Arizona Mortgage Term U

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ARIZONA MORTGAGE LOAN DICTIONARY U

UCC -  See Uniform Commercial Code.

Ultra Vires - An act outside the authority of a person acting.  That person is responsible personally for his/her actions. 

Unconscionable Contract - A contract that is unfair or harsh that the court will refuse to enforce it.  

Underimprovement - An improvement to real estate that is less than the property's highest and best use; for example, a single family house built on a lot zoned for a six-unit residential building. 

Underlying Mortgage -  A lien that has priority over liens of other creditors.  It must be repaid before the other liens are fully paid.  

Underwriter - One who underwrites a loan for another.

Underwriting -  In mortgage lending, the process of approving or denying a loan based on an evaluation of the property and the applicant’s creditworthiness and ability to repay the loan.  The underwriter analyzes the risks involved and selects an appropriate loan term and interest rate.  

Unencumbered Property - Property to which the title is free and clear.

Undivided Interest - An unspecified interest in the whole rather than a separate interest in a particular portion of a property. 

Undue Influence - Taking advantage of another because of a unique position of trust, such as a doctor-patient or attorney-client relationship. 

Unearned Increment - An increase in value that is not due to any effort of the owner.  

Uniform Commercial Code - Standardized commercial laws adopted throughout the nation. 

Uniform Residential Appraisal Report - A form used for VA, FNMA, FHA, and FHLMC loans for the appraisal.  

Uniform Residential Landlord and Tenant Act - An act adopted in whole or in part by a number of states and designed to provide uniformity as to the rights and obligations of residential tenants and landlords.

Uniform Settlement Statement -  Provides an itemization of both the seller’s and borrower’s costs for closing the loan.  

Unilateral Contract - A promise in exchange for an act; accepted by the offeree's performance.

Unit-in-Place Method - A method for finding the reproduction cost of a building in which the construction cost per square foot of each component part of the subject building (including material, labor, overhead and builder's profit) is multiplied by the number of square feet of the component part in the subject building. 

Universal Agent - An agent appointed to perform all acts that the principal can delegate lawfully to another. 

Unlawful Detainer - Legal eviction procedure. 

Upset Price - Minimum bid at an auction.

URAR - See Uniform Residential Appraisal Report.

Useful Life - The period of time during which a structure may reasonable be expected to perform the function for which it was designed or intended. 

Use Value - The value of a property designed to fit the specific requirements of the owner but which would have little or no use to another owner.