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20 Cards in this Set
- Front
- Back
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Valid |
good and enforceable |
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Vacancy factor |
the percentage of a building’s space that is unrented over a given period |
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valid contract |
contract which meets all of these required legal elements: legal capacity, offer and acceptance, lawful object, consideration, and in writing |
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Value in exchange |
the valuee of property expressed as the kind and amount of other property that would be acceptable in a transfer of ownership |
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value in sue |
the subjective value of property to its present owner, as opposed to market value, which should be objective |
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Variance |
a special exception to the zoning generally granted to avoid hardship |
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Vesting of title |
time at which title to real estate is transferred to new owner |
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Veteran’s entitlement |
amount of loan guarantee available to eligible veteran |
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Veteran’s exemption |
amount by which value of eligible veteran’s property is reduced for purposes of real proeprty taxation |
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Vendee |
buyer on a real property purchase contract |
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Vendor |
seller on a real property purchase contract |
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Venue |
the proper place for a lawsuit to be field |
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Verification |
swearing under oath as to the truthfulness of a statement |
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Vested remainder |
a certain interest after a life tenant dies |
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Vicarious liability |
a principal is liable for wrongful and negligent acts of the agent within the scope of the agency liability of an individual for acts of one acting in his behalf |
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Void |
to have no force or effect; that which is unenforceable |
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Voidable |
that which can be adjudged void but is not void unless action is taken to make it so |
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Void contract |
contract that has no legal afftect from its inception |
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Voidable contract |
Contract that may be disavowed by one or bother parties based on circumstances a contract whereby one party only can declare the contract void |
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Voluntary lien |
encumbrance on property imposed on action or with consent of porperty owner ; a mortgage or deed of trust is a voluntary lien on the property identified in the security instrument |
