Terms Used In Utah Code > Title 31A > Chapter 8 > Part 3 - Foreign Organizations

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Branch broker: means an associate broker who manages a principal broker's branch office under the supervision of the principal 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
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
• Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102
• 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.
• Corporation: means an insurance corporation, except when referring to:
            (34)(a)(i) a corporation doing business:

                 (34)(a)(i)(A) as:

                      (34)(a)(i)(A)(I) an insurance producer;

                      (34)(a)(i)(A)(II) a surplus lines producer;

                      (34)(a)(i)(A)(III) a limited line producer;

                      (34)(a)(i)(A)(IV) a consultant;

                      (34)(a)(i)(A)(V) a managing general agent;

                      (34)(a)(i)(A)(VI) a reinsurance intermediary;

                      (34)(a)(i)(A)(VII) a third party administrator; or

                      (34)(a)(i)(A)(VIII) an adjuster; and

                 (34)(a)(i)(B) under:

                      (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;

                      (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or

                      (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
            (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• 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}
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• 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
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Oversight: Committee review of the activities of a Federal agency or program.
• Person: means an individual or entity. See Utah Code 61-2f-102
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• 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
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• 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: 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Regular salaried employee: means an individual who performs a service for wages or other remuneration, whose employer withholds federal employment taxes under a contract of hire, written or oral, express or implied. See Utah Code 61-2f-102
• Reinstatement: means restoring a license that has expired or has been suspended. See Utah Code 61-2f-102
• Renewal: means extending a license for an additional licensing period on or before the date the license expires. 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
• Statute: A law passed by a legislature.
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Trustee: A person or institution holding and administering property in trust.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5