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UNDER
IMPROVED LAND 
A piece of land which has been improved, but not to
the full extent of its potential.
UNENCUMBERED
PROPERTY
Any property which has no outstanding claims or liens
against it.
UNIFORM
STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP)
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.
USEFUL
LIFE
The span of time over which a property can be used or
can provide benefits to its owner.
VACANCY
RATE
The current percentage of vacant properties in a given
area, regardless of why they are vacant.
VA
MORTGAGE
A mortgage that is guaranteed by the Department of
Veterans Affairs (VA).
VARIANCE
An exception to municipal zoning regulations granted
for a specific time period to allow for non-conforming
use of the land.
VENT
PIPE
A pipe allowing gas to escape.
VESTED
Having the right to use a portion of a fund such as an
IRA. Typically vesting occurs over time. If you are
100% vested, you have a right to 100% of the fund.
VETERANS
AFFAIRS, DEPARTMENT OF (VA)
The successor to the Veteran's Administration, this
government agency is responsible for ensuring the
rights and welfare of our nation's veterans and their
dependents. Among other duties, the VA insures home
loans made to veterans.
VOLTAGE
An expression of electric force, or pressure. One volt
being the force needed to move one amp against one ohm
resistance.
WALK-THROUGH
INSPECTION
A process whereby an appraiser examines a property in
preparation for estimating its value. Also, the
process of inspecting a property for any damage prior
to that property being bought or sold.
WARRANTY
An affidavit given to stipulate the condition of a
property. The person giving the warranty assumes
liability if the condition turns out to be untrue.
WATT
An expression of amount of electrical power. Volt
times amps equals watts.
WEAR
AND TEAR
A term used to indicate the normal damage inflicted on
a property through every-day use.
WEATHER
STRIPPING
Material used around windows and doors to prevent
drafts.
WEEP
HOLE
Drainage hole that allows water to escape.
ZERO
LOT LINE
A municipal zoning category wherein a building or
other fixture may abut the property line.
ZONE
A specific area within a municipality or other
jurisdiction which conforms to certain guidelines
regarding the use of property in the zone. Typical
zones include single-family, multi-family, industrial,
commercial and mixed-use. |
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