Liquid Assets 
Assets that can be converted to cash quickly, including money in money- market accounts, savings and checking accounts and some certificates of deposit. 

Liquid Membrane 
Material, such as asphalt or tar based liquid containing glass fibers, which is applied to a roof and solidifies to form a membrane to seal the roof. 

Liquid Penetrant Examination (PT) 
Non-destructive test, which uses a penetrating dye to locate, cracks in the surface of a material, particularly a nonporous material. 

Liquid Resin Glue
Non-water proof glue that works best with joints that already fit tightly. 

Liquid Sandpaper 
Chemical solution that is used to remove thin layers of surface coatings, rather than using sandpaper.

Liquid-tight Flexible Metal Conduit 
Flexible, protective tubing, which is covered with waterproof plastic coating. 

Liquefied Petroleum Gas 
Fuel made from propane, butane or a combination. 

Liquidate 
To convert assets into money. To dispose of or get rid of.

Liquidated Damages
Amount agreed upon that one party will pay the other in the event of a breach of a contract.

Liquidation 
Conversion of assets into money. The breaking up and selling assets of a company for cash distribution to its creditors and then owners. Chapter 7 bankruptcy is a liquidation. 

Liquidation Price 
Cash value or other consideration that can be received in a forced sale of assets. Liquidation value is typically less than that which could be received from selling assets in the normal course of business.

Liquidation Value
Amount a property would bring under an immediate sale, minus costs of the transaction. 

Liquidity 
Ability to obtain close to the true value of an asset by converting it into cash, quickly.

Lis Pendens 
Latin for suit pending. Recorded notice of the filing of suit, the outcome of which may affect title to a certain piece of property. 

List
1. To secure a listing by a real estate agent for a certain piece of property. 
2. A series of words, names, numbers, etc. arranged in order. To catalog. 
3. Lean toward a side. 

List of Materials 
Itemized accounting of the materials required to construct an item.

Listing 
1. Property placed on the market by a real estate listing agent. 
2. The agreement between the owner and the broker to sell a property. 

Listing Agent
The sales agent who had obtained the right from a seller to handle the marketing of a piece of property. 

Listing Broker 
The real estate broker who is responsible for the listing of a property and who is to represent the interests of the seller. Brokers are licensed and able to run their own companies. Not all agents are brokers. 

Listing Form
The prepared form used to specify terms of the listing agreement. 

Listing Inventories 
The amount of houses for sale within a given market.

Litharge 
An oxide of lead that is used in ceramic cements, leaded glass, storage batteries, paints & enamels, etc.

Lithopone 
White pigment obtained by mixing barium sulfate with zinc sulfate and zinc oxide, which is used in white paints, and as coloring in linoleum.

Litigation
The act or process of carrying on a lawsuit. Alternately, the lawsuit itself. 

Litmus 
Purple coloring matter obtained from various lichens, used as an acid indicator in chemical analysis because it turns blue in alkaline solutions and red in acid solutions.

Littoral
Land abutting a large body of water, such as the ocean or a lake. 

Littoral Rights
Rights concerning property adjoining a large body of water, such as an ocean or a lake and concern the ability of the littoral property owner to use the shore and the adjoining water. 

Live 
Wire carrying electrical current. 

Live Load
1. A load, measured in pounds per square inch, of things that are in addition to the weight of a structure and not part of the building itself. Occupants, furniture, etc. qualify as part of this temporary source.
2. Load on any part of a crane that changes in amount. 

Live Load Deflection 
Cranes are built so that they can compensate for the vertical deviation of the bridge, which occurs because of the weight of the crane trolley and the weight of the load. 

Live-In Partnership 
Two unrelated people purchasing a home. 

Live-work Space 
Dwelling designated to conduct a home-based business. 

Livering 
Term for the mass of congealed paint left in a paint can. 

Living Unit 
One single dwelling, condo, apartment, house, etc.