Terms Used In Utah Code > Title 57 > Chapter 29 - Undivided Fractionalized Long-term Estate Sales Practices Act

• 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
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the Division of Integrated Healthcare created in Section 26B-1-1202. See Utah Code 26B-5-101
• Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 57-29-102
• 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.
• 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.
• 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.
• 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}
• Management agreement: means an agreement between a person and each owner of an undivided fractionalized long-term estate in a piece of real property under which the person agrees to manage the leasing or operations of the real property. See Utah Code 57-29-102
• 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
• Master lease tenant: means the lessee in a master lease. See Utah Code 57-29-102
• Mental health crisis: means :
       (6)(a) a mental health condition that manifests in an individual by symptoms of sufficient severity that a prudent layperson who possesses an average knowledge of mental health issues could reasonably expect the absence of immediate attention or intervention to result in:

            (6)(a)(i) serious danger to the individual's health or well-being; or

            (6)(a)(ii) a danger to the health or well-being of others; or
       (6)(b) a mental health condition that, in the opinion of a mental health therapist or the therapist's designee, requires direct professional observation or intervention. See Utah Code 26B-5-101
• 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
• 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
• 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
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Sponsor: means a person who is the original seller of an undivided fractionalized long-term estate. See Utah Code 57-29-102
• Subpoena: A command to a witness to appear and give testimony.
• 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