U : Unqualified Sale - Unqualified sales may consist of foreclosures, court settlements, transfers of deed between relatives, to name a few, in which full market value is not arrived at in the transaction.
Uniform Standards of Professional Appraisal Practice (USPAP) - Biennial publication by the Appraisal Standards Board of The Appraisal Foundation: “The purpose of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. It is essential that appraisers develop and communicated their analyses, opinions, and conclusions to intended users of their services in a manner that is meaningful and not misleading. . . .Standards 5 and 6 establish requirements for the development and communication of a mass appraisal.” (p. 1).
Units of Comparison – The components into which a property may be divided for purposes of comparison, e.g., price per square foot, front foot, cubic foot, room, bed, seat, apartment unit.
Use Code - A code (used on a property record form) to indicate a property’s use class or, less often, potential use.
Use, Highest and Best - A principle of appraisal and assessment requiring that each property be appraised as though it were being put to its most profitable use (highest possible present net worth), given probable legal, physical, and financial constraints. The principle entails first identifying the most appropriate market, and, second, the most profitable use within that market. The concept is most commonly discussed in connection with underutilized land.
USB: Upper Story Base – Building sub area code found on a property record card. Separate independent Living Area above the first floor living space; it is fully equipped with the same amenities as the first floor unit with the same utility and a separate entrance.
USF: Upper Story Finished - Building sub area code found on a property record card. If the upper level is fully utilized (having full height walls of eight feet or greater and no intervening roof line), the area should be identified as USF.
USH: Upper Story High – Building sub area code found on a property record card. Upper Story perimeter walls are greater than five feet in height and less than 8 feet in height with access to the upper story via a fixed or permanent stairway. Determining factors would be roof slope, exterior wall height and roof-line exterior wall intersection. NOTE: These categories (USH and USL) are used in conjunction with the Base area measurements when there is no interior access at the time of the inspection.
USL: Upper Story Low – Building sub area code found on a property record card. Upper Story perimeter walls are less than five feet in height, with access to the upper story via a fixed or permanent stairway. Determining factors are the same as USH.
USU: Upper Story Unfinished – Building sub area code found on a property record card. Upper story living area with lower grade of finish as compared to USF due to quality of materials and/or workmanship, e.g., unfinished ceiling and/or walls. This category is seldom used.
UTF: Utility Room Finished - Building sub area code found on a property record card. An interior finished room or area located within the gross building area (footprint) having finished walls. Typically, will have ceiling, floor, interior grade door, electrical and possibly some plumbing. PRIMARILY USED AS STORAGE, NOT USED AS LIVING AREA (NO HVAC), NOT CALCULATED IN BASE SQUARE FOOTAGE. Inside Laundry Rooms are used in Base Square Footage calculations. Can also be a utility type building attached to an exterior wall, similar in construction and quality as above.
UTU: Utility Room Unfinished - Building sub area code found on a property record card. An area which is of lower quality than UTF, e.g., interior walls may be unfinished, bare, or painted concrete block, exposed frame studding or open beamed ceilings.
