UNDERIMPROVED LAND
A particular land use that, due to the fact the land
is not being used to its highest and best use, does
not generate the maximum level of income that could
be generated from the land.
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UNDERINSURANCE Insurance coverage
for an amount less than the value of the property
being insured.
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UNDERWRITER Someone, such as an
employee of a lending institution or mortgage banking
company, who reviews an application for a loan and
makes a recommendation to a loan committee as to the
desirability and risk of the institution making the
loan. The underwriting process is an integral part
of the lending process.
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UNDEVELOPED LAND Land that has not
had improvements made either to the land or on the
land. The term raw land is sometimes used to refer
to this type of land.
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UNDISCLOSED AGENCY A situation in
which a person is dealing with a third person, but
does not notify or inform the third person that an
agency relationship exists.
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UNDISCLOSED PRINCIPAL A situation
in which a third person is not advised of the existence
of an agency relationship and, thus, is unaware that
a principal-agent relationship exists. The unknown
person for whom the agent is acting is referred to
as an undisclosed principal. If an undisclosed principal
exists, the agent is personally liable under the contract.
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UNDIVIDED INTEREST The legal interest
of co-owners in property in which the individual interest
of each individual is indistinguishable.
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UNDUE INFLUENCE Any action or urgency
by a person in a fiduciary capacity or in a position
of authority that causes someone else to act in a
way contrary to what would have been done had the
party been free of the influence. The essence of undue
influence is mental coercion by one person over another.
Contracts induced by undue influence are voidable
at the option of the injured party.
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UNENCUMBERED PROPERTY Property that
is free and clear of any legal claims or liens.
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UNENFORCEABLE CONTRACT An agreement
in which something prevents a court of law from hearing
disputes regarding the enforceability of the agreement.
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UNIFORM VENDOR AND PURCHASER RISK ACT
A law adopted in many states that addresses the question
of who has legal title to property if an event such
as damage due to fire occurs prior to the time of
delivery and acceptance of the deed. Under common
law when a real estate sales contract is signed which
is not subject to any unfulfilled contingencies equitable
conversion occurs and equitable title passes to the
purchaser. The result of this is that the risk of
loss also passes to the purchaser. If the subject
matter is destroyed before closing, the purchaser
suffers the loss. The Uniform Vendor and Purchaser
Risk Act provides for risk of loss to shift only if
either legal title or possession has been transferred.
However, even with adoption of the act, the purchaser
and seller may specify in the contract who has the
risk of loss.
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UNILATERAL CONTRACT An agreement
in which one party promises to pay consideration for
the performance of an act by another party. The party
promising to pay consideration is not legally obligated
to act unless the party promising to perform the agreed-to
act actually performs. An open or general listing
is a unilateral contract. Under this contract the
property owner is only obligated to pay a commission
to the broker who is the efficient and procuring cause
of the sale. More than one broker may be employed
and the owner is not obligated to pay anyone a commission
if the owner personally sells the property.
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UNILATERAL MISTAKE A misunderstanding
or mistake of a material fact made by just one of
the parties involved in a contractual agreement.
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UNIMPROVED LAND Land in which neither
improvements to the land or on the land have been
made. Sometimes the term raw land is used to denote
land in which no improvements have been made.
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UNINSURABLE TITLE Title to real
estate that is not marketable and one that a title
insurance company refuses to insure due to some existing
claim or encumbrance against the property.
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UNIT That portion of a condominium
intended for the exclusive use and possession of the
individual unit owner. The individual arranges for
separate financing for his or her individual unit
and has fee simple title to the unit.
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UNITY OF POSSESSION The right of
each tenant to the possession and use of the whole
property. This unity means that even though one of
the joint tenants owns 50 percent of the interest
in the property, he or she does not own a legally
defined 50 percent of the area. Unity of possession
is one of the unity requirements for the creation
of a joint tenancy and is the only necessary unity
for the creation of a tenancy in common.
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UNITY OF TIME A requirement of a
joint tenancy which states that all interests of the
joint tenants must have been acquired at the same
moment.
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UNITY OF TITLE One of the unity
requirements of a joint tenancy which states that
the joint tenancy interests must be created in a single
conveying instrument. This means that if a joint tenant
sells his or her interest to a third party, the joint
tenancy is terminated in relation to the third party.
If originally two joint tenants owned the property
and one of these conveyed his or her interest to a
third party, a tenancy in common would be created.
If there are more than two joint tenants, the conveyance
by one tenant of his or her interest would not terminate
the right of survivorship among the remaining tenants
as to their interest but would create a tenancy in
common only insofar as the purchaser was concerned.
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UNIVERSAL AGENT A type of agent
characterized by having the authority to do all acts
that can be lawfully delegated to a representative.
Ordinarily, a universal agent is created by a power
of attorney. Anyone of legal capacity may be an attorney
in fact, a position created by the power of attorney.
Care should be taken not to confuse this status with
an attorney at law, a person who must be admitted
to an appropriate bar. Power of attorney is useful
when a principal wishes to empower a broker to sell
a house while the principal must be out of the country
and, thus, is unable to personally sign appropriate
documents to convey title. It should be noted that
power of attorney may be limited in authority so that
a universal agency is not necessarily created.
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UNLAWFUL DETAINER The unjustifiable
retention or possession of land by someone whose original
entry and possession was legal.
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UNMARKETABLE TITLE Title to real
estate that is not marketable and one a title insurance
company refuses to insure due to some existing claim
or encumbrance against the property.
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UNRECORDED INSTRUMENT Any legal
document such as a mortgage or deed of trust that
has not been properly placed in the public records.
Recordation of the instrument gives the world constructive
notice as to the legal claims or interests in the
property.
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UNSECURED LOAN A loan made only
on the signature and credit of the borrower and, thus,
not secured by collateral. By definition, a loan in
which property is used to secure the debt is a secured
loan.
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UPLAND Land bordering a body of
water.
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UP RENT POTENTIAL The forecasted
amount that rental rates can be reasonably increased
over a specified period of time. The ability to forecast
future income flows to rental property is contingent
on being able to estimate the up rent potential of
the property.
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UPSET PRICE The lowest or minimum
price as set by a court of law at which property can
be sold at public auction.
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URBAN DEVELOPMENT ACTION GRANT (UDAG)
A federal funding program administered through the
Department of Housing and Urban Development (HUD)
for the purpose of making funds available to revitalize
commercial areas.
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URBAN LAND INSTITUTE (ULI) A nonprofit
research and educational association involved in providing
information on intelligent land use. The institute
publishes numerous textbooks and research papers on
topics related to land use. The mailing address is
1090 Vermont Avenue, N.W., Washington, D.C. 2OM5;
(202) 289-3307.
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URBAN RENEWAL The process by which
property is acquired by government action for the
purpose of redevelopment and upgrading of the land
use. Urban renewal projects include such land uses
as public housing, parks and recreational areas, public
libraries, and other such uses.
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URBAN SPRAWL The unplanned and often
haphazard growth of an urban area throughout a larger
geographic area.
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USEFUL LIFE The period of time over
which property is expected to have utility.
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USUFRUCTUARY RIGHT The personal
right to make reasonable use of someone else's property
such as the rights received through an easement.
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USURY The charging of more for the
use of money than the legal rate of interest. A number
of states have laws which limit the interest rate
that can be charged to individuals borrowing money
in that state. These laws affect all lenders in a
state regardless of what federal or state agency issued
their charter. It should be noted that if there is
a national economic emergency the federal government
may temporarily suspend state usury laws.
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UTILITY (UTILITIES) In appraisal
theory, the term refers to the usefulness or satisfaction
one receives from a good or service. In development,
the term refers to the private or public service facilities
such as telephone, water, and sewer that are provided
as part of the development of the land.
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