U words Flashcards
Unconventional Loan
A loan whereby there is government participation or cooperation.
Under‐Improvement
An improvement which, because of its deficiency in size or cost, is not the
highest and best use of the site.
Underwriter
An individual at a lending institution who determines credit worthiness in order to qualify
an applicant for a loan.
Underwriting
The criteria with which a lender determines the credit worthiness in order to qualify
them for the loan.
Unilateral Contract
When one party promises to do something if the other party performs a certain
act, but the other party does not promise to perform it; the contract is formed only if the other party
does perform the requested act.
Universal Agent
The agent who has complete authority over any activity of principal; for example,
power of attorney.
Unsecured Debt
An obligation or debt that does not have specific property serving as collateral for
payment of the debt.
Utility
The ability to give satisfaction and/or excite desire for possession. An element of value.
