U

Up-front Mortgage Insurance Premium (ufmip)

Definition:   a one time mortgage insurance premium on FHA mortgage loans that is paid at closing Pronunciation: Used in a Sentence:
U

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.
U

Unities

Definition:   individual prerequisites required to constitute a single joint tenancy Pronunciation:    \ˈyü-nə-tē\ Used in a Sentence:   A joint tenancy can only exist with the four unities of possession, interest, title, and time are present.
U

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.
U

Uniform Standards Of Professional Appraisal Practice (uspap)

Definition:  the set of standards that must be followed when performing appraisal services Pronunciation: Used in a Sentence:
U

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.
U

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.
U

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.