Section R592-5-3 - Definitions Terms used in this rule are defined in Sections 31A-1-301 and 31A-2-402. Additional terms are defined as follows:
(1) "Dual licensed title licensee", as defined in Section 31A-2-402, does not mean:
(a) a title licensee who holds an inactive license under Subsections 31A-2-402(3)(b)(i), (ii) or (iii); or(b) a title licensee who holds an education provider certificate.(2) "Need for expedited approval" means a significant hardship to the buyer or seller in the transaction.(3) "Principal" means a person from whom a dual licensee has received compensation for submitting a transaction under one or more of the licensee's dual licenses. Examples include a mortgage company, a real estate broker, an agency title insurance producer, a builder, or a developer.(4) "Title insurance product" means the insuring, guaranteeing, or indemnifying of owners of real or personal property or the holders of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property.(5) "Title insurance service" has the same meaning as the definition of "escrow" found in Subsection 31A-1-301(61).Utah Admin. Code R592-5-3
Amended by Utah State Bulletin Number 2021-17, effective 8/23/2021