Dictionary

License

Definition:   formal permission from a constituted authority to engage in a certain activity or business Pronunciation:   \ˈlī-sən(t)s\ Used in a Sentence:   In order to get your real estate license you...

Liabilities

Definition:   debts, financial obligations Pronunciation:   \ˌlī-ə-ˈbi-lə-tē\ Used in a Sentence:    In a personal financial statement, assets minus liabilities equal net worth.

Leverage

Definition:   the use of borrowed funds to purchase property with the expectation the property will increase in value and turn a profit. Pronunciation:  \ˈle-və-rij\ Used in a Sentence:   The developer decided...

Level-payment Plan

Definition:   a mortgage scheduled to be repaid in equal periodic payments that include both principal and interest. Pronunciation: Used in a Sentence:   Because we had a level-payment plan we knew...

Lessor

Definition:  the landlord or owner; party granting a lease Pronunciation:  \ˈle-ˌsȯr, le-ˈsȯr\ Used in a Sentence:    Lessors are free to charge as much as they want for a house....

Lessee

Definition:  a tenant or leaseholder; party given a lease Pronunciation:   \le-ˈsē\ Used in a Sentence:   The lessee has the right to expect the landlord to make all necessary repairs in...