Letter U Vocab

Question 1

This term is used to describe what is known as sub-surface rights, anything that is UNDER the ground you OWN is YOURS and it is considered REAL property.

Answer 1

Underground Rights [i.e. Plants]

Question 2

This term is used to describe that the contract appears to be valid but may be invalid.

Answer 2

Unenforceable

Question 3

This term is used to describe that the contract is a one-sided contract where only ONE party must perform.

Answer 3

Unilateral Contract

Question 4

This term is used to describe an appraisal METHOD of estimating costs of ALL property components. The method consists 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.

Answer 4

Unit In Place Method [Also called the segregated cost method]

Question 5

This term is used to describe an agent that acts on behalf of principal in all matters including buying and selling.

Answer 5

Universal Agent

Question 6

This term is used to describe a loan where NO COLLATERAL was used for the security.

Answer 6

Unsecured Debt

Question 7

This term is used to describe the land divided into 6 or more parcels but LIMITED to BETWEEN 36 acres and 160 acres.

Answer 7

Unsubdivided Land

Question 8

This term is used to describe the Illegal practice of lending money at UNUSUALLY high interest rates.

Answer 8

Usury