(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 (ii) a fee estate. (b) "Undivided fractionalized long-term estate" does not include a joint tenancy.
(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 (ii) a fee estate.
(i) a tenancy in common; or
(ii) a fee estate.
(b) "Undivided fractionalized long-term estate" does not include a joint tenancy.
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