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,
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 responsibilit
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
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
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
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
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.
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.
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.
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,
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.
Source:- http://realestateglossary.co.in/
