Terms Used In Virginia Code > Title 3.2 > Subtitle III > Chapter 45 - Grading, Packing, and Marking of Apples

• Agency: means any authority, instrumentality, officer, board, or other unit of the government of the Commonwealth with express or implied authority to issue regulations other than the General Assembly, courts, municipal corporations, counties, other local or regional governmental authorities including sanitary or other districts and joint state-federal, interstate or intermunicipal authorities, the Virginia Resources Authority, the Virginia Code Commission with respect to minor changes made under the provisions of § 30-150, and educational institutions operated by the Commonwealth with respect to regulations that pertain to (i) their academic affairs; (ii) the selection, tenure, promotion and disciplining of faculty and employees; (iii) the selection of students; and (iv) rules of conduct and disciplining of students. See Virginia Code 2.2-4101
• Agricultural land: means real estate in the Commonwealth used or zoned in a manner that would permit the use of the real estate for an agricultural operation. See Virginia Code 55.1-507
• Agricultural operation: means any operation devoted to the bona fide production of crops, animals, or fowl, including the production of fruits and vegetables of any kind; meat, dairy, and poultry products; nuts, tobacco, nursery, and floral products; and the production and harvest of products from silvicultural activity. See Virginia Code 55.1-507
• Association: means the National Association of Insurance Commissioners. See Virginia Code 55.1-1000
• Authority: means the respective political subdivisions of the Commonwealth created in this subpart. See Virginia Code 2.2-2200
• Board: means the respective boards of directors for the authorities created in this subpart. See Virginia Code 2.2-2200
• Bonds: means any bonds, refunding bonds, notes, debentures, interim certificates, or any bond, grant, revenue anticipation notes or any other evidences of indebtedness or obligation of an authority, whether in temporary or definitive form and whether the interest thereon is exempt from federal income taxation. See Virginia Code 2.2-2200
• Closing disclosure: means the combined mortgage loan disclosure statement of final loan terms and closing costs prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U. See Virginia Code 55.1-1000
• Commission: means the Virginia Code Commission. See Virginia Code 2.2-4101
• Commission: means the State Corporation Commission. See Virginia Code 55.1-1000
• Cost: means as applied to a project financed under the provisions of this article, the sum total of all costs reasonable and necessary for carrying out all works and undertakings necessary or incident to accomplish a project, including, but not limited to the cost of all necessary developmental, planning and feasibility studies, surveys, plans and specifications, architectural, engineering, financial, legal or other special services, the cost of acquisition of land and any buildings and improvements thereon, including the discharge of any obligations of the vendor of such land, buildings or improvements, site preparation and development including demolition or removal of existing structures, construction, and reconstruction, furnishing of a project, the reasonable cost of financing incurred in the course of the development of a project, carrying charges during construction to the occupancy date, interest on bonds issued to finance a project to a date subsequent to the estimated date of completion of a project, necessary expenses incurred in connection with the initial occupancy of a project, the cost of reimbursing the Central Capital Planning Fund, established under § 2. See Virginia Code 2.2-2260
• Department: means the Department of Agriculture and Consumer Services. See Virginia Code 55.1-507
• Disbursement of loan funds: means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms:

  1. See Virginia Code 55.1-900

• Disbursement of settlement proceeds: means the payment of all proceeds of the transaction by the settlement agent to the persons entitled to such proceeds. See Virginia Code 55.1-900
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Escrow: means written instruments, money, or other items deposited by a party with a settlement agent for delivery to other persons upon the performance of specified conditions or the happening of a certain event. See Virginia Code 55.1-1000
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreign adversary: means any foreign government or nongovernment person determined by the U. See Virginia Code 55.1-507
• furnishings: means any fixtures, leasehold improvements, equipment, office furniture and furnishings whatsoever necessary or desirable for the use and occupancy of such project, and the terms "to furnish" and "furnishing" means the acquisition and installation of such fixtures, equipment and furnishings. See Virginia Code 2.2-2260
• Interest in agricultural land: means any right, title, or interest, direct or indirect, in and to (i) agricultural land or (ii) any entity or other organization that holds any right, title, or interest, direct or indirect, in and to agricultural land. See Virginia Code 55.1-507
• Lactation: means a condition that may result in the feeding of a child directly from the breast or the expressing of milk from the breast. See Virginia Code 2.2-3901
• Lay real estate settlement agent: means a person who (i) is not licensed as an attorney under Chapter 39 of Title 54. See Virginia Code 55.1-1000
• Lender: means any person regularly engaged in making loans secured by mortgages or deeds of trust on real estate. See Virginia Code 55.1-900
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensing authority: means the (i) Commission acting pursuant to this chapter, Title 6. See Virginia Code 55.1-1000
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Loan closing: means the time agreed upon by the borrower and lender, when the execution of the loan documents by the borrower occurs. See Virginia Code 55.1-900
• Loan documents: means the note evidencing the debt due the lender, the deed of trust, or the mortgage securing the debt due the lender and any other documents required by the lender to be executed by the borrower as a part of the transaction. See Virginia Code 55.1-900
• Loan funds: means the gross or net proceeds of the loan to be disbursed by the lender at loan closing. See Virginia Code 55.1-900
• MEI project: means a high-impact regional economic development project in which a private entity is expected to make a capital investment in real and tangible personal property exceeding $250 million and create more than 400 new full-time jobs, and is expected to have a substantial direct and indirect economic impact on surrounding communities. See Virginia Code 2.2-2260
• Notification: means a statement acknowledging that the purchaser has been advised of any disclosures required by this chapter on the Real Estate Board's website or delivery of any such disclosures to the purchaser. See Virginia Code 55.1-700
• Party to the real estate transaction: means , with respect to that real estate transaction, a lender, seller, purchaser, or borrower and, with respect to a corporate purchaser, any entity that is a subsidiary of or under common ownership with that corporate purchaser. See Virginia Code 55.1-1000
• Person under disability: includes a person less than 18 years of age. See Virginia Code 1-232
• Personal property: means all items of equipment, fixtures, and furnishings, including items affixed to real property. See Virginia Code 2.2-2260
• Project: means any structure, facility, personal property or undertaking that the Authority is authorized to finance, refinance, construct, improve, furnish, equip, maintain, acquire, or operate under the provisions of this article. See Virginia Code 2.2-2260
• Ratification: means the full execution of a real estate purchase contract by all parties. See Virginia Code 55.1-700
• Real estate contract: means a contract for the sale, exchange, or lease with the option to buy of residential real estate subject to this chapter. See Virginia Code 55.1-700
• Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. ^{Source: OCC}
• Registrar: means the Registrar of Regulations employed as provided in § 2. See Virginia Code 2.2-4101
• regulation: means any statement of general application, having the force of law, affecting the rights or conduct of any person, promulgated by an agency in accordance with the authority conferred on it by applicable basic laws. See Virginia Code 2.2-4101
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Settlement: means the time when the settlement agent has received the duly executed deed, loan funds, loan documents, and other documents and funds required to carry out the terms of the contract between the parties and the settlement agent reasonably determines that prerecordation conditions of such contracts have been satisfied. See Virginia Code 55.1-900
• Settlement agent: means the person responsible for conducting the settlement and disbursement of the settlement proceeds and includes any individual, corporation, partnership, or other entity conducting the settlement and disbursement of loan proceeds. See Virginia Code 55.1-900
• Settlement agent: means a person, other than a party to the real estate transaction, that provides escrow, closing, or settlement services in connection with a transaction related to real estate in the Commonwealth and that is listed as the settlement agent on the settlement statement or closing disclosure for such transaction. See Virginia Code 55.1-1000
• Settlement service provider: means any person providing settlement services, as that term is defined under the federal Real Estate Settlement Procedures Act (12 U. See Virginia Code 55.1-900
• Settlement statement: means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA)(12 U. See Virginia Code 55.1-1000
• state: means the Commonwealth of Virginia or any of its agencies or departments. See Virginia Code 2.2-2200
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testify: Answer questions in court.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Virginia Administrative Code: means the codified publication of regulations under the provisions of Chapter 15 of Title 30. See Virginia Code 2.2-4101
• Virginia Register of Regulations: means the publication issued under the provisions of Article 6 (§ 2. See Virginia Code 2.2-4101