Glossary of terms
L

Lender Value: The estimated value of a property for lending purposes. It is a
long-term conservative estimate of the value of the security as determind by
the lender and therefore, does not necessarily equal Market Value or Sale Price.

Liability: Monies owed by business. Contrast to Asset .

Licence: With respect to real property, a privilege to enter onto premises for a
certain purpose. However, this privilege does not confer upon the licensee any
title interest or estate in such property (e.g., exclusive right to possession of
the property). Example of a licence include a hotel suite where monthly rates
may be available but the innkeeper has the right to enter the suite at his
pleasure.

Lien: A claim or charge on real personal property for payment of some debt,
lien obligation or duty.
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