Utah Code 57-29-102. Definitions
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57-29-102. Definitions.
As used in this chapter:
As used in this chapter:
(1) | “Commission” means the Real Estate Commission created in Section 61-2f-103. |
(i) | a tenancy in common; or |
(ii) | a fee estate. See Utah Code 57-29-102 |
(2) | “Director” means the director of the Division of Real Estate. |
(3) | “Division” means the Division of Real Estate created in Section 61-2-201. |
(4) | “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. |
(5) | “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. |
(6) | “Master lease tenant” means the lessee in a master lease. |
(7) | “Sponsor” means a person who is the original seller of an undivided fractionalized long-term estate. |
Enacted by Chapter 381, 2016 General Session