As 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 (ii) a fee estate. (b) "Undivided fractionalized long-term estate" does not include a joint tenancy.
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