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Real Estate Agent Glossary

Bookmark this page as a resource for real estate terms. 

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U-Z

UNDERIMPROVEMENT Improvement inadequate to support the highest/best use of the site. May be a structure of lower cost, smaller size, or lesser quality than those typical of the neighborhood.


UNDERUTILIZED The characteristics of underutilized project lands are: (1) Development of only a small amount of total land;Development behind schedule;Failure to meet annual management objectives;Low or declining public use;Unused recreation facilities.


UNDUE INFLUENCE Taking any fraudulent or unfair advantage of another's weakness in mind, distress, or necessity.


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


UTILITY The usefulness of a property; its ability to satisfactorily function for the purpose for which it was intended.


UTILIZATION INSPECTION An inspection of project lands buildings, and related facilities to determine if the property is being put to optimum use.

V

VACATED PREMISES Property from which all military personnel and missions have been vacated.


VALID Having force, or binding force; legally sufficient and authorized by law.


VALUATION The act or process of estimating value; the amount of estimated value.


VALUE Ability to command goods, including money, in exchange; the quantity of goods, including money, which should be commanded or received in exchange for the thing valued; utility; desirability.


VARA A Spanish, Portuguese, and Latin American unit of linear measure, varying from 32 to 43 inches. Also a square vara, as a unit of area.


VENDEE A purchaser; a buyer; the person to whom a thing is rendered or sold.


VENDOR The person who transfers Property by sale.


VOID That which is unenforceable; having no force or effect.


VOIDABLE That which is capable of being adjudged void but is not void unless action is taken to make it so.


VOLUNTARY LIEN Any lien placed upon property with consent of, or as a result of, the voluntary act of the owner.

W

WAIVER The renunciation, abandonment, or surrender of a right, claim, or privilege.


WARRANTY DEED A deed that contains a covenant that the grantor will protect the grantee against any claimant.


WASTE Willful destruction of any part of the ;and which would injure or prejudice the landlord's reversionary right.


WATERLINE High waterline is the point on the shore to which the tide normally rises; varies. Low waterline is the lowest point of tide, from which the tide does not ebb; varies.


WETLANDS Land areas that are inundated by surface or ground water with sufficient frequency to support vegetable or animal life that requires hydric soils for growth and reproduction.


WILDLIFE MANAGEMENT Application of scientific and technical principles to wildlife populations and habitats so as to maintain such populations for ecological, scientific, or recreational purposes.


WITHDRAWN LANDS (withdrawn public lands) Public domain held back for the use or benefit of an agency by reservation, withdrawal, or other restrictions for a special government purpose.

X & Y

Nothing currently. 

Z

ZONING The public regulation, through police power, of the character and extent of real estate use. Uniform restrictions on improvements, building height, density of population, and other factors regulate the use and development of private property.

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