Definition: any estate in real or personal property that is limited in duration to the life of its owner or some other designated person Pronunciation: Used in a Sentence: A life estate is terminated by the death of the person whose existence is the measu..
Category : L
Definition: an alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations. Pronunciation: \ˈli-mə-təd\ \ˌlī-ə-ˈbi-lə-tē\ \ˈkəmp-nē, ˈkəm-pə-\ Used in a Sentence: We decided to form a limited liability company to start our..
Definition: a business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities Pronunciation: \ˈli-mə-təd\ \ˌlī-ə-ˈbi-lə-tē\ \ˈpärt-nər-ˌship\ Used in a Sentence: A limited liability partnership is popular in real estate..
Definition: a business entity consisting of one or more general partners and one or more limited partners Pronunciation: \ˈli-mə-təd\ \ˈpärt-nər-ˌship\ Used in a Sentence: A limited partnership is not valid until a certificate..
Definition: descended in a direct family line; related by a direct series of parents and children Pronunciation: \ˈli-nē-əl\ Used in a Sentence: He claims he is a lineal descendant of a famous military he..
Definition: the amount of valuable consideration specified in an agreement as a penalty for default Pronunciation: \ˈli-kwə-ˌdāt\ \ˈda-mij\ Used in a Sentence: Some contracts have a special box for parties to initial if they desire to treat the earnest money as liquidate..
Definition: the process of determining liabilities and apportioning the assets in order to discharge the indebtedness of a business to be sold Pronunciation: \ˌli-kwə-ˈdā-shən\ Used in a Sentence: A liquidation analysis was done on the business when the partnership was ..
Definition: The ability to sell an asset and convert it into cash at a price close to its true value. Pronunciation: \li-ˈkwi-də-tē\ Used in a Sentence: Publically traded stocks have a lot of liquidity because they can be sold quickly and converted ..
Definition: notice of a pending action involving title or possession of real property; action pending Pronunciation: Used in a Sentence: A lis pendens informs the public that a legal action is pending against a..
Definition: a written employment agreement between a property owner and a real estate broker or sales agent authorizing the broker/agent to find a buyer or tenant for certain real property Pronunciation: \ˈlis-tiŋ\ Used in a Sentence: It is important that all owners of record sign the listing ..