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Real Estate Dictionary/Glossary A,
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N.B. This glossary is provided with the understanding that the author is not
providing any legal, or other professional services. If legal or real estate
advice is required, the services of a competent professional person should be
sought.
Uncollected rent
Uncollected rent or vacancy is subtracted from gross scheduled income.
Uncollected rent is an estimate expressed as a percentage then converted to
dollars. (See gross scheduled income)
Unconscionable contracts
An agreement that is so unfair and one-sided that the courts will refuse to
honor it.
Underground storage tanks (USTs)
USTs are commonly used for storing petroleum products, chemicals or process
wastes. Sites which use USTs include airports, gas stations, industrial
locations and military bases. Over time neglected tanks may leak hazardous
substances into the environment, contaminating groundwater. State and federal
laws impose strict requirements on landowners where USTs are located to detect
and correct leaks to protect groundwater.
Underwriter
A person who evaluates the risk of default by a mortgage loan applicant, and
grants approval or denial of the loan.
Underwriting
The process of evaluating a mortgage loan applicant's credit, collateral value
and the risks in making a loan.
Undisclosed dual agency
A broker may not intend to create a dual agency. However, like any other agency,
it may occur unintentionally or inadvertently. Sometimes the cause is
carelessness, and other times a salesperson does not fully understand his or her
fiduciary responsibilities. Some salespersons lose sight of other
responsibilities when they focus intensely on bringing buyers and sellers
together.
For instance, a salesperson representing the seller might suggest to a buyer
that the seller will accept less than the listing price, or that same
salesperson might promise to persuade the seller to accept an offer that is in
the buyer's best interests. Giving a buyer any specific advice on how much to
offer can lead him or her to believe that the salesperson represents the buyer's
interests and is acting as the buyer's advocate.
Undue influence
Strong enough persuasion to completely overpower the free will of another and
prevent him or her from acting intelligently and voluntarily, as in a case where
a broker guilty of blockbusting has induced someone to sell in fear of a change
in the racial character of the community. Undue influence usually requires a
close or confidential relationship like parent-child, broker-seller,
attorney-client, or trustee-beneficiary. When a person has been unduly
influenced to sign a contract, that person can void the contract.
Unenforceable contract
A contract which is considered unenforceable either because it cannot be proven
or will not be enforced by a court. In addition to being considered void or
illegal, other reasons for unenforceable contracts may be because they were not
presented in writing which may have been a requirement under state statutes of
frauds or the statutes of limitations period has elapsed.
Unequivocal
Unambiguous; clear; having only one possible meaning or interpretation.
Uniform Building Code
A national building code published by the International Conference of Building
Officials. It has been adopted in part by municipalities throughout the United
States, but used mostly in the western states. (See building code)
Uniform Commercial Code
A codification of commercial law, adopted in most states, that attempts to make
uniform all laws relating to commercial transactions, including chattel
mortgages and bulk transfers. Security interests in chattels are created by an
instrument known as a security agreement. To give notice of the security
interest, a financing statement must be recorded. Article 6 of the code
regulates bulk transfers--the sale of a business as a whole, including all
fixtures, chattels and merchandise.
Uniform Condominium Act (UCA)
Many states have adopted the Uniform Condominium Act (UCA). Under its
provisions, a condominium is created and established when the owner of an
existing building (or developer of unimproved property) executes and records a
declaration of condominium.
Uniform Partnership Act (UPA)
Most states have adopted the "Uniform Partnership Act" (UPA), which permits real
estate to be held in the partnership name. The "Uniform Limited Partnership Act"
(ULPA) has also been widely adopted. It establishes the legality of the limited
partnership entity and provides that realty may be held in the limited
partnership's name. Profits and losses are passed through the partnership to
each partner, whose individual tax situation determines the tax consequences.
Uniform Residential Landlord and Tenant Act (URLTA)
A uniform act intended to provide some consistency in regulating the
relationship of landlord and tenant in residential leases. A number of states
have adopted all or parts of the URLTA, or have enacted similar legislation.
Uniform residential loan application
A loan application form required by Freddie Mac and Fannie Mae.
Uniform Settlement Statement
The standard HUD Form 1 required to be given to the borrower, lender and seller
at the time or before settlement by the settlement agent in a transaction
covered under the Real Estate Settlement Procedures Act. The lender must retain
its copy for at least two years.
Unilateral contract
A one-sided contract wherein one party makes a promise so as to induce a second
party to do something. The second party is not legally bound to perform;
however, if the second party does comply, the first party is obligated to keep
the promise.
Uninsured
People who lack public or private health insurance. Third party insurance is a
type of insurance that pays the policy holder and passengers in their automobile
for bodily injury caused by the owner or operator of an uninsured or
inadequately insured automobile. Person, property or vehicle without
insurance coverage.
Not covered by insurance; as in "an uninsured motorist"
Unit-in-place method
The appraisal method of estimating building costs by calculating the costs of
all of the physical components in the structure with the cost of each item
including its proper installation, connection, etc. Also called the segregated
cost method. (See appraisal)
Unity of ownership
The four unities that are traditionally needed to create a joint tenancy-unity
of title, time, interest and possession.
Unity of possession
One of the four "unities" required to create a joint tenancy. All joint tenants
hold an undivided right to possession. (See joint tenancy, four unities)
Unlawful detainer action
A legal action that provides a method of evicting a tenant who is in default
under the terms of the lease; a summary proceeding to recover possession of
property.
Universal agent
A person empowered to do anything the principal could do personally. The
universal agent's authority to act on behalf of the principal is virtually
unlimited.
Unruh Civil Rights Act
Forbids discrimination as to sex, race, color, religion, ancestry or national
origin in accommodations and business establishments. Under this law there can
be no arbitrary eviction, rent increase or withholding of services by virtually
any landlord, including the owner of a nonowner-occupied single-family dwelling
that is sold or leased for income or gain.
Unsecured
Describes a debt instrument, such as a debenture, that is backed only by the
debtor's promise to pay.
Urea-formaldehyde
First used in building materials, particularly insulation, in the 1970s. Gases
leak out of the urea-formaldehyde foam insulation (UFFI) as it hardens and
become trapped in the interior of a building. Once used to conserve energy by
sealing crawl spaces and attics, it is longer used because emissions were found
to be a health hazard. (See formaldehyde)
Usury
Charging interest at a higher rate than the maximum rate established by state
law.
Utility liens
Municipalities often have the right to impose a specific, equitable, involuntary
lien on the property of an owner who refuses to pay bills for municipal utility
services. (See lien)
Utility value
The value in use to an owner-user, which includes a value of amenities attaching
to a property; also known as subjective value.
Real Estate Dictionary/Glossary A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
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