I found a thread about it on the Ultimate Member forums but the solution posted there looks ugly to me. (https://ultimatemember.com/forums/topic/add-i-agree-to-terms-conditions-checkbox-with-hyperlink-to-registration-form/)
Is this possible using the default Ultimate Member form editor? And if not, can you please add a setting for this in the Ultimate Member -> Settings -> Registration menu?
Text to display next to terms checkbox:
Would make this plugin slightly more complete!