Uncollected rent or vacancy is subtracted from gross
scheduled income. Uncollected rent is an estimate
expressed as a percentage then converted to dollars.
An agreement that is so unfair and one-sided that the
courts will refuse to honor it.
underground storage tanks (USTs)
USTs are commonly used for storing petroleum products,
chemicals or process wastes. Sites which use USTs
include airports, gas stations, industrial locations and
military bases. Over time neglected tanks may leak
hazardous substances into the environment, contaminating
groundwater. State and federal laws impose strict
requirements on landowners where USTs are located to
detect and correct leaks to protect groundwater.
EPA—Office of Undergound
A person who evaluates the risk of default by a mortgage
loan applicant, and grants approval or denial of the
The process of evaluating a mortgage loan applicant's
credit, collateral value and the risks in making a loan.
undisclosed dual agency
A broker may not intend to create a dual agency.
However, like any other agency, it may occur
unintentionally or inadvertently. Sometimes the cause is
carelessness, and other times a salesperson does not
fully understand his or her fiduciary responsibilities.
Some salespersons lose sight of other responsibilities
when they focus intensely on bringing buyers and sellers
together. For instance, a salesperson representing the
seller might suggest to a buyer that the seller will
accept less than the listing price, or that same
salesperson might promise to persuade the seller to
accept an offer that is in the buyer's best interests.
Giving a buyer any specific advice on how much to offer
can lead him or her to believe that the salesperson
represents the buyer's interests and is acting as the
When the agent does not reveal the identity of his
Interests that co-owners have which is not separable.
Strong enough persuasion to completely overpower the
free will of another and prevent him or her from acting
intelligently and voluntarily, as in a case where a
broker guilty of blockbusting has induced someone to
sell in fear of a change in the racial character of the
community. Undue influence usually requires a close or
confidential relationship like parent-child,
broker-seller, attorney-client, or trustee-beneficiary.
When a person has been unduly influenced to sign a
contract, that person can void the contract.
A contract which is considered unenforceable either
because it cannot be proven or will not be enforced by a
court. In addition to being considered void or illegal,
other reasons for unenforceable contracts may be because
they were not presented in writing which may have been a
requirement under state statutes of frauds or the
statutes of limitations period has elapsed.
Unambiguous; clear; having only one possible meaning or
Uniform Building Code
A national building code published by the International
Conference of Building Officials. It has been adopted in
part by municipalities throughout the United States, but
used mostly in the western states.
Uniform Commercial Code
A codification of commercial law, adopted in most
states, that attempts to make uniform all 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.
To give notice of the security interest, a financing
statement must be recorded. Article 6 of the code
regulates bulk transfers--the sale of a business as a
whole, including all fixtures, chattels and merchandise.
uniform residential loan application
A loan application form required by Freddie Mac and
Uniform Settlement Statement
The standard HUD Form 1 required to be given to the
borrower, lender and seller at the time or before
settlement by the settlement agent in a transaction
covered under the Real Estate Settlement Procedures Act.
The lender must retain its copy for at least two years.
A one-sided contract wherein one party makes a promise
so as to induce a second party to do something. The
second party is not legally bound to perform; however,
if the second party does comply, the first party is
obligated to keep the promise.
The appraisal method 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, connection, etc. Also called
the segregated cost method.
unity of joint tenacy
The four unities that are traditionally needed to create
a joint tenancy-unity of title, time, interest and
unity of possession
One of the four "unities" required to create a joint
tenancy. All joint tenants hold an undivided right to
unlawful detainer action
A legal action that provides a method of evicting a
tenant who is in default under the terms of the lease; a
summary proceeding to recover possession of property.
A person empowered to do anything the principal could do
personally. The universal agent's authority to act on
behalf of the principal is virtually unlimited.
Describes a debt instrument, such as a debenture, that
is backed only by the debtor's promise to pay.
First used in building materials, particularly
insulation, in the 1970s. Gases leak out of the
urea-formaldehyde foam insulation (UFFI) as it hardens
and become trapped in the interior of a building. Once
used to conserve energy by sealing crawl spaces and
attics, it is longer used because emissions were found
to be a health hazard.
National Safety Council on Formaldehyde
Charging interest at a higher rate than the maximum rate
established by state law.
Municipalities often have the right to impose a
specific, equitable, involuntary lien on the property of
an owner who refuses to pay bills for municipal utility
The value in use to an owner-user, which includes a
value of amenities attaching to a property; also known
as subjective value.
A measure used to indicate the insulating value of a
window. The U-value measures the heat flow. The smaller
the U-value, the better a material can stop heat flow.