U Terms

Question 1

ultra vires

Answer 1

An act outside the authority of the person acting. That person is responsible personally for his actions.

Question 2

upzoning

Answer 2

Rezoning to a more intensive use.

Question 3

upside down loan

Answer 3

A loan that exceeds the fair market value of the security property.

Question 4

upset price

Answer 4

The minimum bid at an auction.

Question 5

unlawful detainer

Answer 5

A legal eviction procedure.

Question 6

universal agent

Answer 6

An agent appointed to perform all acts that the principal can delegate lawfully to another.

Question 7

unit-in-place method

Answer 7

An appraisal method whereby cost is priced per unit,

such as price per square foot.

Question 8

unilateral contract

Answer 8

A promise in exchange for an act; accepted by the offeree’s performance.

Question 9

Uniform Vendor and Purchaser Risk Act (UVPRA)

Answer 9

Sets the risk of loss on property damaged or destroyed before completion of transfer.

Question 10

Uniform Standards of Professional Appraisal Practice (USPAP)

Answer 10

Standards developed by the Appraisal Foundation with which appraisers for federally related transactions must comply.

Question 11

Uniform Residential Loan Application

Answer 11

A standardized Fannie Mae and Freddie Mac form adopted for most residential loans.

Question 12

Uniform Residential Landlord and Tenant Act

Answer 12

An act adopted in whole or in part by a number of states and designed to provide uniformity as to rights and obligations of residential tenants and landlords.

Question 13

Uniform Residential Appraisal Report (URAR)

Answer 13

A form used for HUD, VA, Fannie Mae, Freddie Mac, and Farmers Home Administration (FmHA) loans.

Question 14

usury

Answer 14

An unlawful rate of interest.

Question 15

Uniform Electronic Transactions Act

Answer 15

Gives legal recognition to electronic signatures.

Question 16

Uniform Commercial Code

Answer 16

A group of standardized commercial laws adopted in whole or in part by most states. They cover negotiable instruments, as well as liens on personal property (financing statements).

Question 17

unearned increment

Answer 17

An increase in value that is not due to any effort of the owner.

Question 18

undue influence

Answer 18

Taking advantage of another because of a unique position of trust, such as a doctor-patient or an attorney-client relationship.

Question 19

undivided interest

Answer 19

An unspecified interest in the whole rather than a separate interest in a particular portion of a property.

Question 20

underimprovement

Answer 20

An improvement that, because of a deficiency in size or cost, fails to achieve the highest and best use for the property.

Question 21

unconscionable contract

Answer 21

A contract that is so unfair or harsh that the courts will refuse to enforce it.