V - Z Terms

Question 1

zero interest loan

Answer 1

A loan in which the seller buys down the interest rate to zero; usually a short-term loan.

Question 2

zero lot line

Answer 2

A building can be erected to the edge of the property.

Question 3

zoning

Answer 3

City or county regulation on land use; considered to be an exercise of police power.

Question 4

wraparound loan

Answer 4

A loan written for the amount of both junior and senior liens. The borrower makes the entire payment to the lienholder who then makes the payment on the senior encumbrance. Also called an all-inclusive mortgage.

Question 5

workers’ compensation insurance

Answer 5

Provides wage replacement and
medical benefits to employees injured
in the course of employment.

Question 6

will

Answer 6

Testamentary statement.

Question 7

wild document

Answer 7

A recorded deed or lien on a property outside the chain of title (placed by one not having a recorded interest in the property).

Question 8

wetlands

Answer 8

Marsh or swampland where the water table is close to or at the surface. They are protected from development by federal and state conservation regulations.

Question 9

waste

Answer 9

Destruction or damage to a property(usually by a tenant).

Question 10

warranty deed

Answer 10

A deed under which the grantor warrants the marketability of the title. See general warranty deed, special warranty deed.

Question 11

warehousing

Answer 11

The practice of mortgage companies of accumulating a stock of mortgages and borrowing on them until they can be sold.

Question 12

walk-through

Answer 12

Buyer’s final inspection of property before closing of a sale.

Question 13

waiver

Answer 13

Accepting something less than contracted for. A waiver leaves the parties as they are. Rescission places them back as they were..

Question 14

waive

Answer 14

To give up or relinquish a right.

Question 15

wainscoting

Answer 15

The treatment of the lower portion of a wall in a different manner than the rest of the wall;(half paneling).

Question 16

valid escrow

Answer 16

Escrow in which an agreement has been reached and there has been conditional delivery of transfer agreements (deeds) to escrow. Delivery is conditioned upon escrow receiving all required funds and/or liens.

Question 17

voluntary lien

Answer 17

A lien, such as a mortgage, placed by an owner.

Question 18

voidable

Answer 18

Capable of being voided by one party only; valid until voided.

Question 19

void

Answer 19

Having no legal effect.

Question 20

vicarious liability

Answer 20

Liability for acts of another based on the relationship of the parties such as liability of a broker for acts of a salesperson while acting for the broker.

Question 21

vested remainder

Answer 21

A remainder interest that cannot be defeated, such as a remainder interest to a life estate. The remainder holder or heirs are bound to get the property.
vested A present or sure interest that cannot be revoked.

Question 22

verification

Answer 22

A sworn statement before an officer of the court as to the correctness of the contents of an instrument.

Question 23

vendee

Answer 23

The buyer.

Question 24

vendor

Answer 24

The seller.

Question 25

valley

Answer 25

An internal angle in a roof. Metalwork often is used in a valley to prevent leaks.

Question 26

variance

Answer 26

An exception to zoning.