Word | Definition |
Laminated shingles | Shingles that have added dimensionality because of extra layers or tabs, giving a shake-like appearance. May also be called "architectural shingles" or "three-dimensional shingles." |
Laminating | Bonding together two or more layers of materials. |
Landing | A platform between flights of stairs or at the termination of a flight of stairs. Often used when stairs change direction. Normally no less than 3 ft. X 3 ft. square. |
Landscape | A home's surroundings can range from a shrub-studded emerald lawn to a native-plant xeriscape. It is a major component of curb appeal.
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Landscape | A home's surroundings can range from a shrub-studded emerald lawn to a native-plant xeriscape. It is a major component of curb appeal.
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Landscape architect | A professional who holds a degree in landscape architecture, which involves training in horticulture, landscape design and
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Landscape contractor | A professional who carries out the plans of a landscape architect or a landscape designer.
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Landscape designer | A landscape designer has training in horticulture and landscape planning, but does not necessarily hold a degree.
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Lap | To cover the surface of one shingle or roll with another. |
Latch | A beveled metal tongue operated by a spring-loaded knob or lever. The tongue's bevel lets you close the door and engage the locking mechanism, if any, without using a key. Contrasts with dead bolt. |
Late charge | A fee a lender imposes on a borrower when the borrower does not make a payment on time.
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Late charge | A fee a lender imposes on a borrower when the borrower does not make a payment on time.
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Late payment | A payment a lender receives after the due date has passed.
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Late payment | A payment a lender receives after the due date has passed.
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Latent defect | An invisible problem in a piece of property such as bad wiring, termite damage or lead paint.
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Latent defect | An invisible problem in a piece of property such as bad wiring, termite damage or lead paint.
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Lateral (electric, gas, telephone, sewer and water | The underground trench and related services (i.e., electric, gas, telephone, sewer and water lines) that will be buried within the trench. |
Lath | A building material of narrow wood, metal, gypsum, or insulating board that is fastened to the frame of a building to act as a base for plaster, shingles, or tiles. |
Lattice | An open framework of criss-crossed wood or metal strips that form regular, patterned spaces. |
Lead | A metallic chemical element present in older dwellings, primarily in the form of lead-based paint and lead plumbing. Exposure to lead has been found to be a health risk.
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Lead | A malleable metal once extensively used for flashings. |
Lean-To-Roof | The sloping roof of a building addition having its rafters or supports pitched against and supported by the adjoining wall of a building. |
Lease | An agreement in writing, constituting a conveyance of property for a period of time with a contract for its possession during that time.
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Lease | An agreement in writing, constituting a conveyance of property for a period of time with a contract for its possession during that time.
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Lease option | A lease that contains the right to purchase the property for a specific price within a certain time frame.
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Lease option | A lease that contains the right to purchase the property for a specific price within a certain time frame.
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Leasehold estate | An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease.
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Leasehold estate | An arrangement in which the borrower does not own a specific piece of property but possesses a long-term lease.
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Ledger (for a Structural Floor) | The wooden perimeter frame lumber member that bolts onto the face of a foundation wall and supports the wood structural floor. |
Ledger strip | A strip of lumber nailed along the bottom of the side of a girder on which joists rest. |
Leech field | A method used to treat/dispose of sewage in rural areas not accessible to a municipal sewer system. Sewage is permitted to be filtered and eventually discharged into a section of the lot called a leech field. |
Legal blemish | Blemishes on a piece of property, such as a zoning violation or fraudulent title claim.
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Legal blemish | Blemishes on a piece of property, such as a zoning violation or fraudulent title claim.
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Legal Description | Description of real property as used in legal documents in contrast to a street address which the property is usually known. Legal descriptions
usually refer to recorded maps, surveys or other public documents.
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Legal Description | Description of real property as used in legal documents in contrast to a street address which the property is usually known. Legal descriptions
usually refer to recorded maps, surveys or other public documents.
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Lender | A bank, savings institution or mortgage company that offers home loans.
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Lender | A bank, savings institution or mortgage company that offers home loans.
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Lessee | The tenant under a lease.
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Lessee | The tenant under a lease.
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Lessor | The landlord under a lease. |
Lessor | The landlord under a lease. |
Let-in brace | Nominal 1 inch-thick boards applied into notched studs diagonally. Also, an "L" shaped, long (@ 10') metal strap that are installed by the framer at the rough stage to give support to an exterior wall or wall corner. |
Letter of intent | A formal statement that the buyer intends to purchase the property for a certain price on a certain date.
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Letter of intent | A formal statement that the buyer intends to purchase the property for a certain price on a certain date.
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Level | True horizontal. Also a tool used to determine level. |
Level Payment Mortgage | A mortgage with identical monthly payments over the life of the loan. |
Leverage | The use of a small amount of cash--a 5 percent or 10 percent down payment--to buy a piece of property.
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Leverage | The use of a small amount of cash--a 5 percent or 10 percent down payment--to buy a piece of property.
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Liabilities | A borrower's debts and financial obligations.
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Liabilities | A borrower's debts and financial obligations.
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Liability insurance | A policy that protects owners against any claims of negligence, personal injury or property damage.
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Liability insurance | A policy that protects owners against any claims of negligence, personal injury or property damage.
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Lien | A charge or instrument recorded on real property in order to secure payment or satisfaction of a debt or other obligation.
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Lien | A charge or instrument recorded on real property in order to secure payment or satisfaction of a debt or other obligation.
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Lien | An encumbrance that usually makes real or personal property the security for payment of a debt or discharge of an obligation. |
Life cap | A limit on the amount that a loan rate can move during the term of the mortgage. For example, the rate on an adjustable-rate mortgage that begins at 5 percent and has a lifetime cap of 6 percentage points cannot rise above 11 percent, even if rates on fixed-rate mortgages soar to 20 percent.
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Life cap | A limit on the amount that a loan rate can move during the term of the mortgage. For example, the rate on an adjustable-rate mortgage that begins at 5 percent and has a lifetime cap of 6 percentage points cannot rise above 11 percent, even if rates on fixed-rate mortgages soar to 20 percent.
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Life-cycle cost analysis | An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect.
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Life-cycle cost analysis | An analysis of a building project's expected operating, maintenance and replacement costs, calculated by an architect.
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Light | Space in a window sash for a single pane of glass. Also, a pane of glass. |
Limit switch | A safety control that automatically shuts off a furnace if it gets too hot. Most also control blower cycles |
Limited partnership | Real estate syndicates and other investment groups use this type of ownership.. A general partner makes the group's investment decisions, oversees the investment and is principally liable for any losses.
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Limited partnership | Real estate syndicates and other investment groups use this type of ownership.. A general partner makes the group's investment decisions, oversees the investment and is principally liable for any losses.
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Lineal foot | A unit of measure for lumber equal to 1 inch thick by 12 inches wide by 12 inches long. Examples: 1" x 12" x 16' = 16 board feet, 2" x 12" x 16' = 32 board feet. |
Lintel | A horizontal piece over a door or window that carries the weight of the structure above it.
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Lintel | A horizontal structural member that supports the load over an opening such as a door or window. |
Liquid assets | Cash and all other assets that can be converted to cash relatively quickly. Liquid assets can include money in savings and checking accounts, money-market accounts, and most certificates of deposit.
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Liquid assets | Cash and all other assets that can be converted to cash relatively quickly. Liquid assets can include money in savings and checking accounts, money-market accounts, and most certificates of deposit.
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Liquid-Applied Membrane | Generally applied to cast-in-place concrete surfaces in one or more coats to provide fully-adhered waterproof membranes which conform to all contours. |
Liquidated damages | When a real estate deal goes awry, one party often is entitled to liquidated damages, a sum of money set out in the purchase contract in that event.
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Liquidated damages | When a real estate deal goes awry, one party often is entitled to liquidated damages, a sum of money set out in the purchase contract in that event.
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Lis Pendens | A recorded notice of a pending law suit placed against real property.
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Lis Pendens | A recorded notice of a pending law suit placed against real property.
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Listing | A piece of property placed on the market by a listing agent.
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Listing | A piece of property placed on the market by a listing agent.
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Listing inventories | The known number of houses for sale within a given market.
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Listing inventories | The known number of houses for sale within a given market.
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Lite | Another term for a pane of glass. Sometimes spelled "light" in industry literature but spelled "lite" in this text to avoid confusion with light as in "visible light." |
Live Load | Loads produced by use and occupancy of the building or other structure and do not include construction or environmental loads such as wind load, snow load, ice load, rain load, seismic load, or dead load. |
Live-in partnership | An arrangement in which two unrelated people purchase a home.
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Live-in partnership | An arrangement in which two unrelated people purchase a home.
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Live-work space | An officially designated dwelling in which the occupant conducts a home-based business or enterprise.
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Live-work space | An officially designated dwelling in which the occupant conducts a home-based business or enterprise.
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Load bearing wall | Includes all exterior walls and any interior wall that is aligned above a support beam or girder. Normally, any wall that has a double horizontal top plate. |
Load-bearing wall | A wall that supports not only its own weight, but the weight of other parts of a home. Also called a bearing wall.
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Load-bearing wall | A wall that supports not only its own weight, but the weight of other parts of a home. Also called a bearing wall.
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Loan -to-value ratio | A technical measure used by lenders to assess the relationship of the loan amount to the value of the property
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Loan -to-value ratio | A technical measure used by lenders to assess the relationship of the loan amount to the value of the property
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Loan Application | A pre-loan document which is required by the lender that includes information from the borrower such as, borrower’s financial and employment information, personal information and a description of the loan being applied for.
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Loan Application | A pre-loan document which is required by the lender that includes information from the borrower such as, borrower’s financial and employment information, personal information and a description of the loan being applied for.
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Loan application fee | A fee charged by lenders to for making a loan application.
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Loan application fee | A fee charged by lenders to for making a loan application.
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Loan Approval | The lenders loan commitment to the borrower on a property. This approval should include the interest rate, any conditions prior to funding, a summary of the terms of the loan and a date by which the escrow is to close.
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Loan Approval | The lenders loan commitment to the borrower on a property. This approval should include the interest rate, any conditions prior to funding, a summary of the terms of the loan and a date by which the escrow is to close.
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Loan commitment | A promise by a lender or other financial institution to make or insure a loan for a specified amount and on specific terms.
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Loan commitment | A promise by a lender or other financial institution to make or insure a loan for a specified amount and on specific terms.
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Loan officer | An official representative of a lending institution who is empowered to act on behalf of the lender within certain limits.
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Loan officer | An official representative of a lending institution who is empowered to act on behalf of the lender within certain limits.
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Loan origination fee | Most lenders charge borrowers an origination fee--or points--for processing a loan. A point is 1 percent of the total loan
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Loan origination fee | Most lenders charge borrowers an origination fee--or points--for processing a loan. A point is 1 percent of the total loan
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Loan Policy | A policy of title insurance insuring the interest of a lender (ALTA).
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Loan Policy | A policy of title insurance insuring the interest of a lender (ALTA).
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Loan processing fee | A fee charged by some lenders for gathering information to enable the lender to process the loan.
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Loan processing fee | A fee charged by some lenders for gathering information to enable the lender to process the loan.
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Loan term | The amount of a time set by the lender for a buyer to pay a mortgage. Most conventional loans have 30-year or 15-year terms.
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Loan term | The amount of a time set by the lender for a buyer to pay a mortgage. Most conventional loans have 30-year or 15-year terms.
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Lock-in | When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the lock-in is in effect.
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Lock-in | When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the lock-in is in effect.
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Loft | A living space not partitioned into rooms or a small space built above a larger room.
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Log cabin | Homes constructed of rough-hewn timbers and a standard housing form in the early European settlement of the U.S.
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Lookout | A short wood bracket or cantilever that supports an overhang portion of a roof. |
Loss Payable Clause | An endorsement to a fire insurance policy specifying the parties entitled to participate in proceeds in the event of a loss.
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Loss Payable Clause | An endorsement to a fire insurance policy specifying the parties entitled to participate in proceeds in the event of a loss.
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Louver | A vented opening into the home that has a series of horizontal slats and arranged to permit ventilation but to exclude rain, snow, light, insects, or other living creatures. |
Low density | A low concentration of housing units in a specific area.
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Low density | A low concentration of housing units in a specific area.
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Low-ball offer | An offer made to a seller that is substantially below market value. The longer a property stays on the market, the more likely there are to be such offers.
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Low-documentation loan | A mortgage that requires only minimal verification of income and assets.
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Low-documentation loan | A mortgage that requires only minimal verification of income and assets.
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Low-down-payment loan | A home loan that requires the borrower to make only a small down payment before obtaining the financing needed to purchase a house.
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Low-down-payment loan | A home loan that requires the borrower to make only a small down payment before obtaining the financing needed to purchase a house.
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Lumens | Unit of measure for total light output. The amount of light falling on a surface of one square foot. |
