Terms Used In Utah Code 61-2f-201

• 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
• 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}
• 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
• Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
• 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