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Valley
The intersection between two sloping surfaces of a roof, towards which water flows.
Valuation
The opinion of a real estate appraiser as to the value of a parcel of real property.
Value
The property of an element because of which it is esteemed, desirable, or useful, or the degree of thie property possessed: worth, merit or importance.
Value Analysis
The process of evaluating products or systems for initial cost, long term costs, replacement costs, and expected longevity of service, for the purpose of identifying best value for dollars spent.
Variable Rate Mortgage
A mortgage that allows the lender to raise or lower the interest rate from time to time.
Variation
Work that is neither expressly included in nor implied by the original contract and therefore is not in the contract price, whether it represents a change or alteration to the original work or simply an addition to or omission from it.
Vendor
A person who transfers a property by sale, particularly real estate, "seller" being more commonly used for one who sells personally.
Veneer
A thin layer or sheet of wood.
Vent
Any pipe or tube protruding through the roof covering, normally circular in shape.
Vents
One or Two course ventilation brick.
Verge
The edge of a sloping roof which overhangs a gable.
Vibrated Concrete
Concrete, compacted by vibration during and after placing.
Villa
Single-storey dwelling usually registered under strata or community title.

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