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UCC - Also See: Uniform Commercial Code.

ULTRA VIRES - Originally acts of a corporation beyond or against its charter. Now includes illegal acts. An officer of a corporation may be personally liable for an ultra vires act of the corporation.

UNAVOIDABLE CAUSE - cause which reasonable prudence and care could not have prevented, such as death, illness, papers lost in the mail, etc.

UNBALANCED IMPROVEMENT - appraisal term describing an improvement not in conformity with the surrounding area, and so, not suited to its location. May be an underimprovement or overimprovement.

UNCONSCIONABLE CONTRACT - So unfair that a court will not allow it. So one sided that no one in his right mind would agree on one side, and no fair and honest person would agree on the other side.

UNDER-LEASE - sub-lease for either less than the remaining term on the master lease or less than the total property covered by the master lease.

UNDERCOATING - "prime" or first coat before the finish or "top coat" of paint or other finish.

UNDERFLOOR WIRING SYSTEM - system of electrical wiring built into the floor of a building through conduits, ducts, and raceways.

UNDERIMPROVEMENT - improvement which is deficient in size or quality in relation to the site on which it is built.

UNDERLYING FINANCING - mortgage, trust deed, or land contract prior to (underlying) another mortgage, trust deed, or land contract which is all inclusive or wraps around it.

UNDERPASS - passageway under a road, railway, or other right of way. May be for pedestrian traffic, automobiles, or any other method of transportation.

UNDERPINNING - (1) Temporary load-bearing beams used during construction. (2) Permanent load-bearing supports, added to an existing structure.

UNDERWRITER - One who insures another. A small title company may buy insurance from a larger one (the underwriter) for all or part of the liability of its policies. A larger title company may buy part of the insurance from another company on high liability policies.

UNDERWRITING - process of evaluating a loan application to determine the risk involved for the lender

UNDEVELOPED LAND - Also See: Raw Land.

UNDISCLOSED PRINCIPAL - principal whose identity is not revealed by an agent.

UNDIVIDED INTEREST - partial interest by two or more people in the same property, whether the interest of each is equal or unequal.

UNDUE INFLUENCE - Influence used to destroy the will of another so that his decision is not his free act.

UNDULATING LAND - Rolling land composed of compound slopes (two or more slopes of different grades).

UNEARNED INCREMENT - increase in value to real property due to some change in the area rather than an improvement in the property itself.

UNEARNED PREMIUM - That unused portion of an insurance premium which is returned to the policy holder upon cancellation.

UNENCUMBERED - Free of liens and other encumbrances. Free and clear.

UNENFORCEABLE CONTRACT - contract which a court will not enforce, even though it may have all the requirements of a valid contract. Example: A contract barred by a statute of limitations. It may be valid except that the plaintiff took too long to bring the action.

UNFINISHED BUILDING SPACE - Not completed. A general term not specifying how much has not been completed. May need paint, floor covering, or other minor completions. May need plumbing, electricity, floors, or other major completions.

UNIFORM COMMERCIAL CODE (UCC) - set of laws written to make it easier to do business between states by making the law the same for each state that adopted the code. The UCC covers many aspects of business such as transactions involving personal property (Article 2) and Negotiable Instruments (Article 3).

UNIFORM LAWS - Laws approved by the National Conference of Commissioners on Uniform State Laws. Many have been adopted in one or more states. Among these are the Uniform Commercial Code, Uniform Negotiable Instruments Act, Uniform Partnership Act, Uniform Residential Landlord and Tenant Act, etc.

UNIFORM RESIDENTIAL APPRAISAL REPORT - standard form used to appraise one to four family residential property.

UNIFORMITY - In taxation, equality in the burden of taxation, implying equality in the method of assessment as well as the rate of taxation.

UNILATERAL CONTRACT - contract formed by a promise from one party and performance from the other. The contract is formed only after the performance is completed, unless legally excused. See also: Bilateral Contract.

UNILATERAL MISTAKE - mistake made by one of the parties to the contract. Usually enforceable unless the other party knew or should have known of it (an obvious mistake).

UNIMPROVED LAND - Most commonly land without buildings; it can also mean land in its natural state.

UNINCORPORATED AREA - area of a county which has not formed a municipal corporation (become a city).

UNINSURABLE TITLE - Title to real estate that a title insurance company refuses to insure. The defect goes to the fee (ownership) or a claim or encumbrance that could lead to the loss of fee title in the party seeking insurance.

UNIT - (1) One of any group. (2) An apartment, condominium, house in a subdivision, etc.

UNIT COST - In relation to real estate, a cost per square foot. Also called unit price.

UNIT COST IN PLACE METHOD - appraisal method. The cost of construction by estimating the cost of each component part in place, including labor cost and overhead.

UNIT OF COMPARISON - Used in appraisal to make the most appropriate use of comparables. Example: A house may best be compared by price per square foot, land by price per front foot, a hospital by price per bed, etc.

UNIT PRICE - Also See: Unit Cost.

UNITED STATES GEOLOGICAL SURVEY - section of the department of the interior which maps the country and identifies its geologic features.

UNITIES - peculiarities necessary to form a valid joint tenancy. Unity of time, title, interest, and possession.

UNITY OF INTEREST - In joint tenancy, the joint tenants must acquire their interest by the same conveyance and said interest must be equal.

UNITY OF POSSESSION - In joint tenancy, the joint tenants must have equal rights to possession.

UNITY OF TIME - To have a valid joint tenancy, the joint tenants must acquire title at the same time.

UNITY OF TITLE - In joint tenancy, the holding by the joint tenants under the same document.

UNLAWFUL DETAINER - unjustifiable possession of property by one whose original entry was lawful but whose right to possession has terminated; usually a tenant.

UNLIMITED MORTGAGE - Also See: Open End Mortgage.

UNMARKETABLE TITLE - Not saleable. A title which has serious defects.

UNRECORDED INSTRUMENT - deed, mortgage, etc., which is not recorded in the county recorder's office and, therefore, not protected under recording statutes. Valid between the parties involved, but not against innocent third parties.

UNSECURED - Generally referring to an obligation which has only a promise as security. A note would be unsecured, a note and mortgage would be secured.

UPLANDS - Land bordering bodies of water but above the high water mark.

UPSET PRICE - legal term signifying the minimum price at which a property can be sold at auction, usually foreclosure.

URAR - Also See: Uniform Residential Appraisal Report.

URBAN - Pertaining to a city or town.

URBAN RENEWAL - Razing and rebuilding of obsolete sections of cities through financing by federal, state, and local governments.

USE DENSITY - relationship of the number of buildings of a particular use to a given land area.

USE VALUE - Also See: Value in Use.

USEFUL LIFE - (1) In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner. (2) For tax purposes, the life set for depreciation. At any time during that period, a new life could begin for a new owner.

USUFRUCT - right to use and profit from property vested in another, so long as the user (usufructuary) does not change the substance of the property. Would include an easement but not a profit a prendre.

USUFRUCTUARY - One who has a usufruct.

USURY - Charging an illegal rate or amount of interest on a loan.

UTILITIES - Public or private suppliers of water, electricity, gas, telephone and sewers that serve a property or the public or private companies that supply them.

UTILITY - Practical usefulness, as opposed to frivolity.

UTILITY ROOM - room used for laundry, heating equipment, telephone wiring, or janitorial purposes.

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Daily Oil & Gas and Wall Street Journal News
8/14/18

Rule Change Cuts Demand for Canadian Oil
Posted on Monday August 13, 2018

Canadian heavy oil producers are facing a new barrier to marketing their crude.

Services Firm's Aberdeen Base Sees Increased Demand, Results in Office Move
Posted on Monday August 13, 2018

Ampelmann says its Aberdeen base has experienced increased business demand in recent months.

Unite Members Accept New Aker Mariner Offer
Posted on Monday August 13, 2018

UK union Unite confirms that members working for Aker Solutions on the Statoil Mariner oil platform have accepted an improved pay offer.

Global Upstream Project Delivery 'Finally Hitting the Mark'
Posted on Monday August 13, 2018

Global upstream project delivery is 'finally hitting the mark', according to Wood Mackenzie.

Oil Drops on Strong Dollar, Turbulence in Turkey
Posted on Sunday August 12, 2018

Oil drops as economic turbulence in Turkey and the strengthening greenback heightens concerns about global oil demand.

Saudi Cuts Oil Output As OPEC Points To 2019 Surplus
Posted on Sunday August 12, 2018

OPEC forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

PetroChina Mulls Suspending US LNG Purchases
Posted on Sunday August 12, 2018

PetroChina may temporarily halt purchases of US LNG spot cargoes through the winter to avoid potential tariffs amid a trade conflict.

ConocoPhillips to Cut US Staff in September
Posted on Sunday August 12, 2018

Oil and gas producer ConocoPhillips will be implementing modest workforce reductions.

Iraq And Petrofac Sign $369MM Deal To Build Majnoon Crude-Processing Plant
Posted on Sunday August 12, 2018

Iraq signs a $369 million contract with Petrofac to build a new crude-processing facility in the giant Majnoon oilfield.

Merkel, Putin To Discuss Syria, Ukraine And Energy
Posted on Sunday August 12, 2018

Chancellor Angela Merkel and President Vladimir Putin will discuss the war in Syria, the conflict in east Ukraine and a disputed pipeline.

Wall Street Journal
Commercial News

8/14/18

WSJ.com: Commercial Real Estate

Sportswear-Maker Puma to Open New York Flagship
Germany?s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.

Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.
The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump?s son-in-law and adviser.

Sign of the Times: New Office Space Created in Retail's Tumult
Normandy Real Estate Partners? $133 million deal for the upper portion of ABC Carpet?s flagship store is an example of office space edging into territory that once was retail?s domain.

Want to Buy a Luxury Hotel in the U.S.? Try China's Insurance Regulator
When Chinese regulators seized control of Anbang Insurance, they took ownership of more than a dozen luxury U.S. hotels. Now, as the government looks to sell, it faces a problem: The buildings likely are worth less than what Anbang paid only a couple of years ago.

New York's Commercial Property Slump Shows Signs of Slowing
After a two-year plunge, brokers are optimistic that more deals will take place in 2018.

NYC Council Stops Midtown Tower Construction
Work on an 800-foot-tall tower in East Midtown that has been under construction for six months was halted last week following a vote by the New York City Council to limit skyscrapers in the area,.

Malls Never Wanted Gyms. Now They Court Them
Mall owners long treated gyms, massage parlors, and billiards halls as unwanted tenants that attracted lower-rent visitors who were unlikely to shop. Now they?re giving health clubs some of their best real estate.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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