Saturday, May 18, 2024, 9:33 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
V
VA GUARANTEEThe loan amount which the Veteran's Administration will guarantee on loans to eligible veterans or their surviving spouses. |
VALIDHaving binding force; legally sufficient and authorized by law. |
VALUABLE CONSIDERATIONMaterially valuable items pledged to fulfill one requirement of a valid contract. |
VALUATIONThe estimated worth of property. |
VALUEThe worth of one thing in comparison with another; the market value; something desirable and therefore having worth. |
VARIABLE RATE LOANA loan in which the interest rate rises or falls according to an indicator of market interest such as the Prime Lending Rate. |
VARIANCEPermission obtained from zoning authorities permitting the construction of a building or structure that is forbidden by present zoning ordinances; a departure from the general rule. |
VENDEEThe buyer. |
VENDORThe seller. |
VESTED INTERESTA present right of title to realty, but with possession delayed to some uncertain time in the future. |
VOIDTo have no force or effect; that which is unenforceable. |
VOIDABLEThat which is capable of being adjudged void, but is not void unless action is taken to make it so. |
VOLUNTARY LIENAny lien placed on property with the consent of, or as a result of, the voluntary act of the owner, e.g., a mortgage. |