| Land contract - A contract for sale in which the seller retains title until the buyer completes installment payments for the property. The sale is not recorded until title passes to the buyer. |
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| Land ratio - The ration of land area to building area. The land ratio can be an important factor in grouping properties for income approach appraisal by means of direct sales comparisons. |
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| Land ratio method - See allocation method. |
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| Land residual technique - See abstraction method |
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| Leasehold - The interests in a property that are associated with the lessee (the tenant) as opposed to the lesser (the property owner). |
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| Least cost combination of resources - A combination of resources at which the marginal physical product per dollar's worth of one resource is equal to the marginal physical product per dollar of every other resource. |
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| Legal description - A statement in words or codes identifying land for all purposes of law. |
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| Level of appraisal - The common or overall ratio of appraised values to market values. Three concepts are usually of interest: the level required by law, the true or actual level,, and the computed level based on a ratio study. |
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| Level of assessment - The common or overall ratio of assessed values to market values. |
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| Levy - See property tax levy |
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