Letter L Vocab

Question 1

This term defines using land for development MUST be subject to the local government’s review and approval.

Answer 1

Land Use Controls

Question 2

This term defines the top of the earth, its trees, bushes, waters, extending down and upwards.

Answer 2

Land

Question 3

This term defines the failure to assert your legal rights in an appropriate time. An equitable doctrine used by the courts to bar a legal claim or prevent the assertion of a right because of undue delay, negligence, or failure to assert the claim or right.

Answer 3

Latches

Question 4

This term describes not readily known or visible but materially affects use or value.

Answer 4

Latent Defects

Question 5

This term describes Who, according to the state gets the property when the legal owner(s) die, or a manner of distributing the assets to the heirs.

Answer 5

Laws of Decent

Question 6

This term describes ownership of a temporary right to hold land or property.

Answer 6

Leasehold Estate

Question 7

This term defines that a contract that is for _____ is considered a valid contract.

Answer 7

Legal Purpose

Question 8

This term defines the Tenant OR the Receiv-ee of the lease.

Answer 8

Lessee

Question 9

This term defines the landlord OR the Giv-or of the lease.

Answer 9

Lessor

Question 10

This term describes the borrowing of money INSTEAD of using your own to acquire property.

Answer 10

Leverage

Question 11

This term describes the legal seizure of both personal OR real property to satisfy a debt.

Answer 11

Levy

Question 12

This term describes a ‘monetary or financial’ claim placed against an individual that is owed on real property.

Answer 12

Lien

Question 13

This term describes the debtor who currently owns the property.

Answer 13

Lienee

Question 14

This term describes the creditor placing the lien on the buyer.

Answer 14

Lienor

Question 15

This term describes two different agents from the same brokerage firm working together on a property

Answer 15

Limited Dual Agency

Question 16

This term describes the property value assed by the ratio of land verses improvements made on the land.

Answer 16

Limited Property Value AKA Limited Cash Value

Question 17

This term describes monetary damages agreed upon upfront if either party were to breach the terms of the contract.

Answer 17

Liquidated Damages

Question 18

This term defines how quickly an asset can be converted to cash.

Answer 18

Liquidity

Question 19

This term in Latin defines a written notice that a lawsuit has been filed.

Answer 19

Lis Pendens

Question 20

This term describes water rights that apply to Non-Flowing water on a property.

Answer 20

Littoral Rights

Question 21

This term describes the duties of collection of funds due monthly to the loan owner and the distributions of those funds to the appropriate party, for a collection fee.

Answer 21

Loan Servicing

Question 22

This term defines this ratio which is a number that describes the size of a loan compared to the value of the property securing the loan.

Answer 22

Loan to Value Ratio (LTV)

Question 23

This term describes investors looking for rental income and long-term appreciation and ROI.

Answer 23

Long Term Gains

Question 24

This term describes a lot that has less than 6 lots. This is a term that refers to the division of a property into two or more parcels

Answer 24

Lot Split

Question 25

This term describes individual subdivided pieces of land within a tract.

Answer 25

Lot