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; (ii) a mortgagee; (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)(i) through (vii) is not exempt from licensure under Subsection 61-2f-202(1)(a)(i).