GLOSSARY OF REAL ESTATE TERMS

Value. The power of a thing to command other goods in exchange; the present worth of future rights to income and benefits arising from ownership.

Valuation
Estimated price, value, or worth. Also, the act of identifying a property's worth via an appraisal.

Variance
Government authorization to use or develop a property in a manner which is not permitted by the applicable zoning regulations.

Violation
Act, condition, or deed that violates the permissible use of property.

Void
Something that is unenforceable.

Voidable
A situation which is capable of being unenforceable but is not so unless direct action is taken.