Hernando County Real Estate Glossary of Real Estate Terms

Welcome to my Glossary of Real Estate Terms Page

provided by:

Hernando County Real Estate Agent Chris Frantz of Exit Success Realty. Looking for a home or selling you home in Hernando County Florida. Are you confused and overwhelmed by real estate terms and words? Every person working in real estate or planning to buy or sell real estate can benefit by using my real estate glossary. This glossary of real estate terms is one for your use. Please use this as a resource to become comfortable with real estate terms.

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U.S. Department. Of housing and urban development (hud) - A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

Underlayment - A layer of wood between the subfloor and the floor.

Underwriting - The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.

Undisclosed heir - A person who claims the right to a piece of property after the death of an owner without a will.

Undisclosed spouse - An unidentified marital partner who can claim the right to a piece of property.

Unilateral contract - A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

Unrecorded deed - An unrecorded deed transfers ownership from one party to another without being officially recorded.

Unsecured loan - Any loan that is not backed by collateral.

Up zoning - The process in which a property is zoned from a lower to a higher use.

Upgrades - Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new home project. home project.

Upset price - A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price, which can be accepted for the property after the court has had the property, appraised.

Urban sprawl - The unplanned expansion of development over a large area.

Useful life - That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner.

Vacancy factor - An allowance or discount for estimated vacancies (unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

Value - The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.

Variable rate mortgage - A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.

Variance - Permission obtained from governmental zoning authorities to build a structure or conduct a use, which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

Vaulted ceiling - An elongated half-cylinder that arches above the floor. 

Vendee - The purchaser of realty; the buyer. The buyer under an agreement of sale.

Vendor - The seller of realty. The seller under an agreement of sale.

Verification of deposit - Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

Verification of employment - Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.

Vestibule - A small entrance hall or room.

Victorian style - An architectural style that dates from the mid19th century. 19th century.

Vinyl-clad windows - Wood windows sheathed in vinyl on the outside.   

Void - Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling) is void.

Voidable - A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.

Voluntary lien - A lien that a homeowner willingly gives to a lender.


Chris Frantz
Exit Success Realty
13111 Spring Hill Dr
Spring Hill, FL 34609
Hernando County
352.~686.~2222 Office
352.~442.~3158 Cell


Exit Success Realty


While great care and research was undertaken to provide accurate explanations and definitions for all of real estate terms and words in our real estate glossary, cannot be 100% accurate in all jurisdictions. The definitions are for general purposes only and should not be used for legal purposes. We disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information. We hope you benefit from using our concise online real estate dictionary.