V words

Question 1

VA Loan

Answer 1

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.

Question 2

Validity

Answer 2

Having mutual assent and consideration.

Question 3

Value

Answer 3

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

Question 4

Variable Interest Rate

Answer 4

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.

Question 5

Variance

Answer 5

The authorization to improve or develop a particular property in a manner not authorized by
zoning.

Question 6

Vendee

Answer 6

A purchaser, buyer.

Question 7

Vendor

Answer 7

A seller.

Question 8

Vicarious Liability

Answer 8

A situation where someone is held responsible for the actions or omissions of
another person.

Question 9

Voidable

Answer 9

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

Question 10

Voluntary Lien

Answer 10

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