See: Raw Land.

A principal whose identity is not revealed by an agent.

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

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

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

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

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

Free of liens and other encumbrances. Free and clear.

A 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.

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.

A 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).

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.

The standard form used to appraise one to four family residential property.

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

A 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.

A 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).

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

An area of a county which has not formed a municipal corporation (become a city).

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.

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

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