Real Estate Glossary
u-value
A measure used to indicate the insulating value of a window. The U-value measures the heat flow. The smaller the U-value, the better a material can stop heat flow.
U.S. Department of Housing and Urban Development
A federal cabinet department officially known as the U.S. Department of Housing and Urban Development, HUD is active in national housing programs. Among its many programs are urban renewal, public housing, model cities, rehabilitation loans, FHA-subsidy programs and water and sewer grants. The Office of Interstate Land Sales Registration is under HUD's jurisdiction, as are the Federal Housing Administration (FHA) and the Government National Mortgage Association (GNMA).
  HUD Website
  HUDâ€â€Office of Interstate Land Sales
ultimate equitable owner
An ultimate equitable owner is an individual who, directly or indirectly, owns or controls an ownership interest in a corporation, a foreign corporation, an alien business organization, or any other form of business organization, regardless of whether the individual owns or controls the interest through one or more individuals or one or more proxies, powers of attorney, nominees, corporations, associations, partnerships, trusts, joint stock companies, or other entities or devices, or any combination thereof.
Unauthorized practice of law
In real estate, unauthorized practice of law (UPL) occurs when a real estate agent or broker performs tasks that should be handled by an attorney. UPL is illegal in all states and can result in penalties, including fines, license suspension, or legal action.
uncollected rent
Uncollected rent or vacancy is subtracted from gross scheduled income. Uncollected rent is an estimate expressed as a percentage then converted to dollars. (See gross scheduled income)
unconscionable contracts
An agreement that is so unfair and one-sided that the courts will refuse to honor it.
underground storage tanks (USTs)
USTs are commonly used for storing petroleum products, chemicals or process wastes. Sites which use USTs include airports, gas stations, industrial locations and military bases. Over time neglected tanks may leak hazardous substances into the environment, contaminating groundwater. State and federal laws impose strict requirements on landowners where USTs are located to detect and correct leaks to protect groundwater.
EPA Office of Undergound Storage Tanks
underground water rights
The generally accepted theory of underground water rights in the United States is known as the American rule, where landowners may withdraw as much underground water as they like as long as it is not done in a malicious or wasteful manner. This theory applies in a majority of jurisdictions in the United States.
In California the theory of underground water rights is known as the correlative theory. The correlative theory provides landowners with equal rights to use underground water for beneficial purposes. Landowners are restricted from seriously depleting a neighbor's water supply. In the event of a water shortage, courts may apportion an underground supply among landowners. Many states facing acute or chronic shortages have adopted the correlative theory of underground water rights.
underwriter
A person who evaluates the risk of default by a mortgage loan applicant, and grants approval or denial of the loan.
underwriting
The process of evaluating a mortgage loan applicant's credit, collateral value and the risks in making a loan. It includes a review of the potential borrower's credit history and a judgment of the property value.
undisclosed dual agency
A broker may not intend to create a dual agency. However, like any other agency, it may occur unintentionally or inadvertently. Sometimes the cause is carelessness, and other times a salesperson does not fully understand his or her fiduciary responsibilities. Some salespersons lose sight of other responsibilities when they focus intensely on bringing buyers and sellers together. For instance, a salesperson representing the seller might suggest to a buyer that the seller will accept less than the listing price, or that same salesperson might promise to persuade the seller to accept an offer that is in the buyer's best interests. Giving a buyer any specific advice on how much to offer can lead him or her to believe that the salesperson represents the buyer's interests and is acting as the buyer's advocate.
undivided subdivision
An area of land divided into parcels where each owner is a tenant in common with all other owners; for example, a campground with shared facilities.
undue influence
Strong enough persuasion to completely overpower the free will of another and prevent him or her from acting intelligently and voluntarily, as in a case where a broker guilty of blockbusting has induced someone to sell in fear of a change in the racial character of the community. Undue influence usually requires a close or confidential relationship like parent-child, broker-seller, attorney-client, or trustee-beneficiary. When a person has been unduly influenced to sign a contract, that person can void the contract.
unenforceable contract
A contract which is considered unenforceable either because it cannot be proven or will not be enforced by a court. In addition to being considered void or illegal, other reasons for unenforceable contracts may be because they were not presented in writing which may have been a requirement under state statutes of frauds or the statutes of limitations period has elapsed.
unequivocal
Unambiguous; clear; having only one possible meaning or interpretation.
unicode
Unicode worldwide character standard. A scheme for encoding characters using 16 bits per character. Unicode includes scripts for all major languages, including symbols.
Uniform Appraisal Dataset (UAD)
Fannie Mae and Freddie Mac requirements intended to standardize all data elements necessary to complete their residential and condominium appraisal report forms.
Uniform Building Code
A national building code published by the International Conference of Building Officials. It has been adopted in part by municipalities throughout the United States, but used mostly in the western states. (See building code)
Uniform Commercial Code
The Uniform Commercial Code is the codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded. Article 6 of the code regulates bulk transfers—the sale of a business as a whole, including all fixtures, chattels and merchandise.
Uniform Condominium Act (UCA)
Many states have adopted the Uniform Condominium Act (UCA). Under its provisions, a condominium is created and established when the owner of an existing building (or developer of unimproved property) executes and records a declaration of condominium.
  Uniform Condominium Act  Full Text
Uniform Electronic Transactions Act (UETA)
The Uniform Electronic Transactions Act (UETA), which was adopted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 1999, guarantees that electronic transactions are just as enforceable as their paper counterparts. UETA provides that "a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation." The act states that any law that requires a physical record will be satisfied by an electronic record and that any signature requirement can be met by an electronic signature. UETA rules are primarily for "electronic records and electronic signatures relating to transactions" that are not subject to the Uniform Commercial Code (UCC).
Uniform Partnership Act (UPA)
Most states have adopted the "Uniform Partnership Act" (UPA), which permits real estate to be held in the partnership name. The "Uniform Limited Partnership Act" (ULPA) has also been widely adopted. It establishes the legality of the limited partnership entity and provides that realty may be held in the limited partnership's name. Profits and losses are passed through the partnership to each partner, whose individual tax situation determines the tax consequences.
  Uniform Partnership Act  Full Text
  Uniform Limited Partnership Act  Full Text
Uniform Residential Appraisal Report (URAR)
A Uniform Residential Appraisal Report is a summary form of appraisal report developed and required by Fannie Mae and Freddie Mac.
Uniform Residential Landlord and Tenant Act (URLTA)
A uniform act intended to provide some consistency in regulating the relationship of landlord and tenant in residential leases. A number of states have adopted all or parts of the URLTA, or have enacted similar legislation.
Uniform Residential Landlord and Tenant Act
uniform residential loan application
An application provided by the lender for potential borrowers of home loans to complete and return to the lender. A loan application form required by Freddie Mac and Fannie Mae.
uniform resource locator (URL)
A URL (Uniform Resource Locator), usually pronounced by sounding out each letter, is the unique address for a file that is accessible on the Internet. A common way to get to a Web site is to enter the URL into a Web browser's address line. However, any file within that Web site can also be specified with a URL. Such a file might be any Web (html) page other than the home page or an image file. The URL contains the name of the protocol (http - hypertext transfer protocol) to be used to access the file resource, a domain name that identifies a specific computer on the Internet (www.prou.net), and a pathname, a hierarchical description that specifies the location of a file in that computer (courses/coursename/filename.html).
Uniform Settlement Statement
The standard HUD Form 1 required to be given to the borrower, lender and seller at the time or before settlement by the settlement agent in a transaction covered under the Real Estate Settlement Procedures Act. The lender must retain its copy for at least two years. The document can be found at www.hud.gov/offices/adm/hudclips/forms/files/1.pdf.
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAP identifies the minimum set of standards that apply in all appraisal, appraisal review, and appraisal consulting assignments. These standards are promulgated by the Appraisal Standards Board of the Appraisal Foundation and are incorporated as a minimum appraisal standard in the Agencies' appraisal regulations.
unilateral contract
A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform; however, if the second party does comply, the first party is obligated to keep the promise.
unimproved lot
An unimproved lot is defined as one that does NOT have a structure on it, and no contract is written for a structure to be built on it within two years.
unique identifier
1) A unique identifier is usually a string of characters (letters or numbers) that uniquely identifies a wide variety of items; guaranteeing uniqueness across multiple individuals, countries, sites, vendors and equipment. 2) A unique identifier is a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.
unique situation
For example, a recent death, suicide, homicide on the property, or a death as a result of chronic disease.
uniqueness
The quality of being one of a kind. Remarkable; extraordinary.
unit-in-place method
The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure with the cost of each item including its proper installation, connection, etc. Also called the segregated cost method. (See appraisal)
United States Access Board
The USAB is an independent federal agency dedicated to accessibility for people with disabilities.
United States Department of the Treasury
The Department of the Treasury operates and maintains systems that are critical to the nation's financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. The Department works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth. www.ustreas.gov
unity of ownership
The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and possession.
unity of possession
One of the four "unities" required to create a joint tenancy. All joint tenants hold an undivided right to possession. (See joint tenancy, four unities)
universal agent
A person empowered to do anything the principal could do personally. The universal agent's authority to act on behalf of the principal is virtually unlimited.
Unix
Unix (often spelled "UNIX," especially as an official trademark) is an operating system developed at Bell Labs in 1969 as an interactive time-sharing system. In 1974, Unix became the first operating system written in the C language. Unix has evolved as a kind of large freeware product, with many extensions and features provided in a variety of versions of Unix by different companies, universities, and individuals.
unlawful detainer action
A legal action that provides a method of evicting a tenant who is in default under the terms of the lease; a summary proceeding to recover possession of property.
Unlawful License Activity (AZ Definition)
Any act, in consideration or expectation of compensation, which is included in the definition of a real estate, cemetery or membership camping broker, whether the act is an incidental part of a transaction or the entire transaction.
Unruh Civil Rights Act
Forbids discrimination as to sex, race, color, religion, ancestry or national origin in accommodations and business establishments. Under this law there can be no arbitrary eviction, rent increase or withholding of services by virtually any landlord, including the owner of a nonowner-occupied single-family dwelling that is sold or leased for income or gain.
unsecured
Describes a debt instrument, such as a debenture, that is backed only by the debtor's promise to pay.
unsubdivided land (AZ definition)
Land that is 36 acres or more, but less than 160 acres.
untenantable dwelling
Property lacking one or more necessary utilities, such as water, or in such poor condition that it falls below minimum property standards; uninhabitable.
upside-down borrower
An upside-down borrower is someone who might have bought a house at the top of what that borrower could afford and then suffered some sort of financial setback due to health, work, or family issues.
urban planning
Urban, city, or town planning, deals with managing and directing urban growth. (See comprehensive zoning, general plan, master plan, regional planning)
Urban Systems Research & Engineering
urea-formaldehyde
First used in building materials, particularly insulation, in the 1970s. Gases leak out of the urea-formaldehyde foam insulation (UFFI) as it hardens and become trapped in the interior of a building. It is no longer used because emissions were found to be a health hazard. (See formaldehyde)
National Safety Council on Formaldehyde
USA PATRIOT Act
The USA PATRIOT Act, commonly known as the "Patriot Act", is a statute enacted by the United States Congress and signed into law by President George W. Bush on October 26, 2001. The full title of the act is "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001." The Act requires financial institutions to verify the identity of any person who intends to open an account with the institution. Full text of the Patriot Act
USDA Rural Development Program
The USDA Rural Development Program is a government initiative that aims to improve the economy and quality of life in rural America. It offers a variety of programs and services to help rural communities with infrastructure, housing, and economic development.
use tax
A charge imposed on the use or possession of personal property. Governments employ use taxes to accomplish two purposes. A use tax may be imposed to prevent someone from evading a sales tax by buying goods in a nontaxing state and shipping them into the state that imposes the sales tax. Use taxes are also used to help defray the cost of public services associated with particular types of personal property.
Use the glossary located at the back of your textbook
useful life
Also known as economic life. 1. The estimated period over which an improved property may be profitably used so that it will yield a return over and above the economic rent attributable to the land itself; the period during which an improvement has value in excess of its salvage value. In the case of an older structure or improvement, economic life refers to the remaining period during which the improvements to the real property (not land) are depreciated for tax purposes. The economic lives of such improvements are normally shorter than their actual physical lives. Also called service life. 2. As applied to a structure, the years or age indicated by the condition and utility of the structure, as opposed to its actual or chronological age. (See improvement)
usury
Charging interest at a higher rate than the maximum rate established by state law.
utility
The quality or condition of being useful; usefulness.
utility liens
Municipalities often have the right to impose a specific, equitable, involuntary lien on the property of an owner who refuses to pay bills for municipal utility services. (See lien)
utility value
The value in use to an owner-user, which includes a value of amenities attaching to a property; also known as subjective value.
A measure used to indicate the insulating value of a window. The U-value measures the heat flow. The smaller the U-value, the better a material can stop heat flow.
U.S. Department of Housing and Urban Development
A federal cabinet department officially known as the U.S. Department of Housing and Urban Development, HUD is active in national housing programs. Among its many programs are urban renewal, public housing, model cities, rehabilitation loans, FHA-subsidy programs and water and sewer grants. The Office of Interstate Land Sales Registration is under HUD's jurisdiction, as are the Federal Housing Administration (FHA) and the Government National Mortgage Association (GNMA).
  HUD Website  HUDâ€â€Office of Interstate Land Salesultimate equitable owner
An ultimate equitable owner is an individual who, directly or indirectly, owns or controls an ownership interest in a corporation, a foreign corporation, an alien business organization, or any other form of business organization, regardless of whether the individual owns or controls the interest through one or more individuals or one or more proxies, powers of attorney, nominees, corporations, associations, partnerships, trusts, joint stock companies, or other entities or devices, or any combination thereof.
Unauthorized practice of law
In real estate, unauthorized practice of law (UPL) occurs when a real estate agent or broker performs tasks that should be handled by an attorney. UPL is illegal in all states and can result in penalties, including fines, license suspension, or legal action.
uncollected rent
Uncollected rent or vacancy is subtracted from gross scheduled income. Uncollected rent is an estimate expressed as a percentage then converted to dollars. (See gross scheduled income)
unconscionable contracts
An agreement that is so unfair and one-sided that the courts will refuse to honor it.
underground storage tanks (USTs)
USTs are commonly used for storing petroleum products, chemicals or process wastes. Sites which use USTs include airports, gas stations, industrial locations and military bases. Over time neglected tanks may leak hazardous substances into the environment, contaminating groundwater. State and federal laws impose strict requirements on landowners where USTs are located to detect and correct leaks to protect groundwater.
EPA Office of Undergound Storage Tanksunderground water rights
The generally accepted theory of underground water rights in the United States is known as the American rule, where landowners may withdraw as much underground water as they like as long as it is not done in a malicious or wasteful manner. This theory applies in a majority of jurisdictions in the United States.
In California the theory of underground water rights is known as the correlative theory. The correlative theory provides landowners with equal rights to use underground water for beneficial purposes. Landowners are restricted from seriously depleting a neighbor's water supply. In the event of a water shortage, courts may apportion an underground supply among landowners. Many states facing acute or chronic shortages have adopted the correlative theory of underground water rights.
underwriter
A person who evaluates the risk of default by a mortgage loan applicant, and grants approval or denial of the loan.
underwriting
The process of evaluating a mortgage loan applicant's credit, collateral value and the risks in making a loan. It includes a review of the potential borrower's credit history and a judgment of the property value.
undisclosed dual agency
A broker may not intend to create a dual agency. However, like any other agency, it may occur unintentionally or inadvertently. Sometimes the cause is carelessness, and other times a salesperson does not fully understand his or her fiduciary responsibilities. Some salespersons lose sight of other responsibilities when they focus intensely on bringing buyers and sellers together. For instance, a salesperson representing the seller might suggest to a buyer that the seller will accept less than the listing price, or that same salesperson might promise to persuade the seller to accept an offer that is in the buyer's best interests. Giving a buyer any specific advice on how much to offer can lead him or her to believe that the salesperson represents the buyer's interests and is acting as the buyer's advocate.
undivided subdivision
An area of land divided into parcels where each owner is a tenant in common with all other owners; for example, a campground with shared facilities.
undue influence
Strong enough persuasion to completely overpower the free will of another and prevent him or her from acting intelligently and voluntarily, as in a case where a broker guilty of blockbusting has induced someone to sell in fear of a change in the racial character of the community. Undue influence usually requires a close or confidential relationship like parent-child, broker-seller, attorney-client, or trustee-beneficiary. When a person has been unduly influenced to sign a contract, that person can void the contract.
unenforceable contract
A contract which is considered unenforceable either because it cannot be proven or will not be enforced by a court. In addition to being considered void or illegal, other reasons for unenforceable contracts may be because they were not presented in writing which may have been a requirement under state statutes of frauds or the statutes of limitations period has elapsed.
unequivocal
Unambiguous; clear; having only one possible meaning or interpretation.
unicode
Unicode worldwide character standard. A scheme for encoding characters using 16 bits per character. Unicode includes scripts for all major languages, including symbols.
Uniform Appraisal Dataset (UAD)
Fannie Mae and Freddie Mac requirements intended to standardize all data elements necessary to complete their residential and condominium appraisal report forms.
Uniform Building Code
A national building code published by the International Conference of Building Officials. It has been adopted in part by municipalities throughout the United States, but used mostly in the western states. (See building code)
Uniform Commercial Code
The Uniform Commercial Code is the codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded. Article 6 of the code regulates bulk transfers—the sale of a business as a whole, including all fixtures, chattels and merchandise.
Uniform Condominium Act (UCA)
Many states have adopted the Uniform Condominium Act (UCA). Under its provisions, a condominium is created and established when the owner of an existing building (or developer of unimproved property) executes and records a declaration of condominium.
  Uniform Condominium Act  Full TextUniform Electronic Transactions Act (UETA)
The Uniform Electronic Transactions Act (UETA), which was adopted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 1999, guarantees that electronic transactions are just as enforceable as their paper counterparts. UETA provides that "a contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation." The act states that any law that requires a physical record will be satisfied by an electronic record and that any signature requirement can be met by an electronic signature. UETA rules are primarily for "electronic records and electronic signatures relating to transactions" that are not subject to the Uniform Commercial Code (UCC).
Uniform Partnership Act (UPA)
Most states have adopted the "Uniform Partnership Act" (UPA), which permits real estate to be held in the partnership name. The "Uniform Limited Partnership Act" (ULPA) has also been widely adopted. It establishes the legality of the limited partnership entity and provides that realty may be held in the limited partnership's name. Profits and losses are passed through the partnership to each partner, whose individual tax situation determines the tax consequences.
  Uniform Partnership Act  Full Text  Uniform Limited Partnership Act  Full TextUniform Residential Appraisal Report (URAR)
A Uniform Residential Appraisal Report is a summary form of appraisal report developed and required by Fannie Mae and Freddie Mac.
Uniform Residential Landlord and Tenant Act (URLTA)
A uniform act intended to provide some consistency in regulating the relationship of landlord and tenant in residential leases. A number of states have adopted all or parts of the URLTA, or have enacted similar legislation.
Uniform Residential Landlord and Tenant Act uniform residential loan application
An application provided by the lender for potential borrowers of home loans to complete and return to the lender. A loan application form required by Freddie Mac and Fannie Mae.
uniform resource locator (URL)
A URL (Uniform Resource Locator), usually pronounced by sounding out each letter, is the unique address for a file that is accessible on the Internet. A common way to get to a Web site is to enter the URL into a Web browser's address line. However, any file within that Web site can also be specified with a URL. Such a file might be any Web (html) page other than the home page or an image file. The URL contains the name of the protocol (http - hypertext transfer protocol) to be used to access the file resource, a domain name that identifies a specific computer on the Internet (www.prou.net), and a pathname, a hierarchical description that specifies the location of a file in that computer (courses/coursename/filename.html).
Uniform Settlement Statement
The standard HUD Form 1 required to be given to the borrower, lender and seller at the time or before settlement by the settlement agent in a transaction covered under the Real Estate Settlement Procedures Act. The lender must retain its copy for at least two years. The document can be found at www.hud.gov/offices/adm/hudclips/forms/files/1.pdf.
Uniform Standards of Professional Appraisal Practice (USPAP)
USPAP identifies the minimum set of standards that apply in all appraisal, appraisal review, and appraisal consulting assignments. These standards are promulgated by the Appraisal Standards Board of the Appraisal Foundation and are incorporated as a minimum appraisal standard in the Agencies' appraisal regulations.
unilateral contract
A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform; however, if the second party does comply, the first party is obligated to keep the promise.
unimproved lot
An unimproved lot is defined as one that does NOT have a structure on it, and no contract is written for a structure to be built on it within two years.
unique identifier
1) A unique identifier is usually a string of characters (letters or numbers) that uniquely identifies a wide variety of items; guaranteeing uniqueness across multiple individuals, countries, sites, vendors and equipment. 2) A unique identifier is a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.
unique situation
For example, a recent death, suicide, homicide on the property, or a death as a result of chronic disease.
uniqueness
The quality of being one of a kind. Remarkable; extraordinary.
unit-in-place method
The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure with the cost of each item including its proper installation, connection, etc. Also called the segregated cost method. (See appraisal)
United States Access Board
The USAB is an independent federal agency dedicated to accessibility for people with disabilities.
United States Department of the Treasury
The Department of the Treasury operates and maintains systems that are critical to the nation's financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. The Department works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth. www.ustreas.gov
unity of ownership
The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and possession.
unity of possession
One of the four "unities" required to create a joint tenancy. All joint tenants hold an undivided right to possession. (See joint tenancy, four unities)
universal agent
A person empowered to do anything the principal could do personally. The universal agent's authority to act on behalf of the principal is virtually unlimited.
Unix
Unix (often spelled "UNIX," especially as an official trademark) is an operating system developed at Bell Labs in 1969 as an interactive time-sharing system. In 1974, Unix became the first operating system written in the C language. Unix has evolved as a kind of large freeware product, with many extensions and features provided in a variety of versions of Unix by different companies, universities, and individuals.
unlawful detainer action
A legal action that provides a method of evicting a tenant who is in default under the terms of the lease; a summary proceeding to recover possession of property.
Unlawful License Activity (AZ Definition)
Any act, in consideration or expectation of compensation, which is included in the definition of a real estate, cemetery or membership camping broker, whether the act is an incidental part of a transaction or the entire transaction.
Unruh Civil Rights Act
Forbids discrimination as to sex, race, color, religion, ancestry or national origin in accommodations and business establishments. Under this law there can be no arbitrary eviction, rent increase or withholding of services by virtually any landlord, including the owner of a nonowner-occupied single-family dwelling that is sold or leased for income or gain.
unsecured
Describes a debt instrument, such as a debenture, that is backed only by the debtor's promise to pay.
unsubdivided land (AZ definition)
Land that is 36 acres or more, but less than 160 acres.
untenantable dwelling
Property lacking one or more necessary utilities, such as water, or in such poor condition that it falls below minimum property standards; uninhabitable.
upside-down borrower
An upside-down borrower is someone who might have bought a house at the top of what that borrower could afford and then suffered some sort of financial setback due to health, work, or family issues.
urban planning
Urban, city, or town planning, deals with managing and directing urban growth. (See comprehensive zoning, general plan, master plan, regional planning)
Urban Systems Research & Engineering
urea-formaldehyde
First used in building materials, particularly insulation, in the 1970s. Gases leak out of the urea-formaldehyde foam insulation (UFFI) as it hardens and become trapped in the interior of a building. It is no longer used because emissions were found to be a health hazard. (See formaldehyde)
National Safety Council on FormaldehydeUSA PATRIOT Act
The USA PATRIOT Act, commonly known as the "Patriot Act", is a statute enacted by the United States Congress and signed into law by President George W. Bush on October 26, 2001. The full title of the act is "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001." The Act requires financial institutions to verify the identity of any person who intends to open an account with the institution. Full text of the Patriot Act
USDA Rural Development Program
The USDA Rural Development Program is a government initiative that aims to improve the economy and quality of life in rural America. It offers a variety of programs and services to help rural communities with infrastructure, housing, and economic development.
The Single Family Housing Programs provide loans, loan guarantees, and grants to help low- to moderate-income individuals and families in rural areas buy, repair, or renovate homes.
Multi-Family Housing Programs provide loans and grants to develop affordable rental housing for low-income individuals and families in rural areas.
Community Facilities Programs provide loans, grants, and loan guarantees to help develop essential community facilities in rural areas, such as hospitals, schools, libraries, and community centers.
And much more.
use tax
A charge imposed on the use or possession of personal property. Governments employ use taxes to accomplish two purposes. A use tax may be imposed to prevent someone from evading a sales tax by buying goods in a nontaxing state and shipping them into the state that imposes the sales tax. Use taxes are also used to help defray the cost of public services associated with particular types of personal property.
Use the glossary located at the back of your textbook
useful life
Also known as economic life. 1. The estimated period over which an improved property may be profitably used so that it will yield a return over and above the economic rent attributable to the land itself; the period during which an improvement has value in excess of its salvage value. In the case of an older structure or improvement, economic life refers to the remaining period during which the improvements to the real property (not land) are depreciated for tax purposes. The economic lives of such improvements are normally shorter than their actual physical lives. Also called service life. 2. As applied to a structure, the years or age indicated by the condition and utility of the structure, as opposed to its actual or chronological age. (See improvement)
usury
Charging interest at a higher rate than the maximum rate established by state law.
utility
The quality or condition of being useful; usefulness.
utility liens
Municipalities often have the right to impose a specific, equitable, involuntary lien on the property of an owner who refuses to pay bills for municipal utility services. (See lien)
utility value
The value in use to an owner-user, which includes a value of amenities attaching to a property; also known as subjective value.
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