Terms Used In Utah Code > Title 61 > Chapter 2 - Division of Real Estate

• Appraisal: A determination of property value.
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the Department of Commerce. See Utah Code 61-2-102
• Director: means the director of the division appointed under Section 61-2-201. See Utah Code 61-2-102
• Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 61-2-102
• Executive director: means the executive director of the department appointed under Section 13-1-3. See Utah Code 61-2-102
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Individual: means a natural person. See Utah Code 31A-1-301
• Insurance: includes :

  (i)	a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;

  (ii)	a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and

  (iii)

  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 Land: includes :Utah Code 68-3-12.5 Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Statute: A law passed by a legislature. Writing: includes :Utah Code 68-3-12.5