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Low mainteance carefree living in this Garden Ridge Rancher! Centally located near trails, golf, shopping etc. Don't miss this opportunity to live the good life Read more...

Experience the beauty of Newport from your front porch!

Whether it’s the mountain view from the front deck, the experience of wildlife from your back patio, or the warmth and comfort inside, this home will make you feel good. Situated on a corner lot in the heart of town this home is worth a look! Read more...

Urban Chic meets Suburban Casual!

Looking for that unique and distinctive home, well look no further than this Gerry Copeland designed Liberty Lake gem. All you can say is “WOW” as you enter this one of a kind home. Read more...

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Real Estate Glossary

Real Estate Glossary
Glossary of real estate terms

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There are 13 entries in the glossary.
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Term	Definition
VA (Veterans Administration) Loan	Loan guaranteed by the Veterans Administration.

VA loans	A loan that is guaranteed by the Veterans Administration.

VA Loans (Department of Veterans Affairs	The Veterans Administration is a federal government agency authorized to guarantee loans made to eligible veterans under certain conditions. To obtain more information, you can contact the U.S. Department of Veterans Affairs.The VA guarantee allows qualified veterans to buy a house costing up to $203,000 with no down payment. Moreover, the qualification guidelines for VA loans are more flexible than those for either the Federal Housing Administration (FHA) or conventional loans.If you are a qualified veteran, this can be an attractive mortgage program. To determine whether you are eligible, check with your nearest VA regional office.

VA Mortgage	A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.

Vacancy	Loss Rent that is not collected due to turnover or sustained vacancy of a commercial space.

Valuable consideration	Consideration in the form of money, promises, or property.

Variable expenses	Costs, such as utilities, that vary with a building's occupancy rate.

Variable-Rate Mortgage (VRM)	A mortgage loan for which the interest varies according to an index.

Variance	The right to deviate from the use of land prescribed by an existing zoning ordinance.

Vendee	The buyer.

Vendor	The seller.

Verification	The process of making sure or verifying that all of a borrower's loan applica-tion information is accurate.

Vested	Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.

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Glossary V2.0

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John Creighton
MBA, e-PRO, GRI
Spokane Real Estate Advisor
Licensed in Washington & Idaho

John L Scott Real Estate
Cell (509) 979-2535
Office (509) 924-4200
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