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Underimprovement
- An improvement that is not the highest and best use for the site on
which it is placed due to deficient size or cost. |
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Underwriting - With regard to
mortgage lending, the process of analyzing the risk associated with a
particular loan or type of loan. With regard to insurance, the process of
analyzing and rating the risk associated with a particular policy or type
of insurance. |
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Undivided Ownership - Ownership
of a fractional interest (such as one-third, one-quarter, or one-half in
specific property by sharing possession of the whole (undivided) property
with one or more other owners. For example, tenants in common have
undivided ownership in North Carolina. If X and Y own equal interests in a
tract of land as tenants in common, each owns an undivided one-half share
in the whole tract. |
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Undue Influence - Taking any
fraudulent or unfair advantage of another's weakness of rnind, distress,
or necessity. |
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Unfair Trade Practices Act -
Under North Carolina Gen. Stat. § 75-1. 1, certain unfair or deceptive
practices in a trade or business are prohibited. Prohibitions include the
rendering of a misleading opinion or false inducement, failure to disclose
a material fact, engaging in misleading advertising and misrepresenting
the nature or, extent of a guarantee or warranty. Real estate brokers and
salespeople are subject to the provisions of this statute. |
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Uniform Commercial Code - A set
of uniform laws adopted in almost all of the United States governing
dealings in commercial matters. Matters relating to banking transactions,
sales of goods, and numerous other commercial topics are covered. Real
estate brokers will most frequently cross paths with the U.C.C. in the
area of security agreements affecting fixtures. |
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Uniform Settlement Statement (HUD- I Form)
- A standardized settlement statement to be used in all residential real
estate closings subject to RESPA. |
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Uniform Vendor and Purchaser Risk Act
- A statute adopted in North Carolina (G.S. § 39-39) that allocates the
risk of loss between seller and buyer under an executory sales contract
where the contract is silent on the subject. If, for example, the building
should be destroyed by fire prior to the closing date, this statute would
govern in the absence of a contractual provision dealing with the matter. |
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Unilateral Contract - A contract
under which one party promises to perform a specified act without
receiving in return any express promise of performance by the other party;
a contract whereby Party X promises to perform (e.g., pay some valuable
consideration) upon the performance of some act by Party Y - in such case,
Party X is obligated to perform (pay) only if Party Y actually performs
the act called for in the contract, and Party Y has no obligation to
perform. |
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Unimproved Land - Land that is
vacant or lacking improvements; undeveloped land. |
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Unit Ownership - A legal term
used to describe ownership in a condominium unit. |
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Unity of Person - The
requirement that only a husband and wife can hold property as tenants by
the entirety. |
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Unity of Possession - An
incident of all forms of concurrent ownership that gives each cotenant the
equal right to possess the entire property. |
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Universal Agent - An agent who
is authorized to transact all of the principal's business of every kind. |
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Useful Life - See Economic Life. |
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Usury - The lending, or practice
of lending, money at a rate of interest above the maximum legal rate
prescribed by North Carolina law. |
