Section R162-2f-200 - Owner(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;(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).Utah Admin. Code R162-2f-200
Adopted by Utah State Bulletin Number 2018-18, effective 8/21/2018Amended by Utah State Bulletin Number 2022-11, effective 5/25/2022