under construction
Refers to a development where actual building construction has been initiated.

under floor wiring system
Wires, for example electrical, which are placed beneath the flooring of a structure through conduits or raceways.

under improvement
An improvement which because of its deficiency in size or cost is not the highest and best use of the site.

under-lease
A lease granted by a tenant or lessee; especially, a lease granted by one who is himself a lessee for years, for any fewer or less number of years than he himself holds; a sublease.

underpass
An underground tunnel or passage enabling pedestrians to cross a road or railway.

underpinning
Reinforcement of a building with supports or the use of beams temporarily while the structure is being built.

underwriter
One who signs a policy of insurance, by which he becomes an insurer. By this act he places himself as to his responsibility, in the place of the insured. He may cause a re-insurance to be made for his benefit; and it is his duty to act with good faith, and, without quibbling, to pay all just demands against him for losses.

uniform system of accounts for hotels
A standardized system of accounting, with set formats and account classifications, used in the hospitality industry. It allows easy comparison of the financial and operational performances of two or more hotels. The original standard was set by the New York chapter of the International Association of Hospitality Accountants (IAHA) in 1926. IAHA is now called Hospitality Financial & Technology Professionals.

unimproved land
Raw land in its natural state that has no installed improvements or structures.

unit
Segregated part of a structure, i.e., one apartment in an apartment building or an office in a commercial building.

unit cost
The cost of a single item on a construction budget. The unit cost is multiplied by the number of units required for the job to determine the total cost. May also refer to the cost expressed on a per unit basis eg. $ x per square foot.

unit title
Individual ownership for multi owner properties such as high rise office blocks, apartment buildings and industrial units.

unity of interest
Joint tenants have to acquire their interest by the same conveyance and the said interest must remain the same.

unity of possession
Equal rights to possession of the entire property by joint tenants.

unrealized gain/loss
The difference between the cost (or previously reported fair market value) of an asset held at the balance sheet date and its fair market value at that date.

urban
Relating to a city or a town.

urban renewal
Old and obsolete property of a city or town that has been improved or modernized or demolished and replaced.

use density
The ratio of the number of buildings or floor area of built-up space of a particular use to a given area.

use value
The value of a property in terms of a specific use.

useful life
1) Life of property used for depreciation accounting, which does not necessarily coincide with the actual physical life. 2) The actual economic worth of a property in terms of years of use to the owner.