It's pretty common in the thinner divisions and when a fighter has just come in from another org. Not long ago, Eddie Alvarez was ranked with a 0-1 record; now he's #4 at 1-1. Obviously his ranking is based on his Bellator work.
Shogun is ranked #8 with a 7-8 UFC record.
Bigfoot is ranked #11 with a 3-4 (1) UFC record.
McCall is ranked #4 with a 2-3-1 UFC record.
A lot of the TUF20 women are ranked with crap UFC records because it's not only a brand new division, but because they were busy fighting exhibition matches, then waiting for the show to air and the finale to be fought.