Free Real Estate Vocabulary Flashcards

Pass the real exam by knowing all of the vital real estate vocabulary terms that are crucial to passing the real estate licensing examination. Study all of the important real estate glossary terms and definitions, and pass with confidence!

Unearned increment

An increase in the value of a property caused by increased population, development, or demand for which the owner is not responsible

Unearned Premium

That unused portion of an insurance premium which is returned to the policy holder upon cancellation

Unencumbered

Free of liens and other encumbrances Free and clear

Unencumbered Property

Property whose seller hasclear title free of mortgages or other liens

Unenforceable Contract

A contract which a court will not enforce, even though it may have all the requirements of a valid contract Example: A contract barred …

Unfinished Building Space

Not completed A general term not specifying how much has not been completed May need paint, floor covering, or other minor completions May need …

Uniform Commercial Code

A codification of commercial law, adopted in most states, that attempts to make uniform laws relating to commercial transactions, including chattel mortgages and bulk …

Uniform Commercial Code (Ucc)

A set of laws written to make it easier to do business between states by making the law the same for each state that …

Uniform Laws

Laws approved by the National Conference of Commissioners on Uniform State Laws Many have been adopted in one or more states Among these are …

Uniform Residential Appraisal Report

The standard form used to appraise one to four family residential property

Uniform Residential Appraisal Report (URAR)

Standard Fannie Mae Form 1004 used by appraisers

Uniform Residential Loan Application Report (URLA)

Standard Fannie Mae Form 1003 used by loan originators