57-29-102. Definitions.
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Effective 5/10/2016
57-29-102. Definitions.
As used in this chapter:
(1)"Commission" means the Real Estate Commission created in Section 61-2f-103 .
(2)"Director" means the director of the Division of Real Estate.
(3)"Division" means the Division of Real Estate created in Section 61-2-201 .
(4)"Management agreement" means an agreement between a person and each owner of an undivided fractionalized long-term estate in a piece of real property under which the person agrees to manage the leasing or operations of the real property.
(5)"Master lease" means an agreement under which a person is granted a leasehold interest in real property and may sublease all or a portion of the real property to one or more persons.
(6)"Master lease tenant" means the lessee in a master lease.
(7)"Sponsor" means a person who is the original seller of an undivided fractionalized long-term estate.
(a)"Undivided fractionalized long-term estate" means an ownership interest in real property by two or more persons that is:
(i)a tenancy in common; or
(ii)a fee estate.
(b)"Undivided fractionalized long-term estate" does not include a joint tenancy.
Enacted by Chapter 381 , 2016 General Session