Section 57-29-102 - DefinitionsAs used in this chapter:
(1) "Commission" means the Real Estate Commission created in Section 61-2f-103.(2) "Director" means the director of the Division of Real Estate.(3) "Division" means the Division of Real Estate created in Section 61-2-201.(4) "Management agreement" means an agreement between a person and each owner of an undivided fractionalized long-term estate in a piece of real property under which the person agrees to manage the leasing or operations of the real property.(5) "Master lease" means an agreement under which a person is granted a leasehold interest in real property and may sublease all or a portion of the real property to one or more persons.(6) "Master lease tenant" means the lessee in a master lease.(7) "Sponsor" means a person who is the original seller of an undivided fractionalized long-term estate.(8)(a) "Undivided fractionalized long-term estate" means an ownership interest in real property by two or more persons that is:(i) a tenancy in common; or(b) "Undivided fractionalized long-term estate" does not include a joint tenancy.Added by Chapter 381, 2016 General Session ,§ 2, eff. 5/10/2016.