Real Estate Glossary
VA loan
A government-sponsored mortgage assistance program administered by the Department of Veterans Affairs. Under the Servicemen's Readjustment Act of 1944, eligible veterans and widows or widowers (who have not re-married) of veterans who died in service or from service-connected causes may obtain partially guaranteed loans for the purchase or construction of a house or to refinance existing mortgage debt. VA Home Loan Guaranty Home page
vacancy rate
The vacancy rate is a numerical value calculated as the percentage of all available units of rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. It is the opposite of the occupancy rate, which is a calculation based on the percentage of units in a rental property that are occupied.
valid contract
A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties. (See contract)
value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability. Cost does not equal value nor does equity.
value in context
The value of real estate is determined only partly by its intrinsic qualities (condition, square footage, finish, fixtures, etc.). The location (or context) within which a the property exists determines part of its value. A fine home in a decaying neighborhood may lose value, while a modest home in a desirable location appreciates in value.
value in exchange
The market value of a property.
value in use
Value in use is the subjective value of property to its present owner, as opposed to market value, which should be objective.
vapor barrier
A type of polyethylene or foil sheeting used to stop the movement of soil gas or water vapor into crawl spaces and walls, and retard moisture from damaging a building or structure.
vapor retarders
Special materials used in the installation of thermal insulation to reduce the passage of water vapor. These materials include treated papers, plastic sheets, and metallic foils.
variable
A quality that may vary or which is subject to changes.
variable cost
Operating expenses that fluctuate with occupancy, such as utilities and maintenance costs.
variable expenses
Property expenses for management, wages, and benefits of building employees, fuel, utility services, decorating, and other ongoing costs of individual building ownership, as opposed to permanent expenses, such as property taxes.
variable lease
Allows for increases in the rental charges during the lease period. One of the more common is the graduated lease which provides for specified rent increases at set future dates. Another is the index lease, which allows rent to be increased or decreased periodically based on changes in the consumer price index or some other indicator. (See lease)
variable pay plan
A variable pay plan is a pre‐determined bonus plan based on a performance and reward schedule. This plan should include a schedule with specific targets to be achieved, goals, pre‐established criteria and payout schedule.
variance
Permission obtained from governmental zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning laws. A variance gives some measure of elasticity to the zoning game.
variate
A single item in a group.
vehicle license fee
vendee
The purchaser of realty; the buyer. The buyer under a land contract.
vendor
The seller of realty. The seller under a land contract. In some cases, the vendor may not be the owner—he or she might be the holder of an option.
venue
The proper place for a lawsuit to be filed because it has authority over events that have occurred.
verification
Confirmation under oath of the truthfulness of a statement.
Verification of deposit (VOD)
Verification of deposit (VOD) is a form listing each of the institutions where a loan applicant has savings or checking accounts.
Verification of employment (VOE)
Verification of employment (VOE) is a form sent to an loan applicant's employer(s) to verify employment and earnings information.
vertical growth
Vertical growth is growth within existing service areas through product diversification and expanded customer base.
vesting of title
Time at which title to real estate is transferred to a new owner.
veteran's entitlement
The amount of loan guarantee available to eligible veterans.
veteran's exemption
California war veterans may receive a $4,000 exemption on the full cash value of their homes.
vicarious liability
When one person is liable for the negligent actions of another person, even though the first person was not directly responsible for the injury. For instance, a parent sometimes can be vicariously liable for the harmful acts of a child and an employer sometimes can be vicariously liable for the acts of an employee.
video and audio webcast
Video and audio communication delivered over the Internet (streaming) or downloadable onto handheld devices.
videoconferencing
Conference held among people in different locations by means of video communications equipment, such as closed-circuit television.
videotape
Tape recording of visual images and associated sound for subsequent playback or broadcasting.
virtual job club
A job club in which the participants communicate electronically, such as by telephone or computer. (See job club)
virtual office
A virtual office is a business location that exists only in cyberspace. This setup allows business owners and employees to work from any location by using technology such as laptop computers, cell phones and internet access. A virtual office can provide significant savings and flexibility compared to renting a traditional office space.
vitamins
Any of various organic substances that are essential in minute quantities to the nutrition of most animals and some plants, act in the regulation of metabolic processes but do not provide energy or serve as building units, and are present in natural foodstuffs or sometimes produced within the body. (See nutrient)
vocabulary links
Vocabulary links are integrated throughout the content. Review terms as you read the course material. A pop-up display opens and provides the definition of the term in text and (in some cases) audio. Click the CLOSE button in the lower left corner to close the pop-up.
void
Having no legal force or binding effect; a nullity; not enforceable. A void agreement is no contract at all. A void contract need not be disaffirmed, nor can it be ratified. A contract for an illegal purpose (for example, gambling) is void. A voidable contract is one that is able to be voided. Voidable implies a valid act that may be rejected by an act of disaffirmance, rather than an invalid act that may be confirmed. For example, if a minor contracts to buy a diamond ring, the contract can be voided by the minor because of lack of sufficient age. If, however, the minor elects to enforce the contract, the contract is valid and the other party cannot assert the minor's lack of age as a defense.
voidable contract
A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
volatile organic compounds
Carbon compounds that tend to be emitted as gases into the air. Organic chemicals are widely used as ingredients in household products. Paints, varnishes, and wax all contain organic solvents, as do many cleaning, disinfecting, cosmetic, degreasing, and hobby products. Fuels are made up of organic chemicals. All of these products can release organic compounds while in use or in storage.
EPA Volatile Organic Compounds Website
voluntary
Proceeding from the will; unconstrained; self-determining.
voluntary conveyance
Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan. (See deed in lieu of foreclosure)
voluntary lien:
A lien placed on property with the knowledge and consent of the property owner. (See lien)
voluntary lien
A lien placed on property with the knowledge and consent of the property owner. (See lien)
A government-sponsored mortgage assistance program administered by the Department of Veterans Affairs. Under the Servicemen's Readjustment Act of 1944, eligible veterans and widows or widowers (who have not re-married) of veterans who died in service or from service-connected causes may obtain partially guaranteed loans for the purchase or construction of a house or to refinance existing mortgage debt. VA Home Loan Guaranty Home page
vacancy rate
The vacancy rate is a numerical value calculated as the percentage of all available units of rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. It is the opposite of the occupancy rate, which is a calculation based on the percentage of units in a rental property that are occupied.
valid contract
A contract that complies with all the essentials of a contract and is binding and enforceable with all associated parties. (See contract)
value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability. Cost does not equal value nor does equity.
There are various types of value, such as market value, tax assessed value, book value, insurance value, use value, par value, rental value and replacement value. By far, the type of value used for the largest number of real estate transactions is market value.
value in context
The value of real estate is determined only partly by its intrinsic qualities (condition, square footage, finish, fixtures, etc.). The location (or context) within which a the property exists determines part of its value. A fine home in a decaying neighborhood may lose value, while a modest home in a desirable location appreciates in value.
value in exchange
The market value of a property.
value in use
Value in use is the subjective value of property to its present owner, as opposed to market value, which should be objective.
vapor barrier
A type of polyethylene or foil sheeting used to stop the movement of soil gas or water vapor into crawl spaces and walls, and retard moisture from damaging a building or structure.
vapor retarders
Special materials used in the installation of thermal insulation to reduce the passage of water vapor. These materials include treated papers, plastic sheets, and metallic foils.
variable
A quality that may vary or which is subject to changes.
variable cost
Operating expenses that fluctuate with occupancy, such as utilities and maintenance costs.
variable expenses
Property expenses for management, wages, and benefits of building employees, fuel, utility services, decorating, and other ongoing costs of individual building ownership, as opposed to permanent expenses, such as property taxes.
variable lease
Allows for increases in the rental charges during the lease period. One of the more common is the graduated lease which provides for specified rent increases at set future dates. Another is the index lease, which allows rent to be increased or decreased periodically based on changes in the consumer price index or some other indicator. (See lease)
variable pay plan
A variable pay plan is a pre‐determined bonus plan based on a performance and reward schedule. This plan should include a schedule with specific targets to be achieved, goals, pre‐established criteria and payout schedule.
variance
Permission obtained from governmental zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning laws. A variance gives some measure of elasticity to the zoning game.
variate
A single item in a group.
vehicle license fee
vendee
The purchaser of realty; the buyer. The buyer under a land contract.
vendor
The seller of realty. The seller under a land contract. In some cases, the vendor may not be the owner—he or she might be the holder of an option.
venue
The proper place for a lawsuit to be filed because it has authority over events that have occurred.
verification
Confirmation under oath of the truthfulness of a statement.
Verification of deposit (VOD)
Verification of deposit (VOD) is a form listing each of the institutions where a loan applicant has savings or checking accounts.
Verification of employment (VOE)
Verification of employment (VOE) is a form sent to an loan applicant's employer(s) to verify employment and earnings information.
vertical growth
Vertical growth is growth within existing service areas through product diversification and expanded customer base.
vesting of title
Time at which title to real estate is transferred to a new owner.
veteran's entitlement
The amount of loan guarantee available to eligible veterans.
veteran's exemption
California war veterans may receive a $4,000 exemption on the full cash value of their homes.
vicarious liability
When one person is liable for the negligent actions of another person, even though the first person was not directly responsible for the injury. For instance, a parent sometimes can be vicariously liable for the harmful acts of a child and an employer sometimes can be vicariously liable for the acts of an employee.
video and audio webcast
Video and audio communication delivered over the Internet (streaming) or downloadable onto handheld devices.
videoconferencing
Conference held among people in different locations by means of video communications equipment, such as closed-circuit television.
videotape
Tape recording of visual images and associated sound for subsequent playback or broadcasting.
virtual job club
A job club in which the participants communicate electronically, such as by telephone or computer. (See job club)
virtual office
A virtual office is a business location that exists only in cyberspace. This setup allows business owners and employees to work from any location by using technology such as laptop computers, cell phones and internet access. A virtual office can provide significant savings and flexibility compared to renting a traditional office space.
vitamins
Any of various organic substances that are essential in minute quantities to the nutrition of most animals and some plants, act in the regulation of metabolic processes but do not provide energy or serve as building units, and are present in natural foodstuffs or sometimes produced within the body. (See nutrient)
vocabulary links
Vocabulary links are integrated throughout the content. Review terms as you read the course material. A pop-up display opens and provides the definition of the term in text and (in some cases) audio. Click the CLOSE button in the lower left corner to close the pop-up.
void
Having no legal force or binding effect; a nullity; not enforceable. A void agreement is no contract at all. A void contract need not be disaffirmed, nor can it be ratified. A contract for an illegal purpose (for example, gambling) is void. A voidable contract is one that is able to be voided. Voidable implies a valid act that may be rejected by an act of disaffirmance, rather than an invalid act that may be confirmed. For example, if a minor contracts to buy a diamond ring, the contract can be voided by the minor because of lack of sufficient age. If, however, the minor elects to enforce the contract, the contract is valid and the other party cannot assert the minor's lack of age as a defense.
voidable contract
A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.
volatile organic compounds
Carbon compounds that tend to be emitted as gases into the air. Organic chemicals are widely used as ingredients in household products. Paints, varnishes, and wax all contain organic solvents, as do many cleaning, disinfecting, cosmetic, degreasing, and hobby products. Fuels are made up of organic chemicals. All of these products can release organic compounds while in use or in storage.
EPA Volatile Organic Compounds Websitevoluntary
Proceeding from the will; unconstrained; self-determining.
voluntary conveyance
Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan. (See deed in lieu of foreclosure)
voluntary lien
A lien placed on property with the knowledge and consent of the property owner. (See lien)
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