Leases, sub:
The lessee leases part of his or her premises to another user.

Legal description:
Identification of a property that is recognized by law, that identifies that property from all others.

Lessee:
The tenant in rental space.

Lessor:
The owner of the rental space.Letter of intent:
Used in place of a formal written contract with a deposit. The prospective purchaser informs the seller, in writing, that he or she is willing to enter into a formal purchase contract upon certain terms and conditions if they are acceptable to the seller.

Leverage:
The use of financing or other people’s money to control large pieces of real property with a small amount of invested capital.

Limited partnership:
An investment group in which one partner serves as the general partner and the others as limited partners. The general partner bears all of the financial responsibility and management of the investment. The limited partners are obligated only to the extent of their original investment plus possible personal guarantees.

Listings, exclusive agency:
A signed agreement by a seller in which he or she agrees to co-operate with one broker. All other brokers must go through the listing broker.

Listings, multiple:
(See also Multiple listing service.) A system of agency/subagency relationships. If Broker A lists the property for sale, “A” is the vendor’s agent. If Broker B sees the MLS listing and offers it for sale, “B” is the vendor’s subagent.

Listings, open:
A listing given to one or more brokers, none of whom have any exclusive rights or control over the sale by other brokers or the owner of the property.