Dictionary

Limited Liability Company (llc)

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...

Life Estate

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...

Lien Theory

Definition:   legal concept that regards a mortgage as a just claim on specific property pledged as security for a mortgage debt Pronunciation:   \ˈlēn, ˈlē-ən\ \ˈthē-ə-rē, ˈthir-ē\ Used in a Sentence:   Today...

Lien

Definition:   a legal claim that someone or something has on the property of another person until a debt has been paid back Pronunciation:   \ˈlēn, ˈlē-ən\ Used in a Sentence:  ...

Licensure

Definition:   the granting of licenses especially to practice a profession Pronunciation:    \ˈlī-sən-shər, -ˌshu̇r\ Used in a Sentence:    Licensure is obtained when an applicant passes the state license exam.

Licensee

Definition:   a person who has a valid real estate or appraisal license. Pronunciation:   \ˌlī-sən(t)-ˈsē\ Used in a Sentence:    Licensees owe a duty of good faith and honesty to customers....