Utah Code 57-23-5. License required
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 57-23-5
- Cooperative: means a form of coownership of real estate in which:
(a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity; (b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and (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
- real estate: means any right, title, estate, or interest in land, including all nonextracted minerals located in, on, or under the land, all buildings, fixtures and improvements on the land, and all water rights, rights-of-way, easements, rents, issues, profits, income, tenements, hereditaments, possessory rights, claims, including mining claims, privileges, and appurtenances belonging to, used, or enjoyed with the land or any part of the land. See Utah Code 57-1-1
- 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 under Title 61, Chapter 2f, Real Estate Licensing and Practices Act, as a principal broker, associate broker, or sales agent.Amended by Chapter 379, 2010 General Session