"L" Vocab

Question 1

Lease

Answer 1

a contract between a landlord and a tenant wherein the landlord grants the tenant possesion and use of the property for a specified period of time and for a consideration

Question 2

Leased Fee

Answer 2

the landlord’s interest in a parcel of leased property

Question 3

Leasehold

Answer 3

a tenant’s right to occupy a parcel of RE for the term of the lease

Question 4

Lessee and Lessor

Answer 4

“Lessee––The one who recieves that right to use and occupy the property during the term of the leasehold esate
Lessor–– the owner of the property who grants the right of possesions to lessee”

Question 5

Leverage

Answer 5

the use of borrowed funds to purchase an asset

Question 6

Lien

Answer 6

a legal claim against a property to secure payment of a financial obligation

Question 7

Life Estate

Answer 7

a freehold esate in real property limited in duration to the lifetime of the holder of the life esate or another specified person

Question 8

Lis Pendens

Answer 8

suit pending’; a public notice that a lawsuit has been filed that may affect the title to a particular piece of property.

Question 9

Littorial Rights

Answer 9

landowner’s claim to use water in large, navigable lakes and oceans adjacent to property; ownership rights to land bordering bodies of water up to the high–water mark

Question 10

Lot and Block Description

Answer 10

a method of describing a particular property by referring to a lot and block number within a subdivision recorded in the public record