57-11-2 - Definitions.
57-11-2. Definitions.
As used in this chapter:
(1) (a) "Disposition" includes sale, lease, assignment, award by lottery, or any othertransaction concerning a subdivision, if undertaken for gain or profit.
(b) "Disposition" does not include the sale or lease of land held by railroads for right ofway if the land is within 400 feet of the center line of a railroad tract.
(2) "Division" means the Division of Real Estate created in Section 61-2-201.
(3) "Federal act" means the federal Interstate Land Sales Full Disclosure Act, 15 U.S.C.Sec. 1701, et seq., or any successor federal act.
(4) (a) "Industrial park" means a subdivision or subdivided lands offered as a part of acommon promotional plan of advertising and sale zoned for office, manufacturing, warehousing,commercial, industrial, distribution, or wholesale use and utilized for one or more of thosepurposes.
(b) "Industrial park" does not include land offered for sale that is designed or intended tobe used for recreational, residential, including multiple family dwellings, or agriculturalpurposes.
(5) "Offer" includes an inducement, solicitation, or attempt to encourage a person toacquire an interest in land if undertaken for gain or profit.
(6) "Person" includes:
(a) a business trust;
(b) an estate;
(c) a trust;
(d) a partnership;
(e) an unincorporated association;
(f) two or more of any entity having a joint or common interest; or
(g) any other legal or commercial entity.
(7) "Purchaser" means a person who acquires or attempts to acquire or succeeds to aninterest in land.
(8) "Residential building" means a structure intended for occupation as a residencewhich, at the time of an offer or disposition of the unit on which it is situated, or on which thereis a legal obligation on the part of the seller to complete construction of it within two years fromdate of disposition, has, or if completed would have, ready access to water, gas, electricity, androads.
(9) "Subdivider" means:
(a) an owner of an interest in subdivided lands who offers the subdivided lands fordisposition; or
(b) a principal agent of an owner of an interest in subdivided lands if the owner isinactive.
(10) (a) "Subdivision" and "subdivided lands" means land that is divided or is proposedto be divided for the purpose of disposition into 10 or more units including land, whethercontiguous or not, if 10 or more units are offered as a part of a common promotional plan ofadvertising and sale.
(b) If a subdivision is offered by a developer or group of developers, and the land iscontiguous or is known, designated, or advertised as a common tract or by a common name, thatland is presumed, without regard to the number of units covered by each individual offering, to
be part of a common promotional plan.
(11) "Unit" includes a lot, parcel, or other interest in land separately offered fordisposition.
Amended by Chapter 379, 2010 General Session