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. 

Vacate 
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. 

Vacuum
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. 

Valance
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.

Valid 
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. 

Valley 
1. Level land at a low point between two mountains. 
2. 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. 

Valuation 
Estimated worth of a property as valued through an appraisal. 

Value 
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. 

Valve
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. 

Vanity 
A bathroom cabinet in which a sink is mounted. 

Vapor 
A fluid in gaseous form. 

Vapor Barrier 
Material that prevents the passage of moisture.