Terms Used In Utah Code > Title 61 > Chapter 2f > Part 5 - Real Estate Education, Research, and Recovery Fund Act

• 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.
• 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. 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. 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 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 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. Fraud: Intentional deception resulting in injury to another. Person: means an individual or entity. See Utah Code 61-2f-102 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 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 Renewal: means extending a license for an additional licensing period on or before the date the license expires. See Utah Code 61-2f-102 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 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