Career Resource Center Archive


Usury

Monday, December 17th, 2007
Charging a higher rate of interest on a loan than is legally allowed.


Useful life

Monday, December 17th, 2007
The period of time over which a commercial property can be depreciated for federal income-tax purposes. Also known as economic life.


Urban renewal

Monday, December 17th, 2007
The acquisition of run-down city areas for purposes of redevelopment.


Undivided interest

Monday, December 17th, 2007
Ownership by two or more persons that gives each the right to use the entire property.


Trustee

Monday, December 17th, 2007
One who as agent for others handles money or holds title to their land.


Trust deed

Monday, December 17th, 2007
A document used in place of a mortgage in certain states; a third-party trustee, not the lender, holds the title to the property until the loan is paid out or defaulted. Also called a deed of trust.


Townhouse

Monday, December 17th, 2007
Usually a two- or three-story dwelling with shared walls, or a living unit operating under the condominium or townhouse form of ownership.


Title search

Monday, December 17th, 2007
A professional examination of public records to determine the chain of ownership of a particular piece of property and to note any liens, encumbrances, easements, restrictions, or other factors that might affect the title.


Title report

Monday, December 17th, 2007
A statement of the current condition of title for a parcel of land.


Title insurance

Monday, December 17th, 2007
An insurance policy that protects against any losses incurred because of defects in the title not listed in the title report or abstract.


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