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Contact EXIT Team Realty

If you have any questions or need more detailed information, please feel free to contact us via phone at 401.349.5000 or fill out the form to let us know how we can help with your real estate needs.

Office Location

375 Putnam Pike Ste 35,
Smithfield, RI 02917
Phone: (401) 349-5000
Fax: (401) 349-5099

Real Estate Glossary

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Underlying Mortgage
Generally refers to the first mortgage when there is a wraparound mortgage.

Underwriting
The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.

Underwriting Fee
A fee charged by some lenders to cover the cost of the lender's analysis of the risk associated with a loan.

Undivided Interest
An ownership right to use and occupy property that is shared among more than one owner. No single co-owner may have exclusive rights or possession to any part of the property.

Uniform Commercial Code (UCC)
Group of laws that are applicable to commercial transactions. Only a few of the laws have relevance to real estate transactions.

Unsecured Loan
A loan that is not backed by collateral.

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