REAL ESTATE TERMS

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UNDERIMPROVEMENT: An improvement which, because of its deficiency in size or cost, is not the highest and best use of the site.

UNDERWRITING: Insuring something against loss; guaranteeing financially.

UNDUE INFLUENCE: Use of a fiduciary or confidential relationship to obtain a fraudulent or unfair advantage over another's weakness of mind, or distress or necessity.

UNEARNED INCREMENT: An increase in value of real estate due to no effort on the part of the owner; often due to increase in population.

UNIFORM COMMERCIAL CODE: Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.

UNIT-IN-PLACE METHOD: The cost of erecting a building by estimating the cost of each component part, i.e., foundations, floors, walls, windows, ceilings, roofs, etc., (including labor and overhead).

URBAN PROPERTY: City property; closely settled property.

USURY: On a loan, claiming a rate of interest greater than that permitted by law.

UTILITIES: Refers to services rendered by public utility companies, such as water, gas, electricity, telephone.

UTILITY: The ability to give satisfaction and/or excite desire for possession. An element of value.

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