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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
Unearned increment
An increase in the value of a property caused by increased population, development, or demand for which the owner is not responsible.
Uniform Commercial Code
A codification of commercial law, adopted in most states, that attempts to make uniform 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. Article 6 of the code regulates bulk transfers, that is, the sale of a business as a whole, including all fixtures, chattels, and merchandise.
Uniform Residential Appraisal Report (URAR)
Standard Fannie Mae Form 1004 used by appraisers.
Uniform Residential Loan Application Report (URLA)
Standard Fannie Mae Form 1003 used by loan originators.
Unilateral contract
A one-sided contract by which one party makes a promise to induce a second party to do something. The second party is not legally bound to perform; if the second party does comply, however, the first party is obligated to keep the promise.
Unity of ownership
The four unities traditionally needed to create a joint tenancy – unity of title, time, interest, and possession.
Urban renewal
The acquisition of run-down city areas for purposes of redevelopment.
Useful life
In real estate investment, the number of years a property will be useful to the investors.
The practice of charging more than the rate of interest allowed by law. Real estate terms that begin with V