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Ma Real Estate U&V-1
Terms & Definitions U & V-1
Term | Definition |
---|---|
Underwood Case | A Mass court case “Underwood vs. Risman”, which substantially altered the interpretation of lead paint and agency law. Major impact to the real estate profession. |
Undisclosed Dual Agent | Agency where a real estate broker or salesperson represents both the buyer and the seller, but has not disclosed this to both parties. Illegal in Mass. |
Unilateral Contract | A contract where one party makes a promise to perform without a second party promised to perform. EXAMPLE: Reward for a lost property. |
Unit Deed | A deed transferring title of an individual condominium unit from one party to another. |
Unit-In-Place | Appraisal method of estimating replacement cost by individual component of a piece of property, and adding them together to arrive at estimated cost. EXAMPLE: Carpentry + electric + plumbing + carpeting = Total cost. |
Unit Square Footage | The number of square feet of area within an individual condominium unit. |
Universal Agent | General agent. One who is authorized to act for a principal in all matters pertaining to one general area. EXAMPLE: Property Agent. |
Useful Life | The number of years a thing will last before needing replacement. |
Usury | Charging in unlawfully high rate of interest. |
Utility | Appraisal concept that relates to the property’s usefulness as a measure of value. |
V. A. Mortgage | A mortgage loan to an eligible veteran that is guaranteed by the Veteran’s Administration (V A). |
Valid | Having legal, binding force. |
Value | What something is worth. The power of a good or service to command other goods in exchange. |