Investment Glossary:

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U

Underwriting:  The analysis or risk and the matching of it to an appropriate rate and term.

U.S. Department. of Housing and Urban Development (HUD):  A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

Underwriting:  The act of applying formal guidelines that provide qualitative and quantitative standards for determining whether or not a loan should be approved.

Undivided Interest:  An ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.

Unencumbered Property:  real estate that is owned free and clear.

Unilateral Contract:  An obligation given by one party contingent on the performance of another party, but without obligating the second party to perform.

Unimproved Property:  Land that has received no development, construction, or site preparation (raw land).

Unrealized Gain:  Excess of current market value over cost for an asset that is not sold.

Unrecorded Deed:  Instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of the change in ownership.

Urban Renewal:  Process of redeveloping deteriorated sections of the city, often through demolition and new construction, may be privately funded, but most often associated with government renewal programs.

Usufruct:  The right to use property--or income from property--that is owned by another.

Usury: The practice of charging an illegal interest rate on a loan; interest rates are set by state law.

Utility Easement:  Use of another's property for the purpose of laying gas, water, electric and sewer lines.