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!

Uniform Standards of Professional AppraisalPractice (USPAP)

Professional appraisalstandards developed by The AppraisalFoundation, and now recognized throughout theUnited States as accepted standards of appraisalpractice

Uniformity

In taxation, equality in the burden of taxation, implying equality in the method of assessment as well as the rate of taxation

Unilateral contract

A one-sided contract by which one party makes a promise to induce a second party to do something The second party is not legally …

Unilateral Mistake

A mistake made by one of the parties to the contract Usually enforceable unless the other party knew or should have known of it …

Unimproved Land

Most commonly land without buildings; it can also mean land in its natural state

Unincorporated Area

An area of a county which has not formed a municipal corporation (become a city)

Uninsurable Title

Title to real estate that a title insurance company refuses to insure The defect goes to the fee (ownership) or a claim or encumbrance …

Uniqueness

Characteristic of real property thatsays each piece of land, each building, and eachhouse is a different piece of real estate Alsocalled: Non-homogeneity

Unit

(1) One of any group (2) An apartment, condominium, house in a subdivision, etc

Unit Cost

In relation to real estate, a cost per square foot Also called unit price

Unit Cost In Place Method

An appraisal method The cost of construction by estimating the cost of each component part in place, including labor cost and overhead

Unit Of Comparison

Used in appraisal to make the most appropriate use of comparables Example: A house may best be compared by price per square foot, land …