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Real Property Glossary -V-
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V-capA specially shaped piece of ceramic tile used at the edge of a counter to trap liquids.
VA (Veterans Administration)
The Veterans Administration assists veterans with purchasing a home without a
down payment.
A loan through the Veterans Administration program, which allows most veterans to purchase a house without a down payment.
Vacancy factor
The amount of gross revenue anticipated to be lost due to vacancies. Always
expressed as a percentage of the total rentable square footage available.
Vacancy rate
The total amount of available space compared to the total amount of space.
Always expressed as a percentage.
Vacant space
Existing tenant space currently being marketed for lease excluding space
available for sublease
Vapor barrier
A material such as plastic that prevents the passage of moisture.
Variable rate
An interest rate that changes with fluctuations in such indexes as the prime
rate.
A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
Vaulted ceiling
An elongated half-cylinder that arches above the floor.
A thin facing material that is applied over a structural base.
Vent
A pipe that allows air to flow in a drainage system.
The process of replacing stale air with fresh air, usually by circulation through a series of vents or a mechanical system such as an air conditioner.
Verification of deposit (VOD)
As part of the loan process a lender may ask a borrower's bank to sign a
statement verifying the borrower's account balances and history.
As part of the loan process a lender may ask the borrower's employer for confirmation of the borrower's position and salary.
Vestibule
A small entrance hall or room.
Victorian style
An architectural style that dates from the mid-19th century.
Wood windows sheathed in vinyl on the outside.
Violation
An act, deed or condition contrary to the permissible use of property.
A brand of polyethylene sheet used to cover the ground in a crawl space.
Voidable contract
A contract that may seem to be valid, but can be rejected by either one of the
parties.
The unit used to measure electrical force between two points in a circuit.
Volt-ohm meter
An electrical test device used for making a variety of electrical measurements
including voltage and current.
The pressure behind the flow of electricity.
Voluntary lien
A lien that a homeowner willingly gives to a lender.
