Terms Used In Utah Code > Title 57 > Chapter 29 > Part 2 - License and Disclosure Requirements

• Commission: means the Real Estate Commission created in Section 61-2f-103. See Utah Code 57-29-102
• Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 57-29-102
• 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}
• 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
• 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
• 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
• Sponsor: means a person who is the original seller of an undivided fractionalized long-term estate. See Utah Code 57-29-102
• 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