V-cap
A specially shaped piece of ceramic tile used at the edge of a counter to trap liquids.

VA (Veterans Administration)
The Veterans Administration assists veterans with purchasing a home without a down payment.

VA loan
A loan through the Veterans Administration program, which allows most veterans to purchase a house without a down payment.

Vacancy factor
The amount of gross revenue anticipated to be lost due to vacancies.  Always expressed as a percentage of the total rentable square footage available.

Vacancy rate
The total amount of available space compared to the total amount of space.  Always expressed as a percentage.

Vacant space
Existing tenant space currently being marketed for lease excluding space available for sublease

Vapor barrier
A material such as plastic that prevents the passage of moisture.

Variable rate
An interest rate that changes with fluctuations in such indexes as the prime rate.

Variable rate mortgage (VRM)
A mortgage with an interest rate that changes with fluctuations in such indexes as the prime rate, libor rate, or treasury bill.

Vaulted ceiling
An elongated half-cylinder that arches above the floor.

Vendee
A buyer of real property

Vendee's Lien
Legal right of a purchaser of a piece of real estate to the paid purchase price plus direct costs of acquisition, if the seller fails to render the deed to the property.

Vendor
A seller of real estate or other products.

Vendor's Lien
The seller's claim to property held by a buyer as collateral for a debt, also called a purchase money mortgage.

Veneer
A thin facing material that is applied over a structural base.

Vent
A pipe that allows air to flow in a drainage system.

Ventilation
The process of replacing stale air with fresh air, usually by circulation through a series of vents or a mechanical system such as an air conditioner.

Verification of deposit (VOD)
As part of the loan process a lender may ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

Verification of employment (VOE)
As part of the loan process a lender may ask the borrower's employer for confirmation of the borrower's position and salary.

Vestibule
A small entrance hall or room.

Victorian style
An architectural style that dates from the mid-19th century.

Vinyl-clad windows
Wood windows sheathed in vinyl on the outside.

Violation
An act, deed or condition contrary to the permissible use of property.

Visqueen
A brand of polyethylene sheet used to cover the ground in a crawl space.

Visual Right
Occupant's right to see out of a window without being hindered.

Voidable contract
A contract that may seem to be valid, but can be rejected by either one of the parties.

Volt
The unit used to measure electrical force between two points in a circuit.

Volt-ohm meter
An electrical test device used for making a variety of electrical measurements including voltage and current.

Voltage
The pressure behind the flow of electricity.

Voluntary lien
A lien that a homeowner willingly gives to a lender.