USA Real Estate License Network Terms Glossary
| A | B | C | D | E | F | G | H | I | J | K | L | M |
N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
|
- VA LOAN
- This loan does not contain a "due on sale " clause.
- VALID
- Legally sufficient and authorized by law.
- Having force or binding force. Fully effective at law; legally sufficient.
- VALLEY
- The internal angle formed by the junction of two sloping sides of a roof.
- VALUATION
- Estimated worth or price.
- The act of valuing by appraisal.
- VARIABLE INTEREST RATE
- An interest rate that fluctuates in a set proportion to changes in an economic index, such as the cost of money. Extensive regulations cover use of VIRs in loans on residential property.
- VARIANCE
- An exception or departure from the general rule. An exception granted to a property owner, relieving him from obeying certain aspects of a zoning ordinance. Its granting is discretionary with the zoning authorities and is based on undue hardship suffered by the property owner because of unique circumstances affecting his property.
- VENDEE
- Purchaser or buyer or real property.
- VENDOR
- Seller of real property.
- VENEER
- Thin sheets of wood placed over another material.
- VENT
- A pipe installed to provide a flow of air to or from a drainage system or to provide a circulation of air within such system to protect trap seals from siphonage and back pressure.
- VENUE
- The location in which a cause of action occurs; it determines the court having jurisdiction to hear and decide the case. For real estate, the court having proper venue is one in the county in which the property is located.
- VERIFICATION
- A sworn statement before a duly qualified officer as to the correctness of the contents of an instrument. Written certification under oath and/or penalty of perjury, confirming the truth of the facts in a document.
- VERSUS
- Against (abbreviated v. or vs.). Used in case names, with the plaintiff's name given first.
- VESTED
- Bestowed upon someone, such as title to property. Absolute, not contingent or subject to being defeated.
- VETERAN'S EXEMPTION
- A deduction from the annual property tax allowed to a qualified veteran residing on residential propery. Since July 1978, it has amounted to $40 off the normal tax bill.
- VOID
- To have no legal force or effect;that which is unenforceable. Unenforceable, null, having no legal effect.
- VOIDABLE
- An instrument that appears to be valid and enforceable on its face but is, in fact, lacking some essential requirement. May be declared void,?but is valid unless and until declared void.
- VOLUNTARY LIEN
- Any lien placed on property with the consent of the owner or as a result of the voluntary act of the owner.
|
|
