Page 638 - Principals of Real Estate
P. 638
630 California Real Estate Principles
GLOSSARY trade fixture undue influence
An item of personal property, such as a shelf, cash register, Using unfair advantage to get agreement in accepting a
room partition or wall mirror, used to conduct a business. contract.
transferability unearned increment
The title must be marketable with an unclouded title. An increase in value to real estate that comes about from
forces outside the control of the owners, such as a favorable
trust account shift in population.
An account separate and apart and physically segregated
from broker’s own funds, in which broker is required by law unemployment rate
to deposit all funds collected for clients. The percentage of the people classified as unemployed as
compared to the total labor force.
trust deed
A security instrument that conveys naked legal title of real unenforceable contract
property. A contract that was valid when made but either cannot be
proved or will not be enforced by a court.
trust funds
Money or other things of value received from people by a Uniform Commercial Code (UCC)
broker to be used in real estate transactions. A code that establishes a unified and comprehensive method
for regulation of security transactions in personal property.
trustee (fideicomisario)
Holds naked legal title to property as a neutral third party unilateral contract (contrato unilateral)
where there is a deed of trust. A contract where a party promises to perform without expecta-
tion of performance by the other party.
trustee’s deed
A deed given to a buyer of real property at a trustee’s sale. unilateral rescission
Legal action taken to repeal a contract by one party when the
trustee’s sale other party has breached a contract.
The forced sale of real property, by a lender, to satisfy a
debt. unit-in-place method
Cost of units in the building as installed is computed and
trustor applied to the structure cost. The total costs of walls in place,
The borrower under a deed of trust. heating units and roof are figured on a square-foot basis,
including labor, overhead, and profit. This is the most
Truth in Lending Act (ley de Veracidad en los detailed method of estimating value.
Préstamos)
(1) A federal law that requires borrowers to be informed about unity
the cost of borrowing money. (2) Also known as Regulation Equal right of possession or undivided interest. For example,
Z. each tenant has the right to use the whole property. None of
the owners may exclude any co-owner from the property, nor
T-TIP claim any portion of the property for exclusive use.
The mnemonic for the four unities of joint tenancy: Time,
Title, Interest, and Possession. unjust enrichment
The situation where a person has received and keeps money
turnkey projects or goods that belongs to another. A lawsuit may be necessary
Investors purchase projects that are ready for occupancy. to get back the property.
two-year grace period unlawful detainer action
A period of time after the expiration of a license that renewal (1) The legal remedy to remove a tenant. (2) Also called an
is allowed as long as all real estate activity has ceased during action in ejectment.
that time and a late fee is paid at the time of renewal.
Unruh Civil Rights Act
U State law that prohibits discrimination by businesses.
underwriting UPTEE
The process of evaluating a borrower’s risk factors before the The mnemonic for the five ownership rights in the Bundle of
lender will make a loan. Rights: Use, Possess, Transfer, Encumber, and Enjoy.
undivided interest
The buyer receives an undivided interest in a parcel of land
as a tenant in common with all the other owners.
