Landlord: One who rents property to a tenant. Lease: A contract whereby, for a consideration (usually termed rent), one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, month to month or at will. Leasehold: The interest or estate that a lessee of real estate holds under the provisions of a lease. Lessee: The tenant in a lease. Lessor: The landlord in a lease. Letter of Intent: An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations. Levy: To impose or assess a tax on a person or property. The amount of taxes to be imposed in a given district. Listing: An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property. License: Permission given by the landlord for a person to enter the premises of a tenant for a particular purpose. A license is of temporary character, purely a personal right, and cannot be sold. It is revocable. Lien: A right given by law to a creditor to have a debt or charge satisfied out of the property of the debtor. It applies to a particular piece or pieces of real or personal property. Loss Factor: What percentage of the gross area of a space is lost due to walls, elevator, etc.