1. (1) For purposes of Subsection 61-2f-202(1):

   1. (a) "owner" means a person who has:

      1. (i) a sole ownership interest in real estate, or
      2. (ii) an ownership interest in real estate as a joint tenant or a tenant in common;

   2. (b) "owner or lessor" does not include:

      1. (i) a person who holds an option to purchase real property;
      2. (ii) a mortgagee;
      3. (iii) a beneficiary under a deed of trust;
      4. (iv) a trustee under a deed of trust; or
      5. (v) a person who owns or holds a claim that encumbers any real property or an improvement to the real property.

2. (2) For purposes of Subsection 61-2f-202(1)(a)(i):

   1. (a) any person performing an act described in Subsection 61-2f-102(20) on behalf of an entity must be:

      1. (i) if the entity is a corporation, an officer or director of the corporation;

      2. (ii) if the entity is a limited liability company,

         1. (A) a member of a member-managed limited liability company, or
         2. (B) a manager of a manager-managed limited liability company;
      3. (iii) if the entity is a partnership, a partner of the partnership;
      4. (iv) if the entity is a limited partnership, a general partner of the limited partnership;
      5. (v) if the entity is a trust, a trustee of the trust;
      6. (vi) if the entity is an estate of a deceased individual, a court-appointed personal representative of the estate; or
      7. (vii) if the entity is the estate of an individual subject to a conservatorship, a court-appointed conservator of the estate.
   2. (b) A person who is an entity or organization not described in Subsections 2(a)(i) through (vii) is not exempt from licensure under Subsection 61-2f-202(1)(a)(i).

KEY: real estate business, operational requirements, trust account records, notification requirements

Date of Last Change: August 16, 2023

Notice of Continuation: February 5, 2025

Authorizing, and Implemented or Interpreted Law: 61-2f-103(1); 61-2f-105; 61-2f-203(1)(e); 61-2f-206(3); 61-2f-206(4)(a); 61-2f-306; 61-2f-307