Utah Real Estate Real Estate Acts A pg. 4-1 Fully solved 2023 passed

Utah Real Estate Real Estate Acts A pg. 4-1Common Areas Land or improvements in a condominium development designated for the use and benefit of all residents, property owners, and tenants. Condominium Real property that consists of the air space of the unit and an undivided interest in the development's common area(s). Condominium Ownership Act Each unit owner owns their unit, together with an undivided interest in common area and facilities appurtenant to that unit. Limited by CC&Rs. Each unit & its % of undivided interest deemed its own exclusive parcel subject to assessment and taxation. Proportionate share of common expenses, if fees not paid= lien placed on unit, maybe be enforced by foreclosure. Can be residential, commercial, industrial, or manufacturing developments. When apartment building is changed into condo = condominium conversion. Covenants, Conditions, and Restrictions Restrictions and requirements created in the Uniform Declaration of Restrictions for condominiums and enforced by the development's Homeowner's Association. Liens An encumbrance for money against real property. Lien Waver When the owner of the property pays the general contractor for the work done, this form should be given by the mechanic who did the work. Lid Pendens Constructive notice that an action affecting a particular parcel of property has been filed in court. The property can be sold, leased, or otherwise disposed of, but all transactions are subject to the outcome of the court action. Market Record Title Act Claims to Rights/interest in land have been inactive for longer that statutory period (40 yrs in Utah) are cut off. Purpose is to simply and stabilize title searches and the transfer of real property by removing old encumbrances from the title. Doesn't extend time period for brining action as given under statute of limitations. Exemptions: water rights, mineral rights, right Title or interest of state political subdivision of state, right Title interest of US by reason of failure to file notice, easement that can be verified by physical evidence of use, easements for pipelines highways railroads or public utilities, bar a lessor taking possession after expiration of a lease. Mechanic's Lien A lien placed by a person who has integrated labor or materials into a property and has not been paid. Planned Unit Development (PUD) A non traditional type of housing development designed to produce high density of dwellings, maximum use of open spaces, and greater flexibility for residential land and development. Local government approval is required for this development. Release of Lien I'd a mechanic had previously placed a claim against the property where the work was done, when payment is made, this for must be filled within ten days. Stock Cooperative or Co-Ops A lease in a unit of property derived from the ownership of stock in a company. Also called a proprietary or owner's lease. Subdivision Land divided into lots which may or may not include improvements. Timeshare and Camp Resort Act Administered by the Real Estate Division and similar to the Utah Uniform Land Sales Practices Act. Timeshare interest-right to occupy fixed/variable accommodations during 3+ separate times over period of 3 yrs. Timeshare estate- small undivided fraction fee interest in real property, purchaser doesn't receive right to use except as provided by contract. Camp resort- enterprise that has as its primary purpose the offering of a camp resort interest. Camp resort interest- right to use/occupy a camp site. Camping site- a space designated for purpose of locating a trailer, tent, or land based portable housing. A person hired to sell any of these does NOT need a real estate license, but must be registered with the Real Estate Division. Utah Exemption Act (Homestead) Protects portion of homeowners equity monies in event of forced forfeiture of residence through sale of the home or through bankruptcy. Equity is shielded from certain types of creditors whose claim might be exercised through a judgment lien. -protects from certain debts: medical bills, business debts, unsecured damage liens -not protected for: statutory liens for taxes/assessments, security interests in prop. Judicial liens for debt created for purchase of prop, judicial liens obtained for failure to provide support/maintenance for dependent children, consensual liens obtained for debt created by mutual contract. Head of household: $30,000 Spouse: $30,000 = $60,000 max exemption. Filing requirements: "Declaration of Homestead." When house sells- exemption proceeds protected for 1 year. Utah Uniform Land Sales Practice Administered by Real Estate Division. Subdividers could be subject to disciplinary actions if they don't register through the Division. Subdivision must be registered under this act, subdivider must comply with all requirements for disclosure in marketing to public. Person hired to sell land in a subdivision must have real estate license.