U
Under Improved Land
A piece of land which has been improved, but not to the full extent of its potential.Underwriting
The process a lender uses to determine loan approval. It involves evaluating the property and the borrower's credit and ability to pay the mortgage.Unencumbered Property
Any property which has no outstanding claims or liens against it.Uniform Residential Loan Application
A standard mortgage application that your lender will ask you to complete. The form request your income, assets, liabilities and a description of the property you plan to buy, among other things.Useful Life
The span of time over which a property can be used or can provide benefits to its owner.USPAP
Uniform Standards of Professional Appraisal Practice. Developed in 1986 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation, USPAP forms the guidelines followed by every licensed and certified real estate appraiser in the United States. The purpose of these Standards is to establish requirements for professional appraisal practice, which includes appraisal, appraisal review, and appraisal consulting. The intent of these Standards is to promote and maintain a high level of public trust in professional appraisal practice.
