Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(d) On May 21, 2009, the Board of Directors of Income Opportunity Realty Investors, Inc. (the "Registrant" or the "Company" or "IOT") elected Ted R. Munselle, age 53, as a director to fill a vacancy on the Board of Directors. Mr. Munselle is Vice President and Chief Financial Officer (since October 1998) of Landmark Nurseries, Inc.; he was President (December 2004 to August 2007) of Applied Educational Opportunities LLC, an educational organization which had career training schools located in the cities of Richardson and Tyler, Texas. He is a certified public accountant (since 1980) who was employed in the public accounting industry from 1977 until 1998 when he entered his current employment. Mr. Munselle has been a director (since February 20, 2004) of American Realty Investors, Inc. ("ARL"), a Nevada corporation which has its common stock listed and traded on the New York Stock Exchange, Inc. ("NYSE") and Transcontinental Realty Investors, Inc. ("TCI"), a Nevada corporation which has its common stock listed and traded on the NYSE. Mr. Munselle is also qualified as an Audit Committee financial expert within the meaning of SEC regulations and the Board of Directors of IOT has determined that he has accounting and related financial management expertise within the meaning of the listing standards of the American Stock Exchange (the "AMEX"). Mr. Munselle was also elected as a member and chairman of the Audit Committee of the Board of Directors of IOT.

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