Definitions U-Z
U
Urban Property: Property in a city or a high-density area.
V
Valid: A binding situation that is authorized and enforceable by law.
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.
W
Waiver: The intentional relinquishment or abandonment of a specific claim, privilege, or right.
Work Letter: An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated.
Z
Zone: An area, delineated by a governmental authority, which is authorized for and limited to specific uses.
Zoning Ordinance: A law by a local governmental authority (e.g., city or county) that sets the parameters for which the property may be put to use.
