Terms & Definitions L-2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Lessee | show 🗑
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| show | The Landlord in a Landlord (lessor) and Tenant (Lessee) relationship.
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| show | Under the Mass lead paint law (M. G. L chapter 111). the letter issued to a residential property owner indicating the property met the requirements of the law.
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| show | Under the Mass lead paint law (M. G. H chapter 111), the letter allowing a property owner 1 year to fully meet the requirements of the law, after major hazards, such as peeling and chipping paint, have been taken care of.
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| License | show 🗑
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| show | A right or interest that one party has in the property of another as security for a debt. EXAMPLE: A financial encumbrance; a mortgage.
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| show | An interest in real or personal property, that is limited to the life of the owner or some other specified individual.
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| show | Latin meaning "Action Pending". Recorded legal document which gives notice that legal action is in process, that may effect the subject property.
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| show | An agreement between a seller and the broker, to act as an agent for the sale of the property. Maybe written or verbal.
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| Littoral Rights | show 🗑
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| show | Economic characteristics of real property, that indicates that value is affected by what exact site real property occupies; including abutters, neighborhood, and zoning.
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| Long Term Investment | show 🗑
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| show | Method of land description, that refers to a specific lot within a grouping of lots on a block on a map, or plat that has been recorded at the registry.
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| show | Total prior 12 month income of all unit occupants is less than 80% of area median income, as set forth by H U D. Used in condominium conversion law in Mass, to set special condo conversion protection.
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| Loyalty | show 🗑
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Created by:
sunaecm4
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