Dictionary

Voluntary Inactive

Definition:   the license status that results when a licensee has met all of the requirements for licensure but chooses not to engage in the real estate business and has requested...

Voidable

Definition:   a contract that because of the manner or method in which it was brought about, one of the parties is allowed to void contractual duties Pronunciation:  \ˈvȯi-də-bəl\ Used in...

Vendor’s Lien

Definition:   a claim against property giving the seller the right to hold the property as security for any unpaid purchase money Pronunciation:  \ˈven-dər\  \ˈlēn\ Used in a Sentence:

Vendor

Definition:   the seller of real property in an agreement of sale Pronunciation:   \ˈven-dər\ Used in a Sentence:    The vendor accepted the offer on the house and signed a contract....

Vendee

Definition:   the buyer or purchaser of real property in an agreement of sale Pronunciation:   \ven-ˈdē\ Used in a Sentence:   The vendee put 20% down towards the purchase of the house....

Variance

Definition:   an exception to zoning regulations or ordinances granted to relieve a hardship Pronunciation:   \ˈver-ē-ən(t)s\ Used in a Sentence:   He had to get a variance to add a garage on...