Terms Used In Utah Code 57-23-2

• Cooperative: means a form of coownership of real estate in which:
       (1)(a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;
       (1)(b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and
       (1)(c) the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument. See Utah Code 57-23-2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 57-23-2
• 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}
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.