Business / Real Estate Glossary

Unity Of Ownership: The four unities that are traditionally needed to create a joint tenancy-unity of title, time, interest and possession.

Unity Of Possession: One of the four unities required to create a joint tenancy. All joint tenants hold an undivided right to possession.

Universal Agent: A person empowered to do anything the principal could do personally. The universal agents authority to act on behalf of the principal is virtually unlimited.

Unlawful Detainer Action: A legal action that provides a method of evicting a tenant who is in default under the terms of the lease, a summary proceeding to recover possession of property.

Unruh Civil Rights Act: Forbids discrimination as to sex, race, color, religion, ancestry or national origin in accommodations and business establishments. Under this law there can be no arbitrary eviction, rent in . . . View Full Definition

Unsecured: Describes a debt instrument, such as a debenture, that is backed only by the debtors promise to pay.

Urea-Formaldehyde: First used in building materials, particularly insulation, in the 1970s. Gases leak out of the urea-formaldehyde foam insulation (UFFI) as it hardens and become trapped in the interior of a . . . View Full Definition

Usury: Charging interest at a higher rate than the maximum rate established by state law.

Utility Liens: Municipalities often have the right to impose a specific, equitable, involuntary lien on the property of an owner who refuses to pay bills for municipal utility services.

Utility Value: The value in use to an owner-user, which includes a value of amenities attaching to a property, also known as subjective value.

Va Loan: A government-sponsored mortgage assistance program administered by the Department of Veterans Affairs. Under the Servicemens Readjustment Act of 1944, eligible veterans and widows or widower . . . View Full Definition

Valid Contract: A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties.

Value: The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability. Cost does not equal value nor does equity. There . . . View Full Definition

Value In Exchange: The market value of a property.

Value In Use: The value of a property as used for a specific purpose.

Vapor Retarders: Special materials used in the installation of thermal insulation to reduce the passage of water vapor. These materials include treated papers, plastic sheets, and metallic foils.

Variable Costs: Operating expenses that fluctuate with occupancy, such as utilities and maintenance costs.

Variable Lease: Allows for increases in the rental charges during the lease period. One of the more common is the graduated lease which provides for specified rent increases at set future dates. Another is . . . View Full Definition

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