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Ma Real Estate U&V-1

Terms & Definitions U & V-1

TermDefinition
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.
Created by: medct