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Real Estate Glossary
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Terms starting with 'U':
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.

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