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Ever had that moment when a real estate definition leaves you with more questions than answers, causing a wave of irritation? Yeah... us too.

Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Validity
Validity, in the context of real estate contracts, refers to the legal status of an agreement that has met certain requirements to be considered enforceable. These requirements include having competent parties involved, mutual consent between... (Read more)
Value
Value, in the context of real estate, refers to the worth of a property as determined by various factors such as its location, size, features, and the current market conditions. It's an estimate of the amount someone might be willing to pay for... (Read more)
Variable Expense
A variable expense is an expense that changes depending on the situation, specifically related to the occupancy of a property. These expenses are impacted by how much the property is being used or occupied, and they can go up or down depending... (Read more)
Variance
Variance is a permission that allows a landowner to use their property in a way that is not currently allowed by the zoning laws. This permission is granted when there are specific reasons, such as a hardship to comply or minimal negative... (Read more)
Void
Void, in simple terms, means something that has no legal force or effect. It's like when you have an agreement that doesn't count because it breaks the rules. So, it's unenforceable and null, just like an... (Read more)
Void Contract
A "Void Contract" is an agreement between two people or groups that doesn't count because it breaks important rules. It's like when someone promises to do something that's not allowed, so the promise doesn't matter. In the world of contracts, a... (Read more)
Voidable Contract
A "Voidable Contract" is an agreement between two people or groups that seems okay at first, but there's a problem that allows one of them to change their mind and cancel the deal. It's not automatically invalid like a void contract, but it can... (Read more)
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