Terms Used In Utah Code 61-2f-102

• Associate broker: means an individual who is:
       (1)(a) employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration; and
       (1)(b) licensed under this chapter as an associate broker. See Utah Code 61-2f-102
• Branch office: means a principal broker's real estate brokerage office that is not the principal broker's main office. See Utah Code 61-2f-102
• Business opportunity: means the sale, lease, or exchange of any business that includes an interest in real estate. See Utah Code 61-2f-102
• Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
• Condominium unit: means the same as that term is defined in Section 57-8-3. See Utah Code 61-2f-102
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Director: means the director of the Division of Real Estate. See Utah Code 61-2f-102
• Division: means the Division of Real Estate. See Utah Code 61-2f-102
• Dual broker: means a principal broker of a real estate sales brokerage who obtains from the division a dual broker license in order to function as the principal broker of a property management company that is a separate entity from the real estate sales brokerage. See Utah Code 61-2f-102
• Entity: means :
       (14)(a) a corporation;
       (14)(b) a partnership;
       (14)(c) a limited liability company;
       (14)(d) a company;
       (14)(e) an association;
       (14)(f) a joint venture;
       (14)(g) a business trust;
       (14)(h) a trust; or
       (14)(i) any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to:
       (16)(a) engage, or offer to engage, in an act that:

            (16)(a)(i) the person represents will assist a borrower in preventing a foreclosure; and

            (16)(a)(ii) relates to a transaction involving the transfer of title to residential real property; or
       (16)(b) as an employee or agent of another person:

            (16)(b)(i) solicit, or offer that the other person will engage in an act described in Subsection (16)(a); or

            (16)(b)(ii) negotiate terms in relationship to an act described in Subsection (16)(a). See Utah Code 61-2f-102
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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}
• Main office: means the address which a principal broker designates with the division as the principal broker's primary brokerage office. See Utah Code 61-2f-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{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.
• Person: means an individual or entity. See Utah Code 61-2f-102
• Principal broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who:
       (20)(a) sells or lists for sale real estate, including real estate being sold as part of a foreclosure rescue, or a business opportunity with the expectation of receiving valuable consideration;
       (20)(b) buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or an improvement on real estate with the expectation of receiving valuable consideration;
       (20)(c) advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (20)(a) or (b);
       (20)(d) is employed by or on behalf of the owner of real estate or by a prospective purchaser of real estate and performs an act described in Subsection (20)(a), whether the individual's compensation is at a stated salary, a commission basis, upon a salary and commission basis, or otherwise;
       (20)(e) with the expectation of receiving valuable consideration, manages property owned by another person;
       (20)(f) advertises or otherwise holds the individual out to be engaged in property management;
       (20)(g) with the expectation of receiving valuable consideration, assists or directs in the procurement of prospects for or the negotiation of a transaction listed in Subsections (20)(a) and (e);
       (20)(h) except for a mortgage lender, title insurance producer, or an employee of a mortgage lender or title insurance producer, assists or directs in the closing of a real estate transaction with the expectation of receiving valuable consideration;
       (20)(i) engages in foreclosure rescue; or
       (20)(j) advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. See Utah Code 61-2f-102
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Property management: means engaging in, with the expectation of receiving valuable consideration, the management of real estate owned by another person or advertising or otherwise claiming to be engaged in property management by:
            (21)(a)(i) advertising for, arranging, negotiating, offering, or otherwise attempting or participating in a transaction calculated to secure the rental or leasing of real estate;
            (21)(a)(ii) collecting, agreeing, offering, or otherwise attempting to collect rent for the real estate and accounting for and disbursing the money collected; or
            (21)(a)(iii) authorizing expenditures for repairs to the real estate. See Utah Code 61-2f-102
• Property management sales agent: means a sales agent who:
       (22)(a) is affiliated with a dual broker through the dual broker's property management company; and
       (22)(b) is designated by the dual broker as a property management sales agent. See Utah Code 61-2f-102
• Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
• 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
• Sales agent: means an individual who is:
       (28)(a) affiliated with a principal broker, either as an independent contractor or an employee as provided in Section 61-2f-303, to perform for valuable consideration an act described in Subsection (20); and
       (28)(b) licensed under this chapter as a sales agent. See Utah Code 61-2f-102
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5