Liabilities
Debts and financial obligations, incurred but unpaid.

Liability Insurance
Policy that protects against claims against them of property damage, personal injury, negligence, etc.

Liable
Legally responsible or obligated for something.

Libel
Written statements, about a person or company, that are unfounded, untrue, malicious and damaging.

Libor London Interbank Offered
Rate, which is the rate that international banks, dealing in Eurodollars, charge each other for large loans.

License
1. Permission to do something.
2. Document issued permitting one to perform some activity according to legal requirements.

Licensed Appraiser
An appraiser who meets certain state requirements, but lacks the experience of a certified appraiser.

Licensee
One who holds a license.

License Laws
Laws that govern activities, such as in real estate.

Lien
Legal claim placed on the property of a person as security for money owed.

Lienholder
One who benefits from or holds a lien.

Lien, Junior
A lien that will be paid after other, more senior liens, have been paid.

Lien Period
Time period in which one may carry out a lien on property.

Lien Release
A written document terminating the terms of a lien, which is normally issued after payment has been made in full.

Lien Theory State
State whose laws give a lien on property to secure debt.

Life Cap
Limit on the amount that a loan rate can change during the term of the mortgage. A mortgage whose interest initially begins at 6 % and has a life cap of 7% cannot go over the amount of 13%.

Life Estate
A freehold equity in an estate, restricted to the duration of the life of the grantee or other stipulated individual.

Life Tenant
One who is allowed to use of real estate during his lifetime or the lifetime of another designated party.

Lifetime Rate Cap
The maximum interest rate that may not be exceeded on an adjustable rate loan (ARM) over the life of the loan.

Lift
1. Also called a hook travel, it refers to the maximum vertical travel distance of a crane hook.
2. To bring up to a higher position; to raise.
3. Layer of backfill in an excavation.
4. Thickness of concrete that can be done in one continuous pour.
5. Vertical layer of concrete as placed in a tall form.
6. Maximum coverage of urethane foam that can be placed in one continuous application.

Lift Check Valve
Valve that will allow fluid to flow in only one direction. With the valve open, the flow of fluid raises the disc, which is able to move in that direction. Gravity or a spring closes the disc so that the flow cannot reverse.

Light
1. Illumination.
2. Space in a window sash for a single pane of glass. Windows are often characterized by the number of lights they have.
3. Something through which light is admitted.

Light Bulb
Incandescent lighting element, which converts energy, inside a glass container, to light by use of a filament heated by electrical resistance.

Light Diffuser
Translucent piece of glass or plastic that has facets to spread out the light, expanding it to cover a bigger area with a wide swath of light.

Light Framing
Use of lumber, four inches wide or less, to frame the structure of a house or small building.

Light Handle Switch
Electrical switch, which can be seen in the dark, by virtue of the small neon light glowing in the toggle part of the switch.

Lighting
1. Giving light or being lighted. Illumination.
2. Fixtures providing illumination.

Lighting Maintenance Factor
Estimate of the regularity of cleaning or replacement required by lighting devices.

Light Intensity Meter
Apparatus, often used by photographers, to measure the quantity of light in a given area.

Lightning
A flash of light in the sky caused by the discharge of atmospheric electricity from one cloud to another or between one cloud and the earth.

Lightning Arrestor
Device which is connected to electrical equipment and also to the ground, to protect the equipment from lightning strikes and surges of high voltage by diverting it to the ground rather than the appliance.

Lightning Rod
Metal rod which is installed at the highest point on a structure so that lightning is diverted away from the structure, avoiding a hit and damage by lightning.

Lightweight Concrete
Concrete weighing only 90 to 110 pounds per cubic foot through use of lightweight aggregate, rather than weighing the 150 pounds per cubic foot of regular concrete.

Lightwood
Term used for wood that is light in color such as pine, which is used for flooring, trim, paneling and furniture.

Lignite
Coal, which is brown and incompletely formed, still having the texture of the original wood.

Lignum Vitae
Hard, dense wood from the two species of tropical American trees, Guaiacum.

Like-kind Property
Property that is similar in characteristics. Property that can be exchanged an a non-taxable transaction.