R162-2f-200. Owner

  (1) For purposes of Section 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 (1)(c)(i) through (vii) above is not exempt from licensure under Section 61-2f-202(1)(a)(i).