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Unit-In-Place Method
The appraisal method of estimated building costs by calculating the costs of all of the physical components in the structure, with the cost of each item including its proper installation, connection, etc; also called the segregated cost method./n
Unity of Ownership
The four unities that are traditionally needed to create a joint tenancy – unity of title, time, interest and possession./n
universal agent
an agent hired to do all things for and in behalf of the principal./n
Universal Agent
A person empowered to do anything the principal could do personally./n
unlawful detainer
The legal action a landlord brings against the tenant to evict when there is legal cause./n
urban renewal
the procedure of condemning private property as a blighted area and having it torn down and rebuilt./n
Urea Formaldehyde Form Insulation UFFI
Gases that leak out of UPPI becomes trapped in building, may cause respiratory problems/n
interest rates above the legal rate, or statutory limit/n
Charging interest in excess of the maximum rate; often residential first mortgage loans are exempt from such laws/n
Charging interest at a higher rate than the maximum rate established by state law./n
utah exemption act homestead
the law that provides protection for a portion of equity when a homeowner experiences foreclosure or bankruptcy./n
utah uniform land sales practices act
the body of law that governs subdivisions which fall under the regulation of the State of Utah./n
VA loan
A government loan that is guaranteed and does not require a down payment./n
VA Loan
Mortgage to qualified veteran by authorized lender; guaranteed by Department of Veteran Affairs; up to 100% LTV based on certificate of reasonable value CRV /n
valid contract
a contract that contains all the essential elements of a contract and therefore is binding on all parties./n
Valid Contract
A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it./n
valuable consideration
Consideration in the form of money, services, promises, or real or personal property./n
The power of a product, service, or property to command other goods or money in exchange. It is the present worth of future benefits arising out of ownership./n
The power of a good or service to command other goods in exchange for the present worth of future rights to its income or amenities./n
the right of an individual to do something that violates current zoning regulations because the zoning and planning commission or board of adjustment granted that right./n
Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by current zoning laws; an exception from zoning ordinances/n
one who buys or offers to buy/n
A buyer, usually under the terms of a land contract./n
one who sells or offers to sell/n
A sellor, usually under the terms of a land contract./n
Vendor\\\'s Lien
A lien that belongs to a vendor for the unpaid purchase price of land, where the vendor has not taken any other lien or security beyond the personal obligation of the purchaser./n
vertical lease
A lease for either air rights or subterranean rights such as oil. /n
Vested Interest
A present right, interest or title to property that gives the holder the right to convey it to another, even thought the right might not be enjoyed by one or both of the parties./n
void contract
A contract that lacks one or more of the essential elements of a contract and therefore is not binding on any of the parties./n
Void vs. Voidable
Void has no legal force because it is lacking an essential part of a contract; voidable is one in which either or both parties may reject or disaffirm contingencies /n
voidable contract
a contract wherein one of the parties can challenge one or more of the essential elements of the contract and therefore has the right to affirm or disaffirm the contract./n
Voluntary Alienation
See alienation./n
voluntary dedication
When a private individual gives land as a gift for public use, such as land for a park, church, hospital, etc./n
Voluntary Lien
A lien placed on property with the knowledge and consent of the property owner./n
walk-through inspection
An optional visit by the buyer to check and approve the condition of the property and any repairs that have been made./n
when the owner of the property commits destructive acts on the propety or fails to keep up with maintaenace requiremtents/n
An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary right./n
water rights
The ability under the law to have the use of water. They are considered to be real property./n
Water Rights
Common law rights held by owners of land adjacent to rivers, lakes or oceans and includes restriction on those rights and land ownership./n
water shares
A right to use water on real property, granted to the owner by a canal company with water certificates. They are considered personal property./n
Written document, properly witnessed, providing for transfer of title to property owned by the deceased, called the testator/n
A written document, properly witnessed, providing for the transfer of title to property owned by the decease, called the testator./n
wirt of execution
a court order directing an officer of the court to sell property of the defendant in order to satisfy a judgment./n
Worker\\\'s Compensation Act
Covers claims for medical or hospital payment for injuries sustained by building employees hurt in the course of employment/n
Wraparound Loan
A method of refinancing in which the new mortgage is placed in a secondary or subordinate, position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever additional sums are advanced by the lender. In essence it is an additional mortgage in which another lender refinances a borrow by lending an amount over the existing first mortgage amount without disturbing the existence of the first mortgage./n
wraparound Mortgage or all inclusive trust deed AITD
a loan that encompasses one or more existing loans./n
writ of execution
a court order directing an officer of the court to sell property of the defendant in order to satisfy a judgment./n
writ of restitution
in an unlawful detainer action, the judge\\\'s order for the sheriff to evict a tenant and restore the premises to the lessor./n
A right of state governments to regulate the height, bulk and use of private property in order to protect the health, morals, welfare, and safety of the public; usually delegated to the local level./n
Zoning Ordnance
An exercise of police power by a municipality to regulate and control the character and use of property/n
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