow the steps outlined below carefully.

1. Gather Required Documents: Before starting the form, collect necessary documents such as the "Certificate of Good Standing," proof of ownership (if applicable), and any other relevant paperwork.
2. Complete the Application: Fill out the Texas BBE 1 form. Ensure all sections are completed, including the type of business entity, business name, and designated broker details.
3. Designate a Broker: Clearly indicate the designated broker's name, office held, and Texas real estate broker license number. This person must be licensed as an active Texas real estate broker.
4. Provide Business Address: Enter the fixed office address where the business will operate. Remember, a P.O. Box alone is not acceptable.
5. Mailing Address: Include a mailing address, which can be a P.O. Box, along with contact information such as phone and email addresses.
6. Answer Background Questions: Respond to all background questions truthfully. If any answers are "Yes," be prepared to complete the Background History Form.
7. Calculate Fees: Add up the required fees, including the application processing fee, recovery fund fee, and any applicable paper filing fees. Ensure you have a cashier's check, personal check, or money order ready for submission.
8. Signature and Certification: The designated broker and an authorized representative from the business entity must sign the application, certifying that the information provided is accurate.
9. Submit the Application: Send the completed application, along with all required documents and fees, to the Texas Real Estate Commission at the provided address.

After submitting the application, the Texas Real Estate Commission will review it. Be prepared for a background check, which may take time. If any issues arise, the commission will contact you for clarification or additional information. Make sure to keep track of all submitted documents and fees to ensure a smooth process.

Filling out the Texas BBE 1 form can be a straightforward process, but several common mistakes can hinder an application. One significant error occurs when applicants fail to designate a qualified individual as the broker. The designated broker must be an active Texas real estate broker. If this requirement is overlooked, the application will be rejected. It is essential to ensure that the designated broker meets all qualifications before submitting the form.

Another frequent mistake involves the submission of incorrect fees. Applicants sometimes neglect to include all required fees or submit them in the wrong format. All fees must accompany the application, and they should be paid by cashier's check, personal check, or money order. Cash payments are not accepted. Missing or incorrect fees can lead to delays or outright rejection of the application.

Inadequate documentation can also be a stumbling block. A current "Certificate of Good Standing" is mandatory and must be dated within 21 days of the application submission. Applicants often forget to include this certificate or provide one that is outdated. Without this document, the application cannot be processed, which can significantly prolong the licensing timeline.

Another common oversight involves the background history questions. Applicants may provide incomplete answers or fail to disclose relevant information about prior license suspensions, revocations, or criminal convictions. Such omissions can result in disapproval of the application. It is crucial to answer these questions honestly and thoroughly to avoid complications.

Additionally, many applicants overlook the fingerprint requirement. The designated broker must have fingerprints on file with the Department of Public Safety. If an applicant has not been previously fingerprinted for TREC, they must pay a fee and follow specific procedures to get this done. Failing to complete this step can delay the licensing process.

Moreover, the application must be complete and accurate. If any section is left blank or filled out incorrectly, the application will be deemed incomplete. This could lead to receiving a letter requesting corrections, which can be time-consuming. It is advisable to review the entire application carefully before submission to ensure all information is correct.

Lastly, applicants sometimes neglect to consider the time sensitivity of the application. If all requirements are not met within one year of the filing date, the application will expire. This can lead to additional delays and frustration. Keeping track of deadlines and ensuring timely completion of all steps is vital for a successful application process.