Real Estate Glossary
Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
- VA (Veteran Administration)
- A program of the Department of Veteran Affairs, which allows most veterans to purchase a house without a down payment.
- VA Loan
- A loan made through the Department of Veteran Affairs.
- VA Loan Guarantees
- Home loans backed by the Veterans Administration which issues a 60% loan guarantee for an amount up to $27,500 as a mortgage on a principal residence only and with no down payment.
- Vacancy and Credit Losses
- Losses incurred by owner due to tenant failure to pay rent or because property is unoccupied.
- Vacancy Factor
- Estimated percentage of rental that won't be made because of actual and anticipated vacancies.
- Vacancy Rate
- Percentage of unoccupied rental property. Idle space causes significant cash drain when cash inflows are not received to offset the cash outflows of maintenance. Most properties have a minimum occupancy rate to break even.
- Vacant Land
- Unoccupied property, not currently being used. It may have utilities and off-site improvements as contrasted with raw land with no improvements or structures.
- To leave a property. If the legally agreed upon term is not fulfilled, vacating a property does not relieve the occupant of liability.
- Vacation Home
- A home owned in addition to a person's primary residence. Interest and real estate taxes are tax deductible with the IRS.
- An area containing nothing. A void. A lack of atmosphere.
- Vacuum Gauge
- A piece of equipment used to measure the vacuum present in a container.
- Vacuum Pump
- A pump used to evacuate air form a container to create a vacuum.
- A horizontal panel attached to the top of a window to cover the top of curtains or draperies.
- Valance Lighting
- A series of fixtures positioned behind a valance providing an indirect light source.
- Factual information. Representations made by a realtor to a prospective purchaser fall into this category.
- Valid Contract
- An agreement that is legally binding because it is in conformity with all legal requirements and conditions.
- Valid Deed
- Legally proper instrument which transfers title of real estate from seller to buyer.
- Level land at a low point between two mountains.
- The corner where two roof slopes meet.
- Valley Flashing
- Waterproofing the joint of a roof.
- Valley Roof
- Roof that has a concave angle.
- Valuable Consideration
- Value is exchanged in accordance with an agreement involving performance currently or in the future by the parties. Without reasonable consideration for performance a contract may not be valid.
- Estimated worth of a property as valued through an appraisal.
- An expression of monetary worth of a particular piece of real estate.
- Value After the Taking
- Worth of the property part which is left subsequent to a condemnation action.
- Value Before the Taking
- Market price of all the property prior to a condemnation proceeding.
- Value in Exchange
- The giving of money, goods or services in exchange for another good or service provided by another party.
- Value in Use
- Discounted value of net cash to be obtained from a property calculated by consideration of annual cash inflows plus the disposal value.
- One of a variety of devices used to control the flow of liquid or gas in a system.
- Vanishing Point
- The point in a perspective drawing where horizontal lines converge.
- A bathroom cabinet in which a sink is mounted.
- A fluid in gaseous form.
- Vapor Barrier
- Material that prevents the passage of moisture.
BOB and DEBRA FRECH
Rose & Womble Realty Company
1215 Volvo Parkway
Chesapeake, VA 23320