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Real Estate Glossary > L words > Flashcards

L words Flashcards

1
Q

Land

A

Included,butnotlimitedto,thesoil,earth,andground,thatwhichistheresultofnatureormanmade,aswellasanindefiniteextentupwardintotheair,anddownwardinadirectlinefromthesurface tothecenteroftheearth.

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2
Q

LandContract

A

Acontractusedinasaleofrealpropertywherebythesellerretainstitletotheproperty
untilalloraprescribedpartofthepurchasepricehasbeenpaid.

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3
Q

Landlord

A

Onewhorentshisorherpropertytoanother.

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4
Q

LateCharge

A

Achargeassessedbyalenderagainstaborrowerfailingtomakealoaninstallment paymentwhendue.

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5
Q

Law

A

Thesystemofrulesthataparticularcountryorcommunityrecognizesasregulatingtheactionsof itsmembersandmayenforcebytheimpositionofpenalties.

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6
Q

LawofProgression

A

Theworthofalesservaluedresidencetendstobeenhancedbyassociationwith highervaluedresidencesinthesamearea.

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7
Q

LawofRegression

A

Whereapropertyis“overimproved”relativetoothersurroundingpropertiesin theareathatareoflesservalue.

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8
Q

Lease

A

Acontractbetweenownerandtenant,settingforthconditionsuponwhichtenantmayoccupy andusethepropertyandthetermoftheoccupancy.Sometimesusedasanalternativetopurchasing propertyoutright,asamethodoffinancingrighttooccupyanduserealproperty.

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9
Q

Lessee

A

Apersontowhompropertyisrentedunderalease.

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10
Q

LeaseholdEstate

A

Non‐freeholdestate;oflimitedduration,providingtherightofpossessionand controlbutnottitle.

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11
Q

Lessor

A

Onewhorentspropertytoanotherunderalease.

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12
Q

LicenseSuspension

A

TherightoftheDREtodeactivateabroker’sorsalesperson’slicensefor wrongdoing.

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13
Q

LicenseRevocation

A

WhentheDREcancelsasalespersonorbrokerlicense.

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14
Q

Licensee

A

Theholderofalicense,inparticulararealestatelicense.

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15
Q

Lien

A

Aformofencumbrancewhichusuallymakesspecificpropertysecurityforthepaymentofadebt ordischargeofanobligation(ex:judgments,taxes,mortgages,deedsoftrust,etc..).

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16
Q

LifeEstate

A

Afreeholdestatecreatedforthedurationofthelifeorlivesofcertainnamedpersons;a non‐inheritableestate.

17
Q

LifeTenant

A

Theownerofalifeestate.

18
Q

LimitedLiabilityCompany(LLC)

A

Abusinessstructurethatcombinesthepass‐throughtaxationofa partnershiporsoleproprietorshipwiththelimitedliabilityofacorporation

19
Q

LimitedPartnership

A

Apartnershipconsistingofageneralpartnerorpartnersandlimitedpartnersin
whichthegeneralpartnersmanageandcontrolthebusinessaffairsofthepartnershipwhilelimited partnersareessentiallyinvestorstakingnopartinthemanagementofthepartnershipandhavingno liabilityforthedebtsofthepartnershipinexcessoftheirinvestedcapital.

20
Q

LiquidatedDamages

A

Asumagreeduponbythepartiestobefulldamagesifacertaineventoccurs.

21
Q

ListingAgent

A

Theindividualwhoentersintoalistingcontractwithaprincipal.

22
Q

ListingContract

A

Acontractinwhichapropertyowneremploysarealestatebrokertomarketthe propertydescribedinthecontract.

23
Q

LittoralRights

A

Therightofapropertyownerwhoselandbordersonabodyofwater,suchasalake, oceanorsea,toreasonableuseandenjoymentoftheshoreandwaterthepropertyborderson.

24
Q

LoanOriginationFee

A

Afinancingchargethatalender.

25
Q

LoantoValueRatio

A

Therelationshipbetweentheamountofamortgageloanandthelender’sopinion ofthevalueofthepropertypledgedtosecurepaymentoftheloan.

26
Q

LotsandBlocks

A

Alegaldescriptionusedforplottedproperties,statingthenumber,lot,andblockina particularsub‐division.

Real Estate Glossary (23 decks)

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