37-56-101. Definitions. As used in this part, unless the context clearly indicates otherwise, the following definitions apply:

(1) "Department" means the department of labor and industry provided for in Title 2, chapter 15, part 17.

(2) "Property manager" means an individual who engages in the business of leasing, renting, subleasing, or other transfer of possession of real estate located in this state without transfer of the title to the property. The term includes but is not limited to an individual who:

(a) engages in negotiations for the lease or sublease of any real estate or of the improvements on any real estate;

(b) promotes the lease, rental, exchange, or other disposition of real estate;

(c) assists in creating or completing real estate lease contracts;

(d) procures tenants;

(e) aids or offers to aid, for a fee, any person in locating or obtaining any real estate for lease;

(f) makes the advertising of real property for lease available by public display to potential tenants;

(g) shows rental or lease properties to potential tenants;

(h) acts as a liaison between the owners of real estate and a tenant or potential tenant;

(i) generally oversees the inspection, maintenance, and upkeep of leased real estate;

(j) collects rents or attempts to collect rents;

(k) pays or receives a fee, commission, or other compensation for referral of the name of a prospective lessor or lessee; or

(l) advertises or represents to the public that the individual is engaged in any of the activities referred to in this subsection (2).

(3) "Real estate" includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or nonfreehold and whether the real estate is situated in this state or elsewhere.

(4) "Trust account" means an account for real estate trust funds maintained at a depository institution from which withdrawals or transfers can be made without delay, subject to any notice period that the depository institution is required to observe by law.