“Owner” means a person who owns residential real estate or other property and:

1. (a) Includes a person who has:

   1. (1) Placed property in a grantor/revocable trust;
   2. (2) Equitable title in property;
   3. (3) A life estate in property; and
2. (b) Does not include a person who has placed property in an irrevocable trust or any other legal entity distinct from the person.

Source. #12027, eff 10-28-16; renumbered by #12925 (formerly Rev 401.16)