Terms Used In Utah Code > Title 57 > Chapter 29 > Part 1 - General Provisions

• Commission: means the Real Estate Commission created in Section 61-2f-103. See Utah Code 57-29-102
• Director: means the director of the Division of Real Estate. See Utah Code 57-29-102
• Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 57-29-102
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Master lease: means an agreement under which a person is granted a leasehold interest in real property and may sublease all or a portion of the real property to one or more persons. See Utah Code 57-29-102
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: includes :
       (31)(a) land;
       (31)(b) a tenement;
       (31)(c) a hereditament;
       (31)(d) a water right;
       (31)(e) a possessory right; and
       (31)(f) a claim. See Utah Code 68-3-12.5
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Undivided fractionalized long-term estate: means an ownership interest in real property by two or more persons that is:
            (8)(a)(i) a tenancy in common; or
            (8)(a)(ii) a fee estate. See Utah Code 57-29-102