# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Tudor-style homes are an English-style architectural design that exude an imposing and fortress-like aesthetic. These homes typically feature materials such as stone and brick, often accented with stucco and decorative half-timbering. The windows and doors are characterized by molded cement or stone trim, adding to the grandeur of the design.
A turnkey project is a type of development where the developer completes the entire project on behalf of a buyer, turning over the keys upon completion. This comprehensive approach includes all necessary activities such as land purchases, permits, planning, and construction.
Turnover rate refers to the percentage of tenants, employees, or salespeople that leave a property, company, or organization within a specific time frame, typically within a year.
A Two-Step Mortgage, also known as a Hybrid Mortgage, combines an initial fixed interest rate period with an adjustable rate for the remainder of the loan term.
The U.S. Government Survey System, also known as the Government Rectangular Survey System, is a method used historically in the United States to divide and describe land.
The U.S. Green Building Council (USGBC) is a nonprofit organization that offers LEED certification for green buildings, along with educational resources and a network of chapters and affiliates to support environmentally sensitive construction.
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniform act that different states have adopted to harmonize the law of sales and other commercial transactions across the U.S.
An Underground Storage Tank (UST) is a tank and its underground piping with at least 10% of its combined volume buried underground, primarily used to store liquids such as fuel products, industrial chemicals, or waste.
An Underground Storage Tank (UST) is a tank and its connected piping system that has at least 10% of its combined volume underground, commonly used for storing petroleum products or other hazardous substances.
The underimprovement occurs when a property or development exists at a lower investment or utility level than the optimal usage potential of the site.
An underlying mortgage refers to the first mortgage secured by a property when there's also a wraparound mortgage. It forms the basis of the total debt, while the wraparound mortgage includes additional financing layered on top of it.
A real estate term used to describe a situation where the market value of a property is less than the outstanding balance on the mortgage. This condition can complicate selling the property or refinancing the mortgage.
An underwriter inspects and evaluates the level of risk associated with insuring loans, securities, and other types of investments, making decisions that can significantly influence lending practices, policy formulation, investment strategies, and risk management.
Undeveloped land, also referred to as raw land, represents parcels of property that have not been built upon, subdivided, or improved. This type of real estate offers a range of investment opportunities but also comes with various risks and considerations.
An undisclosed agency relationship occurs when a client is unaware that their agent has a duty to represent the other party in a transaction. This often leads to implied agency where the client believes the agent is working solely for their benefit.
Undivided interest refers to a form of property co-ownership where each owner has a share of the whole property without having exclusive rights to any specific part of it.
Unearned Increment refers to an increase in the value of real estate that occurs independent of any actions or improvements made by the property owner. This typically results from external economic or societal factors such as population growth or infrastructure development.
In the context of real estate and eminent domain, an uneconomic remainder refers to the portion of a property left after a partial taking by condemnation, which has little or no value in the marketplace. This typically occurs because the taking leaves the remainder with limited access, or an irregular shape or size that renders it unusable.
An unencumbered property is a real estate asset with a free and clear title, meaning there are no claims, liens, or restrictions by any third party. It signifies full ownership by the titleholder without any existing obligations such as mortgages, vendor liens, mechanic’s liens, or tax liens.
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions in the United States, aimed at standardizing and harmonizing the laws of sales and other commercial dealings across the states. Certain provisions of the UCC have particular relevance to real estate.
The Uniform Residential Appraisal Report (URAR) is a standardized form used by appraisers to provide a comprehensive valuation of residential properties. It is required by major secondary mortgage purchasers.
The Uniform Residential Appraisal Report (URAR) is a standardized report form used by appraisers when estimating the market value of a residential property, often in conjunction with mortgage underwriting.
The Uniform Settlement Statement, otherwise known as the HUD-1 Form, is mandated by the Real Estate Settlement Procedures Act (RESPA) for federally related mortgages. This document contains crucial details about the closing, outlining all charges and funds involved in a real estate transaction.
Uniform Standards of Professional Appraisal Practice (USPAP) is a set of requirements covering ethics, record keeping, research, and reporting promulgated by the Appraisal Foundation, and adhered to by its members.
A set of standards that guide professional appraisal practice in the United States and help ensure that appraisals are conducted consistently and ethically.
USALI is a standardized accounting system used within the hotel industry to ensure consistency in financial reporting, improve financial analysis, and aid management in decision-making processes.
A unilateral contract involves a promise made by one party that is contingent upon the performance of a specific act by another party, without obligating the second party to perform the act.
Unimproved property refers to land that remains in its natural state, with no existing developments, construction, or site preparation. It is often also referred to as raw land.
An unincorporated association is a type of organization formed by a group of individuals who come together for a common purpose but have not gone through the legal process of incorporating. This means the association does not have a separate legal identity from its members.
A unit of comparison is a critical tool used in real estate appraisal to compare properties of varying sizes and characteristics. These units ensure consistent evaluation and assist in determining a property's fair market value.
Unit value refers to the valuation of an entire business entity, such as a public utility or railroad. This valuation is crucial for purposes such as assessing property taxes.
A method used by appraisers to estimate the reproduction cost (new) of a structure by evaluating the cost of its individual components. The unit-in-place method involves estimating the cost to produce and install components like the foundation, exterior walls, and plumbing.
Four characteristics required to create a Joint Tenancy: unity of interest, unity of possession, unity of time, and unity of title, ensuring equal shared ownership among joint tenants.
A universal agent is authorized to act on behalf of another in all matters that one could personally exercise or control, often through a general power of attorney.
A University Real Estate Research Center is a group of university real estate faculty or staff devoted to research, including collecting and disseminating data on real estate matters. These centers may be privately or state-funded through fees paid by licensed brokers and salespersons.
An unrealized gain refers to the increase in the market value of an asset that remains unsold, reflecting a rise in value relative to its purchase cost. It remains 'unrealized' until the asset is sold.
An unrecorded deed is an instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership. Recording is essential to protect one’s interest in real estate.
An unsecured loan is a debt not protected by any collateral or security, meaning the lender relies solely on the borrower's creditworthiness and promise to repay.
An unsubordinated land lease is a type of lease agreement where the land remains unencumbered by any mortgage attributable to the property improvements.
Upfront charges refer to various fees and costs that a homeowner must pay at the closing of a real estate transaction. These include points, recording fees, mortgage title policy, appraisal fees, and credit report fees.
Upgraders are homeowners who seek to purchase what they believe is a better home, often referred to as 'move-up' buyers. This usually involves acquiring a larger, more conveniently located home, or one with additional amenities. Typically, the new home costs more than the proceeds from the sale of the old home.
Uplands refer to land within a mitigation parcel adjacent to surrounding wetlands, which often have exotic plant species similar to those found in wetlands. They play a crucial role in ecological and environmental planning.
An UPREIT (Umbrella Partnership Real Estate Investment Trust) is a specialized form of REIT (Real Estate Investment Trust) created by combining properties from existing limited partnerships. Original partners exchange properties for an interest in a new, transitional operating partnership, which might later be converted to shares in the REIT.
An upset price, also known as a reserve price, is the minimum price that a seller is willing to accept for an asset, typically set before an auction. It ensures that the seller does not have to sell the asset at an uncomfortably low price.
An upside-down mortgage occurs when the balance of a mortgage loan is greater than the value of the property securing the loan. Homeowners with such mortgages have negative equity and cannot sell or refinance the property without incurring losses.
A demographic and geographic area characterized by higher population density and vast human features in comparison to the areas surrounding it, typically defined by the U.S. Bureau of the Census as a community with a population of 2,500 or more.
The Urban Land Institute (ULI) is a global research and education organization that aims to provide leadership in responsible land use and the creation of sustainable communities.
The Urban Land Institute (ULI) is a nonprofit organization that provides leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.
Urban property real estate involves properties situated in urban regions known for high-density development and easy access to city amenities and services.
Urban renewal is the process of redeveloping deteriorated sections of a city through demolition and new construction, often involving government programs to modernize and revitalize areas.
Urban sprawl is a term used to describe the uncontrolled expansion of urban areas. This low-density development often happens on the outskirts of cities and can lead to various socio-economic and environmental issues such as increased dependence on automobiles, extended public infrastructure requirements, and insufficient in-fill development.
Urea Formaldehyde Foam Insulation is an insulating material that can be injected into a wall through a small opening, expanding within the cavity to fill it. However, it may release formaldehyde gas, which might be hazardous.
Usable area refers to the occupiable part of an office or building floor, generally measured from paint to paint inside the permanent walls and to the middle of partitions separating one tenant’s space from that of other tenants on the same floor. Interior beams and columns are not deducted in this measurement.
The stated application intended for the information included in the appraisal. Appraisals can serve various purposes such as condemnation, liquidation, or mortgage collateral.
Usufructuary rights refer to the legal right to use and enjoy the benefits of someone else's property without owning it. These rights are often pertinent to natural resources like water or land.
Usury refers to the practice of charging a rate of interest on loans that is higher than what is allowed by state law, designed to protect borrowers from excessively high interest rates.
Utilities refer to essential services like water, sewer, gas, electricity, and telecommunications that are needed for the operation of a building. Understanding utilities is crucial for managing operational costs in both residential and commercial properties.
A utility easement is a legal right granted to a utility company or public service entity to use or access specific portions of a property for the purpose of laying and maintaining infrastructure such as electric, gas, water, and sewer lines.
A Utility Stop is a clause in a lease agreement that limits the landlord’s liability for the costs of utilities, such as electricity, water, and gas, by specifying a maximum amount that the landlord will cover. Any utility expenses exceeding this amount are passed on to the tenants.
The VA Department of Veterans Affairs (formerly the Veterans Administration) is a U.S. government agency tasked with providing various services and benefits to discharged service members, including VA loans or mortgages.
A VA Loan or Mortgage is a home loan guaranteed by the U.S. Department of Veterans Affairs (VA) typically available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves.
Vacancy and Collection Allowance is an estimated deduction from Potential Gross Income (PGI) when preparing a real estate budget. This deduction accounts for the loss of income from unrented units and uncollected rent.
The vacancy factor, also referred to as the vacancy rate, is a critical metric in real estate that measures the percentage of vacant rental properties compared to the total inventory of units in a specific area or property portfolio. It's essential for property managers, investors, and developers to assess the health of the rental market and forecast income expectations.
Vacancy rate represents the percentage of all available units or space that are vacant or not rented in a particular property, influencing projected income and financial planning.
Vacant land refers to parcels of land that are not currently being used for any purpose. While it may contain basic utilities and some off-site improvements, it remains unutilized as opposed to developed land.
In real estate, to 'vacate' means for a tenant to terminate occupancy and leave the premises, usually at the end of a lease term or after giving proper notice. It involves removing all personal possessions and handing back the property to the landlord.
A vacation home is a dwelling that the owner occasionally uses for recreational or resort purposes. The home may be rented out to others for a portion of the year. Income tax deductions related to vacation homes depend on the owner’s frequency of use.
In real estate, the term 'valid' refers to documents or agreements that have legally binding force and are authorized by law. Examples include valid deeds, wills, leases, mortgages, and other contracts.
A valid contract in real estate is a legally binding agreement between two or more parties, often associated with property transactions. For a contract to be valid, it must include an offer, acceptance, intention to create legal relations, and consideration.
Valuable consideration refers to a benefit, interest, or value provided by one party to another, in exchange for something of value, forming the basis of a contractual obligation enforceable by law.
Valuation in real estate refers to the process and outcome of estimating the market worth or price of a property. Accurate valuation is crucial for various purposes including sales, taxation, loan collateral, and investment analysis.
The valuation process is a systematic method used by appraisers to derive an estimate of the value of a property, essential for making informed real estate transactions.
Value in real estate represents the worth of all the rights arising from ownership. It quantifies the amount of one commodity that will be exchanged for another under specific conditions.
Understanding the value of a property before and after a taking is crucial in matters of eminent domain and just compensation.
Value Definition pertains to a statement provided in an appraisal report that defines the estimated value of a property. It includes various types of values, such as market value for condemnation in a jurisdiction, value in use, and insurable value.
Value in exchange refers to the worth of a property based on its ability to be traded for goods and services. It differs from investment value or value in use, focusing primarily on what the property can be exchanged for in the open market.
Value In Use refers to the worth of a property in a specific use, typically its current usage. It may significantly differ from its market value, reflecting its utility in the given context.
VARA is a traditional unit of length used in Spanish-speaking countries. Though largely obsolete, it is still encountered in legal land descriptions and historical documents.
Variable expenses are property operating costs that change in relation to the level of occupancy or usage of a rental property. These expenses are crucial in property management for adapting to fluctuating income levels.
A variable interest rate is an interest rate on a loan or security that fluctuates over time because it is based on an underlying benchmark interest rate or index that changes periodically.
A Variable-Maturity Mortgage (VMM) is a long-term mortgage loan where the interest rate may be adjusted periodically, impacting the loan term while keeping the payment levels constant.
A Variable-Payment Plan is a mortgage repayment schedule that allows for periodic changes in monthly payments. These changes can result from the expiration of an interest-only period, a planned step-up in payments, or fluctuations in an interest rate index.
A Variable-Rate Mortgage (VRM) is a long-term mortgage loan applied to residential properties, under which the interest rate adjusts on a scheduled basis, typically every six months. Rate increases are restricted to no more than ½ point per year and a total of 2½ points over the Term. The term Adjustable-Rate Mortgage (ARM) is now more commonly used.
A Variable-Rate Mortgage (VRM) is a real estate loan in which the interest rate applied on the outstanding balance varies throughout the life of the loan. The rate adjustments are based on predetermined benchmarks such as the prime rate or U.S. Treasury rates.
A zoning variance is permission granted by a zoning authority to a property owner to allow for a specified violation of zoning requirements, typically granted when compliance is impossible without rendering the property virtually unusable.
A vendee is a party, typically in real estate transactions, that buys property. This term is specifically used in real estate contexts and contrasts with the term 'buyer,' which is commonly used for personal property transactions.
A vendee's lien is a legal claim against a property that is given as security for a deposit paid by a purchaser under a contract of sale. This lien protects the buyer's interests should the seller attempt to breach the agreement.
In the context of real estate, a vendor is the seller of a property. Vendors are typically involved in various transactions including the sale of personal property, cash exchanges, and mortgage transfers. Vendors are integral to real estate transactions as they transfer ownership to the buyer, or vendee.
A Vendor’s Lien, also known as a Purchase Money Mortgage, gives the seller a security interest in the property sold until the buyer pays the full purchase price.
Veneer is a thin layer of material, typically wood or brick, applied over a less attractive or less expensive surface to enhance its appearance and provide a refined finish.
Venture capital (VC) is a form of private equity and financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.
Verification involves sworn statements before a duly qualified officer confirming that the contents of an instrument are correct. This process ensures the integrity and factual accuracy of claims made in legal and official documents.
Vesting is the process through which an individual earns the right to assets or benefits, usually over a specified period and under clearly defined conditions.
The Department of Veterans Affairs (VA) is a federal agency providing a wide range of services to eligible veterans, including home loans with no down payment for those meeting specific service criteria.
Vicarious liability refers to the legal responsibility imposed on one party for the actionable conduct of another party, based on the relationship between the two entities. It is often encountered in employer-employee scenarios, where employers may be held responsible for the actions of their employees.
A villa traditionally refers to a Roman country house for the wealthy, but its modern interpretations include farmhouses, urban estates, and vacation homes situated in warm-weather destinations.
A violation in real estate refers to an act or condition that is contrary to law or permissible use of real property. Examples include illegal business operations in residential zones and non-compliance with housing codes such as non-functioning plumbing in occupied apartment buildings.
A Virtual Office Website (VOW) is an internet site created and operated by a real estate broker to attract potential home buyers. It typically allows users to search current listings on the Multiple Listing Service (MLS) and contact an agent through the internet. The broker may or may not have a physical office in addition to the website.
In the context of real estate, a `void` agreement means that it has no legal force or effect and is unenforceable from the outset. A void contract does not legally bind any of the parties involved and is treated as if it was never entered into.
Voidable refers to a legal agreement or contract that is valid and enforceable until one party who is entitled to void it exercises the right to do so. Unlike void contracts, voidable contracts require action to be considered invalid.
