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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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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.
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 in excess of that permitted by law.
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