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Real Estate Agent Dictionary
Bookmark this page as a resource for real estate terms.
LAND MANAGEMENT Planning and execution of programs to use, improve and maintain land and water areas for the greatest net public benefit, while supporting the assigned mission.
LAND SURVEYING Location and identification of a parcel of land by a professional surveyor or engineer.
LANDLORD One who rents property to others.
LEASE A written document by which the owner transfers the rights of use and occupancy of land and/or structures to another person or entity for a specified period of time in return for a specified rental.
LEASEHOLD The interest or estate which a lessee has in real property by virtue of his lease.
LEGAL DESCRIPTION A statement containing a designation by which land is identified according to a system set up by law or approved by law.
LEGISLATIVE JURISDICTION Authority to legislate within a geographically defined area; the same as jurisdiction. Types of jurisdiction are exclusive, concurrent, and partial.
LESSEE A person/entity to whom property is rented under terms of a lease.
LESSER INTERESTS Interest in land that is less than fee.
LESSOR A person who rents property under a lease; the landlord.
LIABILITY Any drawback, debt, or obligation. Something that acts as a disadvantage. An obligation or duty that must be performed. The opposite of asset.
LICENSE Authority to enter or use another person's land or property, without possessing estate in it; revocable. Would otherwise constitute a trespass.
LIEN A hold or claim which one person has upon the property of another as a security for some debt or charge.
LINK Surveyor's linear measure. 1 link = 7.92 in. 100 links = 1 chain (66.6 feet)
LIS PENDENS A public notice, filed against specific lands, that an action at law is pending that may affect the title to the land.
LITTORAL RIGHTS The right of an owner of land with a shoreline contiguous to a sea or lake to use and enjoy the shore without a change in its position created by artificial interference; as distinguished from riparian rights and water rights.
LOCUS A particular parcel of land; used to refer to an already specified property.