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 2024-18, September 15, 2024
(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).
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