61-2f-102 - Definitions.
61-2f-102. Definitions.
As used in this chapter:
(1) "Associate broker" means an individual who is:
(a) employed or engaged as an independent contractor by or on behalf of a principalbroker to perform an act set out in Subsection (17) for valuable consideration; and
(b) licensed under this chapter as an associate broker.
(2) "Branch office" means a principal broker's real estate brokerage office that is not theprincipal broker's main office.
(3) "Business day" means a day other than:
(a) a Saturday;
(b) a Sunday; or
(c) a federal or state holiday.
(4) "Commission" means the Real Estate Commission established under this chapter.
(5) "Concurrence" means the entities given a concurring role must jointly agree for actionto be taken.
(6) "Condominium unit" is as defined in Section 57-8-3.
(7) "Condominium homeowners' association" means the condominium unit ownersacting as a group in accordance with declarations and bylaws.
(8) (a) "Condominium hotel" means one or more condominium units that are operated asa hotel.
(b) "Condominium hotel" does not mean a hotel consisting of condominium units, all ofwhich are owned by a single entity.
(9) "Director" means the director of the Division of Real Estate.
(10) "Division" means the Division of Real Estate.
(11) "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 (11)(a) through (h).
(12) "Executive director" means the director of the Department of Commerce.
(13) "Foreclosure rescue" means, for compensation or with the expectation of receivingvaluable 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(13)(a); or
(ii) negotiate terms in relationship to an act described in Subsection (13)(a).
(14) "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 loanterm 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(14)(a); or
(ii) negotiate terms in relationship to an act described in Subsection (14)(a).
(15) "Main office" means the address which a principal broker designates with thedivision as the principal broker's primary brokerage office.
(16) "Person" means an individual or entity.
(17) "Principal broker" means an individual who:
(a) (i) sells or lists real estate for sale with the expectation of receiving valuableconsideration;
(ii) buys, exchanges, or auctions real estate, options on real estate, or improvements onreal estate with the expectation of receiving valuable consideration; or
(iii) who advertises, offers, attempts, or otherwise holds the individual out to be engagedin the business described in Subsection (17)(a)(i) or (ii);
(b) is employed by or on behalf of the owner of real estate or by a prospective purchaserof real estate and performs an act described in Subsection (17)(a), whether the individual'scompensation is at a stated salary, a commission basis, upon a salary and commission basis, orotherwise;
(c) (i) with the expectation of receiving valuable consideration, manages property ownedby another person; or
(ii) advertises or otherwise holds the individual out to be engaged in propertymanagement;
(d) with the expectation of receiving valuable consideration, assists or directs in theprocurement of prospects for or the negotiation of a transaction listed in Subsections (17)(a) and(c);
(e) except for a mortgage lender, title insurance producer, or an employee of a mortgagelender or title insurance producer, assists or directs in the closing of a real estate transaction withthe expectation of receiving valuable consideration; or
(f) (i) engages in foreclosure rescue; or
(ii) advertises, offers, attempts, or otherwise holds the person out as being engaged inforeclosure rescue; and
(g) is licensed as a principal broker under this chapter.
(18) (a) "Property management" means engaging in, with the expectation of receivingvaluable consideration, the management of real estate owned by another person or advertising orotherwise claiming to be engaged in property management by:
(i) advertising for, arranging, negotiating, offering, or otherwise attempting orparticipating 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 realestate and accounting for and disbursing the money collected; or
(iii) authorizing expenditures for repairs to the real estate.
(b) "Property management" does not include:
(i) hotel or motel management;
(ii) rental of tourist accommodations, including hotels, motels, tourist homes,condominiums, condominium hotels, mobile home park accommodations, campgrounds, orsimilar public accommodations for a period of less than 30 consecutive days, and themanagement activities associated with these rentals; or
(iii) the leasing or management of surface or subsurface minerals or oil and gas interests,if the leasing or management is separate from a sale or lease of the surface estate.
(19) "Real estate" includes leaseholds and business opportunities involving real property.
(20) (a) "Regular salaried employee" means an individual who performs a service forwages or other remuneration, whose employer withholds federal employment taxes under acontract of hire, written or oral, express or implied.
(b) "Regular salaried employee" does not include an individual who performs services ona project-by-project basis or on a commission basis.
(21) "Reinstatement" means restoring a license that has expired or has been suspended.
(22) "Reissuance" means the process by which a licensee may obtain a license followingrevocation of the license.
(23) "Renewal" means extending a license for an additional licensing period on or beforethe date the license expires.
(24) "Sales agent" means an individual who is:
(a) affiliated with a principal broker, either as an independent contractor or an employeeas provided in Section 61-2f-303, to perform for valuable consideration an act described inSubsection (17); and
(b) licensed under this chapter as a sales agent.
(25) (a) "Undivided fractionalized long-term estate" means an ownership interest in realproperty by two or more persons that is:
(i) a tenancy in common; or
(ii) any other legal form of undivided estate in real property including:
(A) a fee estate;
(B) a life estate; or
(C) other long-term estate.
(b) "Undivided fractionalized long-term estate" does not include a joint tenancy.
Amended by Chapter 184, 2010 General Session
Amended by Chapter 379, 2010 General Session, (Coordination Clause)
Renumbered and Amended by Chapter 379, 2010 General Session