VACANCY FACTOR . The percentage of a building’s space that is not rented over a given period.

VALID . Having force, or binding force; legally sufficient and authorized by law.

VALLEY . The internal angle formed by the junction of two sloping sides of a roof.

VALUATION . Estimated worth or price. Estimation. The act of valuing by appraisal.

VA LOAN . A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran’s Affairs guarantees the lender payment of the mortgage.

VALUE . Present worth of future benefits arising out of ownership to typical users/investors.

VARIABLE INTEREST RATE . (VlRs or VMRs, Variable Mortgage Rates.) An interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions.

VENDEE . A purchaser; buyer.

VENDOR . A seller.

VENEER . Thin sheets of wood.

VERIFICATION . Sworn statement before a duly qualified officer to correctness of contents of an instrument.

VESTED . Bestowed upon someone; secured by someone, such as title to property.

VOID . To have no force or effect; that which is unenforceable.

VOIDABLE . That which is capable of being adjudged void, but is not void unless action is taken to make it so.

VOLUNTARY LIEN . Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.