Glossary

A-C | D-F | G-I | J-L | M-O | P-R | S-U | V-Z

Vacant Land
Land lacking man-made modifications, additions, or improvements.

Uniform Standards of Professional Appraisal Practice (USPAP)
Appraisal standards developed by The Appraisal Foundation, which have come to be commonly accepted throughout the real estate industry as the proper and best way for appraisers to perform their work, conduct their activities, and write their reports.

Utility
The ability of a good to satisfy a want.

Whole Property
In eminent domain, it is that property which exists before the taking of any rights. It can also be represented as the sum of the part taken plus the remainder and can be represented by the following formula:

W = R + T

Where:

· W = whole property before the taking of any rights;

· R = remainder;

· T = part taken.

Zoning
Public laws regulating or restricting land use, character, intensity, etc. by the creation of geographic districts or zones.