Glossary

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There are 21 names in this directory beginning with the letter U.
Underimprovement
An improvement which, because of deficiency in cost or size, is not the most profitable use of the land; not the highest and best use.
Underwriting
The act of applying formal guidelines that provides qualitative and quantitative standards for determining whether or not a loan should be approved.
Undivided Interest
An ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.
Undue Influence
Exerting excessive pressure on someone so as to overpower the person's free will and prevent him or her from making a ra_tional or prudent decision; often involves abus_ing a relationship of trust.
Unearned Increment
An increase in the value of a property that comes about through no ef_fort on the part of the owner, such as one re_sulting from a population shift or favorable zoning changes.
Unencumbered Property
Real estate that is owned free and clear.
Uniform Commercial Code
A body of law adopted in slightly varying versions in most states, which attempts to standardize commer_cial law dealing with such matters as negotiable instruments and sales of personal property. Its main applications to real estate law concern se_curity interests in fixtures and bulk transfers.
Uniform Settlement Statement
A settlement statement required for any transaction involv_ing a loan that is subject to the Real Estate Settlement Procedures Act (RESPA).
Unilateral Contract
An obligation given by one party contingent on the performance of another party, but without obligating the second party to perform.
Unimproved Property
Land that has received no development, construction, or site preparation (raw land).
Unit Owners' Association
In a condominium, an organization that all unit owners automati_cally belong to, which governs the common el_ements of the condominium. Often called a condominium association.
Unit-in-Place Method
In appraisal, a method of estimating replacement cost by estimating the cost of each component (foundation, roof, etc.), then adding the costs of all components together.
United States Department of Agriculture Rural Hou
Provides or assists in providing credit to farmers and others in ru_ral areas where reasonable financing from pri_vate sources is unavailable.
Unjust Enrichment
An undeserved benefit; a court generally will not allow a remedy (such as forfeiture of a contract for deed) if it would result in the unjust enrichment of one of the par_ties.
Unlawful Detainer
A summary legal action to regain possession of real property; especially, a suit filed by a landlord to evict a defaulting tenant.
Unrealized Gain
Excess of current market value over cost for an asset that is not sold.
Unrecorded Deed
Instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership.
Urban Renewal
Process of redeveloping deteriorated sections of the city, often through demolition and new construction, may be privately funded, but most often associated with government renewal programs.
Usury
Charging a rate of interest greater than that permitted by state law.
Utility
The ability of an item to satisfy some need and/or arouse a desire for possession. In appraisal, one of the four elements of value, with scarcity, demand, and transferability.
Utility Easement
Use of another's property for the purpose of laying gas, water, electric and sewer lines.