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Welcome > Resources > Real Estate Dictionary - A
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Underwriting |
The process of analyzing a borrower's capability
to honor repayment of a loan (evaluating his or her credit, assets, employment)
along with the value of the property being purchased, to help minimize the risk
involved for the party lending the purchase money |
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Unilateral contract |
A one-sided contract in which only one party is
legally under obligation by the terms of the contract; one party promises an
action to the second party, who is not legally required to respond, but if the
second part does comply, then the first party is obligated to honor the promise
made |
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Unsecured loan |
A loan that is not guaranteed by
collateral |
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Usury |
The act of charging more than the maximum rate
of interest permitted by law |
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Investment Real Estate >Your Own Dormitory
Your child has just been accepted to a university. When you look at the room and board fees, you nearly go into shock! If the school is located in a large metropolitan area, there is an interesting alternative to the college dormitory.
Many parents are investing in condominiums or single family homes near the college campus. They rent the house to their children and one or more roommates. When their son or daughter graduates, they sell the property. The property's anticipated appreciation may go a long way toward helping to finance college expenses.
Many parents sit down with a local real estate agent after their son or daughter is accepted to a college. A real estate agent can provide information about neighborhoods near the school, properties that are for sale, and the amount of rent you can expect to receive from the property.
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| Q |
What 70-room East Coast mansion was built as a summer home and is known as a "Gilded Age cottage"?
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| A |
Cornelius Vanderbilt's "Breakers" Mansion in Newport, Rhode Island, named for the waves crashing along the cliff that separates the property from the ocean. |
 See More Real Estate Trivia > |
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