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Real Estate Dictionary
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VA
see Department of Veterans’ Affairs.

VA loan

A home loan, offered to a military veteran, that is guaranteed by the U.S. Department of Veterans’ Affairs. It allows the veteran to buy a home with no money down.

vacancy rate

A calculation, expressed as a percentage, of all the available rental units in a particular area and at a particular time that are not rented.

vacant land

Land that may or may not be improved, but is not currently in use.

vacate

To move out of premises.

vacation home

A property, often in a resort area or a remote, sparsely populated area, that is used by the owner only occasionally, usually for vacations or weekend breaks. Such properties are often rented to other vacationers when their owners are not using them.

valuation

The estimation of the worth, or likely sale price, of land or property. Also known as appraisal.

variable expenses

The operating costs of a property that are not fixed, such as heating costs, which can change dramatically depending on whether a winter is mild or severe.

variable-rate mortgage (VRM)

see adjustable-rate mortgage.

variance
An “indulgence” that is granted by a local government authority to allow an unconventional use of property. This could be an exception granted to a homeowner that allows him or her to create a basement apartment for a sick relative in an area in which zoning bylaws ordinarily allow for only single-family homes.
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