Terms L Flashcards
Rounded columns that serve as a structural post. Typically found in basements and are made of steel or iron.
Lally Columns
A land lease-also called a ground lease-is a lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent.
Land Lease
A supreme title to land which was originally acquired within the United States of America by a treaty. It grants the rights to the described land under the treaty to the individual person named on the patent and to their heirs and their assigns forever.
Land Patent
A person who has oral or written authority, either express or implied, to act for or on behalf of a landlord.
Landlord’s Agent
Setup to protect consumers from dishonest attorneys.
Lawyer’s Fund for Client Protection
A material used in pipes and paint of many older homes. We now know that lead is hazardous to health. The local environmental protection agency should be consulted for guidelines on handling, removal and applicable laws.
Lead
The governmental agency that oversees the environmental impact process and makes final decisions.
Lead Agency
A contract whereby, for a consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will.
Lease
A contract provision allowing for one to pass an increase in costs to another party. Escalation clauses are usually related to influences beyond both parties control, such as inflation.
Lease Escalation Clause
The interest or estate which a lessee of real estate has therein by virtue of the lessee’s lease.
Leasehold Estate
A payment to a mortgage broker by a lender.
Lender Rebate
A person to whom property is rented under a lease.
Lessee
One who rents property to another under a lease.
Lessor
Generally an agreement to agree. It outlines the terms between parties who have not formalized an agreement into a contract. LOIs are generally not binding and unenforceable.
Letter of Intent (LOI)
The use or borrowed capital (mortgage) to increase the potential return of an investment.
Leverage
An assessment of tax.
Levy
Policy that covers civil liabilities to third parties, arising from bodily injury, property damage, or other wrongs due to the action or inaction of the insured.
Liability Insurance
Permission granted by a party to another party as an element of an agreement between both parties.
License
A legal right to claim upon a specific property which attaches to the property until a debt is satisfied.
Lien
The conveyance of title property for the duration of the life of the grantee.
Life Estate
Some mortgages have interest rate ceilings (or limits) which are similar to, and sometimes referred to as, lifetime caps.
Lifetime Cap/Ceiling
A provision in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach of contract.
Liquidated Damages
A legal document, filed in the office of the county clerk giving notice that an auction or proceeding is pending in the courts affecting the title to the property. (Not applicable in commission disputes.)
Lis Pendens
An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter’s property.
Listing Agreement
The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.
Littoral Rights
A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased.
Loan To Value ratio (LTV)
Method of identifying legal description of property.
Lot and Block
An agent’s duty to place the clients’s interest above those of all others, including the agent’s own self-interest.
Loyalty
