Terms Used In Utah Code > Title 61 > Chapter 2f > Part 3 - Operational Requirements

• 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. 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 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 Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. 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 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. 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 Fraud: Intentional deception resulting in injury to another. Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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. 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 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. 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 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 Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102 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 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.