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!

Unit Owners Association

The organization thatmanages the operation of a condominium,imposing assessments and arranging forthe maintenance of the common areas Theassociation’s members are the unit owners andthey …

Unit Price

See: Unit Cost

United States Geological Survey

The section of the department of the interior which maps the country and identifies its geologic features

Unities

The peculiarities necessary to form a valid joint tenancy Unity of time, title, interest, and possession

Unities of Interest, Possession, Time, and Title

Fourunities required to form a joint tenancy wherebyall owners share equally and simultaneously inthese conditions

Unity Of Interest

In joint tenancy, the joint tenants must acquire their interest by the same conveyance and said interest must be equal

Unity of ownership

The four unities traditionally needed to create a joint tenancy – unity of title, time, interest, and possession

Unity Of Possession

In joint tenancy, the joint tenants must have equal rights to possession

Unity Of Time

To have a valid joint tenancy, the joint tenants must acquire title at the same time

Unity Of Title

In joint tenancy, the holding by the joint tenants under the same document

Universal Agent

An agent authorized to doeverything that can be lawfully delegated to arepresentative

Unjust Enrichment

An unfairly obtained benefit byone party at the expense of another