Terms Used In Utah Code > Title 61 > Chapter 2f - Real Estate Licensing and Practices Act

• Adjudicative proceeding: means :Utah Code 68-3-12.5
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate broker: means an individual who is:

  (a)	employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration; and

  (b)

  licensed under this chapter as an associate broker. See Utah Code 61-2f-102 Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Branch broker: means an associate broker who manages a principal broker's branch office under the supervision of the principal broker. See Utah Code 61-2f-102 Branch office: means a principal broker's real estate brokerage office that is not the principal broker's main office. See Utah Code 61-2f-102 Business opportunity: means the sale, lease, or exchange of any business that includes an interest in real estate. See Utah Code 61-2f-102 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102 Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102 Condominium unit: means the same as that term is defined in Section 57-8-3. See Utah Code 61-2f-102 Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Corrective order: means an order issued by the commissioner specifying corrective action that the commissioner determines is required. See Utah Code 31A-17-601 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Director: means the director of the Division of Real Estate. See Utah Code 61-2f-102 Division: means the Division of Real Estate. See Utah Code 61-2f-102 Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301 Dual broker: means a principal broker of a real estate sales brokerage who obtains from the division a dual broker license in order to function as the principal broker of a property management company that is a separate entity from the real estate sales brokerage. See Utah Code 61-2f-102 Entity: means : (a)  a corporation; (b)  a partnership; (c)  a limited liability company; (d)  a company; (e)  an association; (f)  a joint venture; (g)  a business trust; (h)  a trust; or (i)  any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executive director: means the director of the Department of Commerce. See Utah Code 61-2f-102 Fiduciary: A trustee, executor, or administrator. Filed: means that a filing is: (i)  submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii)  received by the department within the time period provided in applicable statute, rule, or filing order; and (iii)  accompanied by the appropriate fee in accordance with: (A)  Section 31A-3-103; or (B)  rule. See Utah Code 31A-1-301 Filing: when used as a noun, means an item required to be filed with the department including: (a)  a policy; (b)  a rate; (c)  a form; (d)  a document; (e)  a plan; (f)  a manual; (g)  an application; (h)  a report; (i)  a certificate; (j)  an endorsement; (k)  an actuarial certification; (l)  a licensee annual statement; (m)  a licensee renewal application; (n)  an advertisement; (o)  a binder; or (p)  an outline of coverage. See Utah Code 31A-1-301 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. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to: (a)  engage, or offer to engage, in an act that: (i)  the person represents will assist a borrower in preventing a foreclosure; and (ii)  relates to a transaction involving the transfer of title to residential real property; or (b)  as an employee or agent of another person: (i)  solicit, or offer that the other person will engage in an act described in Subsection (16)(a); or (ii)  negotiate terms in relationship to an act described in Subsection (16)(a). See Utah Code 61-2f-102 Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Form: means one of the following prepared for general use: (i)  a policy; (ii)  a certificate; (iii)  an application; (iv)  an outline of coverage; or (v)  an endorsement. See Utah Code 31A-1-301 Fraud: Intentional deception resulting in injury to another. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Health organization: means : (a)  an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and (b)  that is: (i)  a health maintenance organization; (ii)  a limited health service organization; (iii)  a dental or vision plan; (iv)  a hospital, medical, and dental indemnity or service corporation; or (v)  other managed care organization. See Utah Code 31A-17-601 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Land: includes :Utah Code 68-3-12.5 Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff. 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Life or accident and health insurer: means : (a)  an insurance company licensed to write life insurance, accident and health insurance, or both; or (b)  a licensed property casualty insurer writing only disability insurance. See Utah Code 31A-17-601 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Loan modification assistance: means , for compensation or with the expectation of receiving valuable consideration, to: (a)  act, or offer to act, on behalf of a person to: (i)  obtain a loan term of a residential mortgage loan that is different from an existing loan term including: (A)  an increase or decrease in an interest rate; (B)  a change to the type of interest rate; (C)  an increase or decrease in the principal amount of the residential mortgage loan; (D)  a change in the number of required period payments; (E)  an addition of collateral; (F)  a change to, or addition of, a prepayment penalty; (G)  an addition of a cosigner; or (H)  a change in persons obligated under the existing residential mortgage loan; or (ii)  substitute a new residential mortgage loan for an existing residential mortgage loan; or (b)  as an employee or agent of another person: (i)  solicit, or offer that the other person will engage in an act described in Subsection (17)(a); or (ii)  negotiate terms in relationship to an act described in Subsection (17)(a). See Utah Code 61-2f-102 Main office: means the address which a principal broker designates with the division as the principal broker's primary brokerage office. See Utah Code 61-2f-102 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgagee: The person to whom property is mortgaged and who has loaned the money. Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Oath: includes "affirmation. See Utah Code 68-3-12.5 Oath: A promise to tell the truth. Order: means an order of the commissioner. See Utah Code 31A-1-301 Oversight: Committee review of the activities of a Federal agency or program. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual or entity. See Utah Code 61-2f-102 Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Principal broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who: (a)  sells or lists for sale real estate, including real estate being sold as part of a foreclosure rescue, or a business opportunity with the expectation of receiving valuable consideration; (b)  buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or an improvement on real estate with the expectation of receiving valuable consideration; (c)  advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (20)(a) or (b); (d)  is employed by or on behalf of the owner of real estate or by a prospective purchaser of real estate and performs an act described in Subsection (20)(a), whether the individual's compensation is at a stated salary, a commission basis, upon a salary and commission basis, or otherwise; (e)  with the expectation of receiving valuable consideration, manages property owned by another person; (f)  advertises or otherwise holds the individual out to be engaged in property management; (g)  with the expectation of receiving valuable consideration, assists or directs in the procurement of prospects for or the negotiation of a transaction listed in Subsections (20)(a) and (e); (h)  except for a mortgage lender, title insurance producer, or an employee of a mortgage lender or title insurance producer, assists or directs in the closing of a real estate transaction with the expectation of receiving valuable consideration; (i)  engages in foreclosure rescue; or (j)  advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. See Utah Code 61-2f-102 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: includes both real and personal property. See Utah Code 68-3-12.5 Property and casualty insurer: means any insurance company licensed to write lines of insurance other than life but does not include a monoline mortgage guaranty insurer, financial guaranty insurer, or title insurer. See Utah Code 31A-17-601 Property management: means engaging in, with the expectation of receiving valuable consideration, the management of real estate owned by another person or advertising or otherwise claiming to be engaged in property management by: (i)  advertising for, arranging, negotiating, offering, or otherwise attempting or participating in a transaction calculated to secure the rental or leasing of real estate; (ii)  collecting, agreeing, offering, or otherwise attempting to collect rent for the real estate and accounting for and disbursing the money collected; or (iii)  authorizing expenditures for repairs to the real estate. See Utah Code 61-2f-102 Property management sales agent: means a sales agent who: (a)  is affiliated with a dual broker through the dual broker's property management company; and (b)  is designated by the dual broker as a property management sales agent. See Utah Code 61-2f-102 Quorum: The number of legislators that must be present to do business. RBC: means risk-based capital. See Utah Code 31A-17-601 RBC instructions: means the RBC report including the National Association of Insurance Commissioner's risk-based capital instructions that govern the year for which an RBC report is prepared. See Utah Code 31A-17-601 RBC plan: means a comprehensive financial plan containing the elements specified in Subsection 31A-17-603(2). See Utah Code 31A-17-601 RBC report: means the report required in Section 31A-17-602. See Utah Code 31A-17-601 Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Regular salaried employee: means an individual who performs a service for wages or other remuneration, whose employer withholds federal employment taxes under a contract of hire, written or oral, express or implied. See Utah Code 61-2f-102 Reinstatement: means restoring a license that has expired or has been suspended. See Utah Code 61-2f-102 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 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Renewal: means extending a license for an additional licensing period on or before the date the license expires. See Utah Code 61-2f-102 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Sales agent: means an individual who is: (a)  affiliated with a principal broker, either as an independent contractor or an employee as provided in Section 61-2f-303, to perform for valuable consideration an act described in Subsection (20); and (b)  licensed under this chapter as a sales agent. See Utah Code 61-2f-102 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. 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with: (a)  the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and (b)  another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301 Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Trustee: A person or institution holding and administering property in trust. United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5 Writ: A formal written command, issued from the court, requiring the performance of a specific act. Writ: means an order or precept in writing, issued in the name of:Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5