Utah Code 57-23-5. License required
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Terms Used In Utah Code 57-23-5
- Cooperative: means a form of coownership of real estate in which:(1)(a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;(1)(b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and(1)(c) the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument. See Utah Code 57-23-2
- Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 57-23-2
- 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
Except as provided by Section
61-2f-202 , an individual may not offer, sell, or otherwise dispose of a cooperative interest in this state unless the individual is licensed by the division underTitle 61, Chapter 2f, Real Estate Licensing and Practices Act , as a principal broker, associate broker, or sales agent.