uncollected rent
Uncollected rent or vacancy is subtracted from gross scheduled income. Uncollected rent is an estimate expressed as a percentage then converted to dollars.

unconscionable contracts
An agreement that is so unfair and one-sided that the courts will refuse to honor it.

underwriter
A person who evaluates the risk of default by a mortgage loan applicant, and grants approval or denial of the loan.

Underwriting
The process of analyzing a borrower's capability to honor repayment of a loan (evaluating his or her credit, assets, employment) along with the value of the property being purchased, to help minimize the risk involved for the party lending the purchase money.

unenforceable contract
A contract which is considered unenforceable either because it cannot be proven or will not be enforced by a court. In addition to being considered void or illegal, other reasons for unenforceable contracts may be because they were not presented in writing which may have been a requirement under state statutes of frauds or the statutes of limitations period has elapsed.

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unequivocal
Unambiguous; clear; having only one possible meaning or interpretation.

UNILATERAL CONTRACT
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

unit-in-place method
The appraisal method of estimating 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.

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 agent's 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.

Unsecured loan
A loan that is not guaranteed by collateral.

UPSET PRICE
A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised.

USEFUL LIFE
That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner.

USURY
Charging a rate of interest more than the maximum permitted by law.