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Ever had that moment when a real estate definition leaves you with more questions than answers, causing a wave of irritation? Yeah... us too.

Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Underwriting
Underwriting is a process where a company or a person, called an underwriter, looks at all the information about a property, like how much it's worth and how risky it is, and decides whether it's a good idea to provide a loan or insurance for... (Read more)
Undivided Interest
Undivided interest is when more than one person owns a piece of property together, and instead of having specific parts of the property that belong to each person, they all share the whole property equally. It's like everyone having a slice of... (Read more)
Unequal Services
Unequal services occur when someone provides services that are different in nature or quality to different people, based on things like their race, color, sex, national origin, or religion. It's like treating people unfairly just because of who... (Read more)
Unilateral Contract
A unilateral contract is an agreement where only one party makes a promise, and the other party doesn't have to promise anything in return. The contract becomes binding when the second party performs an action, rather than making a promise.... (Read more)
Universal Agency
A universal agency is a type of agreement where one person gives another person the power to handle all kinds of decisions and transactions on their behalf. It's like having a helper who can do almost anything for you in your personal and... (Read more)
USPAP
USPAP stands for Uniform Standards of Professional Appraisal Practice. It's a set of rules that real estate appraisers have to follow to make sure they're doing their job correctly and fairly. These rules help ensure that when someone's property... (Read more)
Usury
Usury is when someone lends money to another person and charges an interest rate that is way too high, more than what the law allows. It's like borrowing money from someone and having to pay back a lot more than you borrowed, making it... (Read more)
Utility
Utility, in the context of real estate, refers to the value an item has based on its ability to perform a desired function. It's about how useful something is and how well it meets a person's needs and wants. The more useful an item is, the... (Read more)
Utility Easement
A utility easement is a legal agreement that allows utility companies to use or enter a part of someone else's land for the purpose of installing and maintaining utility lines, like electricity, water, or gas. This ensures that essential... (Read more)
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