57-29-203. Required disclosures.
(1) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide each prospective purchaser a written disclosure, related to the real property in which the undivided fractionalized long-term estate is offered, that: if applicable: includes a copy of any master lease agreement; and states whether the sponsor is the master lease tenant or an affiliate of the master lease tenant; includes any material information that relates to a current lease or sublease that affects the real property in which the undivided fractionalized long-term estate is offered; includes a copy of: a tenants in common agreement; or an agreement that forms the substance of the undivided fractionalized long-term estate and includes a definition of the undivided fractionalized interest; describes any improvements to the real property in which the undivided fractionalized long-term estate is offered; includes a copy of any management agreement; describes the relationship, if any, between each property manager and the sponsor; and includes any additional information that an ordinarily prudent purchaser would consider material to deciding whether to purchase the undivided fractionalized long-term estate, as determined by the commission, with concurrence by the division, by rule in accordance with. Title 63G, Chapter 3, Utah Administrative Rulemaking Act
(2) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide the written disclosure described in Subsectionto the prospective purchaser before the prospective purchaser purchases the undivided fractionalized long-term estate. (1)