Real Estate Definitions - U


Undisclosed Principal:
Acting secretly for yourself or some other person without announcing that interest to the seller. A violation of your agency duty.
Unearned Increment:
Any gain in value that occurs without the owners effort.
Unilateral Contract:
A one-sided contract in that one party must perform IF the other party exercises their option to act.
Unit Ownership Act:
The statutes governing the creation of condominiums in Oregon.
Unity:
Something that must be concurrent and equal. In Tenancy, there are four possible Unities; Time, Title, Interest and Possession. The four Unities are required in Joint Tenancy and Tenancy by the Entirety.
Universal Agency:
A fiduciary relationship wherein the agent is given full legal power to transact all types of matters for his principal. For obvious reasons, this agency is rare. An unlimited power of attorney would create a universal agency.
Usury:
A State set maximum interest rate that can be charged on certain loans. To charge more than this rate is illegal.
Utility:
An economic term meaning usability or usefulness. There is no value if there is no use and enjoyment in the property.