Continue Real Estate Vocab Letter U

Front 1

Underground water rights

Back 1

right to remove water from aquifers and other souces below the surfacee of the land

Front 2

Undivided interest subdivision

Back 2

an area of land divided into parcels where each owner is a tenant in common with all other owners; for example, acampground with shared facilities

a development where the entire subdivisionis owned in common for use of all owners with no separate exclusive use rights

Front 3

Undue influence

Back 3

use of a fiduciary or confidential relationship to obtain a fraudulent or an unfair advantage over another’s weakness of mind, distress, or necessity

improper influence so that a person really is not acting under his own free will. Such influence makes a contract voidable

Front 4

Unenforceable contract

Back 4

contract which, if enforced, would violate law

Front 5

Uniform electronic trasactions act (UETA)

Back 5

Sets forth rules for entering into an enforceable contract using electronic means

Front 6

Uniform codes

Back 6

building codes that are developed by national or international groups and adopted by states and local jurisdictions; the International Building Code is now the standard throughout the country, with additional requirements developed and adopted by states and local jurisdictions as warranted

Front 7

Uniform laws

Back 7

laws drafted by the National Conference of Commissioners on Uniform State Laws to provide uniformity for commercial purposes

Front 8

Uniform commercial code

Back 8

establishes a unified and comprehensive method for regulation of security transactions in personal property

establishes a unified and compreheensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignments of accounts receivable, and others in this field

Front 9

Uniform commercial code

Back 9

establishes a unified and comprehansive method for regulation of security transactions in personal property

Front 10

Uniform vendor and purchaser risk act

Back 10

sets forth who bears risk of loss in purchase situations

Front 11

Uniform residential appraisal report (URAR)

Back 11

Summary form of appraisal report developed and required by Fannie Mae and Freddie Mac

Front 12

Uniform Residential Loan Application

Back 12

Standard form developed and required by Fannie Mae and Freddie Mac

Front 13

Unilateral contract

Back 13

a contract that contains a promise of performance by only one party that is accepted by performance of the other party

an offer that is accepted through performance rather than a mutual promise

Front 14

Unit in place method

Back 14

way of estimating buiding reproduction cost by adding the construction cost per unit of measure of each of the component parts of the subject property; each unit cost includes material, labor, overhead, and builder’s profit

Front 15

Unilateral mistake

Back 15

a mistake by only one party to a contract. It does not void the agreement

Front 16

Unincorporated association

Back 16

nonprofit association

Front 17

Unity of possession

Back 17

the essential element of a cotenancy or other form of co-ownership that gives all co-owners the right to possession of the entire property

Front 18

Universal exclusion

Back 18

exclusion of amount from capital gains tax for principal residence occupied for two years

Front 19

Unincorporated association

Back 19

Nonprofit association

Front 20

Unlawful detainer

Back 20

legal action that may be brought to evict a tenant who is in unlawful possession of leased premises

Front 21

Unlawful detainer action

Back 21

a legal eviction action. The tenant must appear and answer charges within five days of service

Front 22

Unruh Civil Rights Act

Back 22

The act that prohibits businesses from discriminating

California law that prohibits discrimination aginst persons in one of the identified groups in accommodations and business establishments

Front 23

Upzoning

Back 23

change in zoning allowing less-restrictive development, such as more units or more intensivee use

Front 24

Usury

Back 24

an illegally high rate of interest

the charging of a rate of interest on a loan that is greater than the rate permitted by law

Front 25

Untenantable dwelling

Back 25

property lacking one or more necessary utilities, such as water, or in such poor condition that it falls below minimum property standards; uninhabitable

Front 26

Urea-formaldehyde

Back 26

chemical used in manufacturing process of many home building components and household goods that can emit toxic fumes

Front 27

URL

Back 27

Uniform resource locator , the address of a site on the internet

Front 28

Unruh Act

Back 28

Califonia;s antidiscrimination act that applies to businesses

Front 29

Upside down loan

Back 29

a loan that exceedds the fair market value of a property

Front 30

Useful life

Back 30

the period of years in which a property improvement may be used for its originally intended purpose

Front 31

Use tax

Back 31

Califronia tax charged to the purchaser for storage, use, or other consumption of certain purchased or leased tangible personal property

Front 32

Utility

Back 32

one of the four elements necessary to create a market: demand, utility, scarcity, and transferability