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Voluntary Relinquishment

Definition:  the licensee requests that the DBPR cancel the license Pronunciation:   \ˈvä-lən-ˌter-ē\ \ri-ˈliŋ-kwish-mənt\ Used in a Sentence:   When Sam decided to retire he notified the DBPR to voluntarily relinquish his license.
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Voluntary Lien

Definition:   claims imposed against real property with the consent of the owner Pronunciation:   \ˈvä-lən-ˌter-ē\ \ˈlēn\ Used in a Sentence:   A second mortgage is a type of voluntary lien.
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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 the license be put in this status. Pronunciation:   \ˈvä-lən-ˌter-ē\ \(ˌ)i-ˈnak-tiv\ Used in a Sentence:    Mary placed her license in voluntary inactive status while she was on maternity leave.
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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 a Sentence:   A minor’s contract is voidable because the minor can choose to void the contract.
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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:
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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.
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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.
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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 to his house.
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Variable Lease

Definition:   an agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates Pronunciation:   \ˈver-ē-ə-bəl\ \ˈlēs\ Used in a Sentence:   We signed a variable lease agreement on the office space.