{"id":885,"count":2,"description":"\r\n\r\nJump to: \r\nWhat is liability?<\/a>\r\nWhat is liability in business?<\/a>\r\nWhat is liability in real estate?<\/a>\r\nWhat is vicarious liability?<\/a>\r\nWhat is liability insurance?<\/a>\r\n\r\nWhat is liability?\r\n\r\nIn the general sense, liability means being responsible for something (\u201cbeing liable for\u201d). That something can be money, goods or services.\r\n\r\n\r\n\r\n\r\nWhat is liability in business?\r\n\r\nLiabilities are legal obligations that are payable to a third party and are generally referred to as accounts, which can be \u201ccurrent liability accounts\u201d or \u201clong term liability accounts.\u201d\r\nThe main difference between the two types is that Current are due in less than one year, while Long Term are due in more than one year (such as a loan that is to be paid back).\r\nExamples of Current Liability Accounts:\r\no Accounts payable\u2013invoiced liabilities payable to suppliers\r\no Accrued wages\u2013compensation earned but not yet paid to employees\r\no Deferred revenue\u2013a payment by a customer that has not yet been earned by the company\r\n\r\n\r\n\r\n\r\n\r\nWhat is liability in real estate?\r\n\r\nIn real estate, liability can apply to money, assets or people\u2019s actions. Real estate liability assessment is carried out by lenders, property owners or prospective buyers, in order to determine the level of risk associated with a real estate transaction.\r\n\r\n\r\n\r\n\r\nWhat is vicarious liability?\r\n\r\nThis is the responsibility of one person or entity for the actions of another. For example, a Broker is vicariously liable for his\/her Agents\u2019 actions or omissions.\r\n\r\n\r\n\r\nWhat is liability insurance?\r\n\r\nThis refers to any insurance policy that protects from the risk of being held legally liable for such instances as malpractice or negligence. A liability insurance covers both legal costs and any required payouts that are deemed to be the insured entity\u2019s responsibility. It does not normally cover intentional damage or contractual liabilities.\r\n\r\n\r\n\r\nYou might also be interested in:\r\n\r\nWhat is a Grace Period?<\/a>\r\nWhat is a Hard Money Loan?<\/a>\r\nWhat is a judgement in real estate?<\/a>\r\n\r\n\r\n\r\n\r\n\r\n\r\nSearch other terms\r\n\r\n\r\nA<\/a>\r\nB<\/a>\r\nC<\/a>\r\nD<\/a>\r\n\r\n\r\nE<\/a>\r\nF<\/a>\r\nG<\/a>\r\nH<\/a>\r\n\r\n\r\nI<\/a>\r\nJ<\/a>\r\nK<\/a>\r\nL<\/a>\r\n\r\n\r\nM<\/a>\r\nN<\/a>\r\nO<\/a>\r\nP<\/a>\r\n\r\n\r\nQ<\/a>\r\nR<\/a>\r\nS<\/a>\r\nT<\/a>\r\n\r\n\r\nU<\/a>\r\nV<\/a>\r\nW<\/a>\r\nX<\/a>\r\n\r\n\r\nY<\/a>\r\nZ<\/a>\r\n\r\n\r\n\r\n\r\n\r\nPopular terms\r\n\r\n\r\n\r\n\r\nAmortization<\/a>\r\n\r\n\r\nEquity <\/a>\r\n\r\n\r\nNotary Public <\/a>\r\n\r\n\r\nProgression\/Regression<\/a>\r\n\r\n\r\nAcquisition <\/a>\r\n\r\n\r\nAnnuity <\/a>\r\n\r\n\r\nAsset <\/a>\r\n \r\n \r\n Fiduciary <\/a>\r\n\r\n \r\n Inflation <\/a>\r\n\r\n \r\n Contingency <\/a>\r\n\r\n \r\n Escrow<\/a>\r\n\r\n \r\n Power of attorney <\/a>\r\n\r\n \r\n Real Estate Agent <\/a>\r\n\r\n \r\n Eminent Domain <\/a>\r\n\r\n \r\n Liability <\/a>\r\n\r\n \r\n Statute of Limitations<\/a>\r\n\r\n \r\n Valid <\/a>\r\n\r\n \r\n Variance<\/a>\r\n\r\n \r\n Contiguous <\/a>\r\n\r\n \r\n Deficit<\/a>\r\n\r\n\r\n\r\n\r\n","link":"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-liability\/","name":"Liability","slug":"cre-term-liability","taxonomy":"post_tag","meta":[],"yoast_head":"\nWhat is Liability? - Commercial Real Estate Dictionary<\/title>\n<meta name=\"description\" content=\"In the general sense, liability means being responsible for something (\u201cbeing liable for\u201d). That something can be money, goods or services.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-liability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liability Archives\" \/>\n<meta property=\"og:description\" content=\"In the general sense, liability means being responsible for something (\u201cbeing liable for\u201d). 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