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| Underlying mortgage
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The first mortgage on a property when other mortgages exist on the same property. |
| Underpinning
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Reinforcement of a building with supports or the use of beams temporarily while the structure is being built. |
| Underplanting
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Growing short plants such as a ground cover under taller plants. Under taller trees, some shrubs would be used as an underplanting. |
| Undersupply
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When demand exceeds the amount of real estate property available causing the prices to rise. |
| Undertone
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A light paint color. |
| Underwriter's laboratories (ul)
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Independent testing group that assesses the safety and quality of various electrical components. Once a product is approved, the manufacturer can place a "UL" label on the item. |
| Underwriting
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A process during which a loan application is evaluated to determine the risk involved to the lender and a decision made on whether to grant the loan. |
| Underwriting fee
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Fee charged by the lender to do the work to verify information, necessary to make a decision as to whether or not to approve a loan. |
| Undisclosed heir
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One who claims, after the death of an owner lacking a will, a right to a piece of that property. |
| Undisclosed principal
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When a major party to a transaction remains anonymous or when one party is not informed that there is a principal. |
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