Real Estate Glossary

Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
 
La - Lan - Las - Le - Leg - Li - Lim - Liq - Lo - Lot
Lot
Plot of ground, which may or may not be developed.
Lot and Block
Method of referring to a property, which has been platted in a plat book (lot book) in the public records.
Lot Book
Alternately called a plat book it is where property is recorded.
Lot Line
A boundary line for a lot described in a plat book.
Lot Split
Division of a lot into two or more parcels, which can only be accomplished if it would meet the zoning requirements or unless a variance is granted.
Louvers
Sloping slats, which are arranged at a downward angle, in close proximity but not touching, so there are openings between them. They are primarily used to admit light and air to provide ventilation without allowing rain to enter. Louvers can be made of wood, aluminum, galvanized steel or glass panes for louvered windows.
Low Density
A lesser amount of housing in a specified area.
Low Density Concrete
Concrete mixture that weighs 50 pounds or less per cubic foot due to the addition of lightweight aggregates such as perlite or vermiculite, or which has air pockets made by foaming agents. Used in such places as suspended floors where the normal weight (150 pounds per cubic foot) concrete would be a detriment.
Low Down-Payment Loan
Home loan requiring only a small down payment to obtain financing for purchase of a home.
Low-Documentation Loan
Mortgage requiring only minimum verification of income and assets.
Low-Income Housing
Housing specifically intended for those people living below a specified income level.
Low-Lift Grout Method
Pouring grout into openings in a concrete wall every few courses, which adds more stability to the wall.
Low Water Mark
Lowest level possible in a water tank, which may often activate a switch to turn on the fill tank.
L Screw
Metal thin rod, possibly of brass, which has a screw thread on one, with the other end bent at a right angle. When screwed into the wall, the short end of the L provides a support for hanging objects.
Lowball Offer
Offer made to a seller that is substantially below market value.
Lower Explosive Limit
Lowest percentage, in the air, of an explosive or flammable substance, which can explode or burn.
LTV (Loan to Value Ratio)
The ratio of the loan amount to the value of the property. The value is equal to the purchase price or appraised value, whichever is lower.
Lubricant
A substance, such as oil, for reducing friction between moving parts or objects by providing a smooth film.
Lubricate
To make smooth or slippery by applying a substance, such as oil, on moving parts or objects, to reduce friction.
Lubricity
Slipperiness or smoothness. Effectiveness of a lubricant.
Lucite
Trade name of a tough, clear plastic material.
Lug
  1. An ear shaped projection by which something is held or supported.
  2. Heavy bolt used with a bolt to fasten a wheel to an axle.
  3. Terminal that makes quick connection or removal possible in an electrical cable.
Lug Sill
Window sill, which reaches beyond the window size with the ends, recessed into the wall.
Lumber
Timber sawed into planks, boards, beams, etc. of commonly used sizes.
Lumber Appearance
Divided into industrial, architectural and premium grades, the quality of this lumber is based on its finished appearance.
Lumber Fencing
Fencing, in various patterns, created from 2 x 4's or 4 x 4's.
Lumber Grade
As outlined by the American Softwood Lumber Standard PS 20-70, having guidelines by the National Grading Rule Committee, hardwood lumber is graded as to quality from "Firsts" which has 91 ½ % clear on both sides to No. #B common, 25 % clear on one side. Grades for Softwood Lumber run from Select A, which is the best and can be used with a natural finish, to Common No. %, which is only good for filler.
Lumber Grade Stamp
National Grading Rule Committee marking that identifies lumber by grade and provides additional information.
Lumbermill
Place where logs are sawed into lumber.
Lumberyard
Place where lumber is stored and sold.
Lumen
Quantity of light that shines on one square foot of area from a distance of one inch.
Luminaire
A flood light fixture with a lamp or reflector.
Luminaire, Direct
Lighting fixture, which directs 90 percent or more light downward.
Luminaire, General Diffuse
Lighting fixture, which directs 40 to 60 percent of light upward.
Luminaire, Semi-direct
Lighting fixture distributing 60 to 90 percent of light downward and the rest upward.
Luminaire, Semi-indirect
Lighting fixture distributing 60 to 90 percent of light upward and the rest downward.
Luminescent
Light which is discharged at lower temperatures than that of incandescence.
Luminous
Giving off light or glowing in the dark.
Lump Sum Contract
Contract that provides for a set fee for the service to be performed.
Lux
A unit of illumination equal to one lumen per square meter or to the illumination of a surface uniformly one meter distant from a point source of one candle.

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Landmark Realty
Office:(541)
929-2586
       
(800)
346-0630
Fax:  (541) 929-3548

landmarkrealty@casco.net

405 Landmark Dr
Philomath OR 97370

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