V Visa Law and Legal Definition

V visa is a temporary visa granted to the spouses and unmarried children under the age of 21 of green card holders. It allows permanent residents to achieve family unity with their spouses and children while the immigration process takes its course. V Visa was created pursuant to the Legal Immigration Family Equity Act of…

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VA Health Care Facility Law and Legal Definition

According to 38 CFR 21.5021 [Title 38 — Pensions, Bonuses, and Veterans’ Relief; Chapter I — Department of Veterans Affairs; Part 21 — Vocational Rehabilitation and Education; Subpart G — Post-Vietnam Era Veterans’ Educational Assistance under 38 U.S.C. Chapter 32], VA health care facility means Department of Veterans Affairs medical centers, medical and regional office…

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VA Mortgage Law and Legal Definition

VA mortgage is a veteran’s mortgage that is guaranteed by the Veterans Administration. The Veterans Administration mortgage loan program was created in 1944 as part of what became known as the GI Bill of Rights. The goal of the program was to help returning war veterans become home owners. Some of the benefits of VA…

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VA National Rules of Behavior Law and Legal Definition

According to 38 USCS § 5727 [Title 38. Veterans’ Benefits; Part IV. General Administrative Provisions; Chapter 57. Records and Investigations; Subchapter III. Information Security], VA National Rules of Behavior means ?a set of Department rules that describes the responsibilities and expected behavior of personnel with regard to information system usage.?

VA Sensitive Data Law and Legal Definition

According to 38 USCS § 5727(23) [Title 38. Veterans’ Benefits; Part IV. General Administrative Provisions; Chapter 57. Records and Investigations; Subchapter III. Information Security] the term “VA sensitive data” means all Department data, on any storage media or in any form or format, which requires protection due to the risk of harm that could result…

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Vacancy Law and Legal Definition

Vacancy means a place which is empty. In legal terminology, it usually refers to an office which is not filled. Under the Constitution of the United States, the President has the power to fill up vacancies that may happen during the recess of the Senate. There is controversy over whether the President can create an…

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Vacancy and Credit Loss Law and Legal Definition

Vacancy and credit loss in real estate investing is the amount of money or percentage of net operating income that is estimated to not be realized due to non-payment of rents and vacant units. Thus, vacancy and credit loss = (Gross Annual Income * Vacancy Rate)/100.

Vacancy Clause Law and Legal Definition

Vacancy clause refers to a clause in an insurance policy. It is a special indorsement that allows the premises to be unoccupied beyond the period stipulated in the original insurance policy. The effect of the clause is that the insurance remains in effect even during the extension period often for a reduced amount.

Vacancy Rate Law and Legal Definition

The vacancy rate is the value of all units or space that is unoccupied or not rented. It is calculated as the percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. On a pro-forma income statement, a projected vacancy…

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Vacant Occupiable Dwelling Unit [HUD] Law and Legal Definition

Pursuant to 24 CFR 42.305 [Title 24 Housing and Urban Development; Subtitle A Office of the Secretary, Department of Housing and Urban Development; Part 42 Displacement, Relocation Assistance, and Real Property Acquisition for HUD and HUD-Assisted Programs; Subpart C Requirements under Section 104(D) of Housing and Community Development Act of 1974], the term Vacant Occupiable…

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