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Vacancy Rate
Represents the number of available units not occupied to the total number of units available in a building or the amount of rentable space to the total space available.

Valid
An agreement that contains all the essential elements of a contract that is legally binding and enforceable by the courts.

Valuation
The process whereby the value of property is estimated or determined through various means. This term is synonymous with evaluation.

Value
The quantity of one thing which can be obtained in exchange for another: the ratio of exchange of one commodity for another, e.g., one bushel of wheat in terms of a given number of bushels of corn; thus, the value of one thing may be expressed in terms of another. Money is the common denominator by which real property value is usually measured. It is the power of acquiring commodities in exchange, generally with a comparison of the utility of the commodity (property) acquired in the exchange.

Variable Rate Mortgage 
A mortgage where the interest rate is periodically adjusted based on the prime lending rate typically set by the lender.  When an interest rate change occurs payments may be increased or decreased.

Vendor
The party who is selling real property (i.e. real estate) or personal property (i.e. chattels) that he or she owns. Also see Seller, Real Property, Personal Property and Chattels.

Vendor Take-Back Mortgage
A mortgage that a seller of a property takes back or carries for the buyer as part of the purchase price for that property. Also see Mortgage.

Ventilation System
A building system that provides a supply of fresh, good quality air and controls moisture within a building.

Visitor Parking Stall
A parking stall that is part of the common property and therefore owned collectively by the condominium corporation. These stalls are used by individuals who do not reside in or operate from a unit in the condominium.

Void
A contract that is not valid or legally binding.

Voidable
A contract that may be treated as legally unenforceable at the option of one of the parties. 

Voluntary Broker Resolution Process (VBRP)
A process that enables brokers to take the lead in resolving consumer complaints and disputes prior to or in lieu of a formal Professional Conduct Review being initiated by RECA and/or the commencement of civil proceedings through the courts.

VRM (see Variable Rate Mortgage)


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