Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2f - Real Estate Licensing and Practices Rule
Section R162-2f-200 - Owner
Universal Citation: UT Admin Code R 162-2f-200
Current through Bulletin 2023-24, December 15, 2023
(1) For purposes of Subsection 61-2f-202(1):
(a) "owner" means a person who has:
(i) a sole ownership interest in real estate,
or
(ii) an ownership interest in
real estate as a joint tenant or a tenant in common;
(b) "owner or lessor" does not include:
(i) a person who holds an option to purchase
real property;
(ii) a
mortgagee;
(iii) a beneficiary
under a deed of trust;
(iv) a
trustee under a deed of trust; or
(v) a person who owns or holds a claim that
encumbers any real property or an improvement to the real property.
(2) For purposes of Subsection 61-2f-202(1)(a)(i):
(a) any person performing an act described in
Subsection
61-2f-102(20)
on behalf of an entity must be:
(i) if the
entity is a corporation, an officer or director of the corporation;
(ii) if the entity is a limited liability
company,
(A) a member of a member-managed
limited liability company, or
(B) a
manager of a manager-managed limited liability company;
(iii) if the entity is a partnership, a
partner of the partnership;
(iv) if
the entity is a limited partnership, a general partner of the limited
partnership;
(v) if the entity is a
trust, a trustee of the trust;
(vi)
if the entity is an estate of a deceased individual, a court-appointed personal
representative of the estate; or
(vii) if the entity is the estate of an
individual subject to a conservatorship, a court-appointed conservator of the
estate.
(b) A person who
is an entity or organization not described in Subsections 2(a)(1)(c)(i) through
(vii) above is not exempt from licensure under Subsection
61-2f-202(1)(a)(i).
Adopted by Utah State Bulletin Number 2018-18, effective 8/21/2018
Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022
Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
