Dictionary
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Up-front Mortgage Insurance Premium (ufmip)
Definition: a one time mortgage insurance premium on FHA mortgage loans that is paid at closing
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Universal Agent
Definition: a general agent; one authorized to act on behalf of another
Pronunciation: \ˌyü-nə-ˈvər-səl\ \ˈā-jənt\
Used in a Sentence: The seller appointed his attorney to act as his universal agent in the handling of his trust.
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Unilateral Contract
Definition: an agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party
Pronunciation: \ˌyü-ni-ˈla-tə-rəl\ \ˈkän-ˌtrakt\
Used in a Sentence: A unilateral contract obligates only one party to an agreement.
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Uniform Standards Of Professional Appraisal Practice (uspap)
Definition: the set of standards that must be followed when performing appraisal services
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Unenforceable Contract
Definition: a contract that was valid when made but either cannot be proved or will not be upheld by a court
Pronunciation: \ˌən– in-ˈfȯr-sə-bəl\ \ˈkän-ˌtrakt\
Used in a Sentence: Because the contract was not in writing as required by state statutes it was an unenforceable contract.
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Undivided Interest
Definition: an interest in the entire property, rather than ownership of a particular part of the property
Pronunciation:
Used in a Sentence: Mark and Craig have an undivided interest in the lakefront property.
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Underwriting
Definition: the analysis of the extent of risk assumed by a lender in connection with a proposed mortgage loan
Pronunciation: \ˈən-də(r)-ˌrī-tiŋ\
Used in a Sentence: We had to wait for approval of our mortgage until the underwriting process was completed.