U Terms Flashcards
ultra vires
An act outside the authority of the person acting. That person is responsible personally for his actions.
upzoning
Rezoning to a more intensive use.
upside down loan
A loan that exceeds the fair market value of the security property.
upset price
The minimum bid at an auction.
unlawful detainer
A legal eviction procedure.
universal agent
An agent appointed to perform all acts that the principal can delegate lawfully to another.
unit-in-place method
An appraisal method whereby cost is priced per unit,
such as price per square foot.
unilateral contract
A promise in exchange for an act; accepted by the offeree’s performance.
Uniform Vendor and Purchaser Risk Act (UVPRA)
Sets the risk of loss on property damaged or destroyed before completion of transfer.
Uniform Standards of Professional Appraisal Practice (USPAP)
Standards developed by the Appraisal Foundation with which appraisers for federally related transactions must comply.
Uniform Residential Loan Application
A standardized Fannie Mae and Freddie Mac form adopted for most residential loans.
Uniform Residential Landlord and Tenant Act
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.
Uniform Residential Appraisal Report (URAR)
A form used for HUD, VA, Fannie Mae, Freddie Mac, and Farmers Home Administration (FmHA) loans.
usury
An unlawful rate of interest.
Uniform Electronic Transactions Act
Gives legal recognition to electronic signatures.
Uniform Commercial Code
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).
unearned increment
An increase in value that is not due to any effort of the owner.
undue influence
Taking advantage of another because of a unique position of trust, such as a doctor-patient or an attorney-client relationship.
undivided interest
An unspecified interest in the whole rather than a separate interest in a particular portion of a property.
underimprovement
An improvement that, because of a deficiency in size or cost, fails to achieve the highest and best use for the property.
unconscionable contract
A contract that is so unfair or harsh that the courts will refuse to enforce it.
