U - Z

Question 1

umbrella policy

Answer 1

An excess liability policy that provides additional coverage above that offered by primary needs

Question 2

underwriting

Answer 2

The act of reviewing loan documentation and evaluating the borrower’s ability and willingness to repay the loan and sufficiency of collateral value of the property.

Question 3

undisclosed principle

Answer 3

a principle whose identity may not be disclosed by an agent

Question 4

undivided interest

Answer 4

Ownership of fractional parts not physically divided

Question 5

unencumbered property

Answer 5

Property that is free of any liens

Question 6

unenforceable contract

Answer 6

a contract that appears to meet the requirements for validity but would not be enforceable in court

Question 7

Uniform Commercial Code (UCC)

Answer 7

a standardized and comprehensive set of commercial laws regulating security interest in personal property

Question 8

uniform irrevocable consent and designation form

Answer 8

allows the courts to serve a summons or other legal documents on the New York Secretary of State in place of personal service on out of state licenses

Question 9

uniform percentage

Answer 9

Each assessing unit set s the percentage of market value to be used as the assessment standard and must apply this percentage uniformly to all properties within its boundaries

Question 10

Unilateral contract

Answer 10

An agreement in which there is a promise in return for a specific action, which together supply the consideration

Question 11

uninsured conventional loan

Answer 11

a loan in which the loan payment is not insured to protect the lender

Question 12

unintentional misrepresentation

Answer 12

an innocent false statement of a material fact

Question 13

unity of interest

Answer 13

created when all co-owners have the same percentage of ownership in a property

Question 14

unity of possession

Answer 14

created when all co-owners have the right to possess any and all portions of the property owned, without physical division

Question 15

unity of time

Answer 15

Created when co-owners receive title at the same time in the same conveyance

Question 16

unity of title

Answer 16

created when co-owners have the same type of ownership in a property

Question 17

urea-formaldehyde foam insulation (UFFI)

Answer 17

gaseous compound used for home insulation

Question 18

U.S. Dept. of Housing and Urban Development (HUD)

Answer 18

a federal agency that administers funding for projects related to housing

Question 19

use variance

Answer 19

Permission to use the land for a purpose that is prohibited under current zoning restrictions

Question 20

useful life

Answer 20

the period of time that a property is expected to be economically useful

Question 21

usury

Answer 21

charging a rate of interest higher than the rate allowed by law

Question 22

vacancy rate

Answer 22

a projected rate of the percentage of rental units that will be vacant in a given year

Question 23

VA-Guaranteed loan

Answer 23

A mortgage loan in which the loan payment is guaranteed to the lender by the Dept. of Veterans Affirs

Question 24

valuable consideration

Answer 24

Anything of value agreed upon by parties to a contract

Question 25

valuation

Answer 25

established an opinion of value utilizing an objective approach based on facts related to the property, such as age, sq. footage, location, and cost to replace

Question 26

value in use

Answer 26

the present worth of the future benefits of ownership; a subjective value that is not market value

Question 27

variable expense

Answer 27

an expense that is not specifically predictable and is subject to the needs of a property at any given time

Question 28

variance

Answer 28

a permitted deviation from specific requirements of a zoning ordinance because of the special hardship to a property owner

Question 29

vendor's affidavit

Answer 29

a document signed under oath by the vendor stating that he has not encumbered title to real estate without full disclosure to the vendee

Question 30

vesting options

Answer 30

choices buyers have in how to acquire property

Question 31

vicarious liablity

Answer 31

a person's being responsible for the actions of another

Question 32

void contract

Answer 32

an agreement that has no legal force or effect

Question 33

voidable contract

Answer 33

an agreement that may be voided by the parties without legal consequences

Question 34

voltage

Answer 34

the electrical pressure that pushes through wires

Question 35

voluntary alienation

Answer 35

the transfer of a title freely by the owner

Question 36

voluntary lien

Answer 36

a type of lien in which individuals consent to placing a security against themselves or their property

Question 37

wetlands

Answer 37

federal/state-protected transition areas between uplands and aquatic habitats that provide floodwater and storm water control, surface and groundwater protection, erosion control, and pollution treatment

Question 38

words of conveyance

Answer 38

wording in a deed demonstrating the definite intent to convey a specific title to real prop. to a named grantee

Question 39

wraparound mortgage

Answer 39

a junior mortgage in an amount exceeding a first mortgage against the property

Question 40

writ of attachment

Answer 40

a court order preventing any transfer of attached property during the litigation

Question 41

yield

Answer 41

the return on an investment property

Question 42

zoning

Answer 42

a public law regulating land use

Question 43

zoning board of appeals

Answer 43

a local appointed board that has the power to review administrative rulings made by the planning board or another legislative body

Question 44

zoning map

Answer 44

a map that divides the community into various designated districts

Question 45

zoning ordinance

Answer 45

a statement setting forth the type of use permitted under each zoning classification and specific requirements for compliance