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REAL ESTATE GLOSSARY
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UNDERWRITING
The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.
UNDER IMPROVED LAND
A piece of land which has been improved, but not to the full extent of its potential.
UNDIVIDED INTEREST
An ownership right to use and possess a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.
UNENCUMBERED PROPERTY
Any property which has no outstanding claims or liens against it.
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP)
Developed in 1986 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation, USPAP forms the guidelines followed by every licensed and certified real estate appraiser in the United States. The purpose of these Standards is to establish requirements for professional appraisal practice, which includes appraisal, appraisal review, and appraisal consulting. The intent of these Standards is to promote and maintain a high level of public trust in professional appraisal practice.
UNIMPROVED PROPERTY
Land that has received no development.
UNRECORDED DEED
A document that transfers title from the grantor to the grantee without recording (i.e. providing public notice).
UNSECURED LOAN
A loan that is not backed by collateral.
USEFUL LIFE
The span of time over which a property can be used or can provide benefits to its owner.
USURY
Interest charged in excess of the legal rate established by law.
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Home mortgages subject to credit review and approval