Remark 70.3.11. Here is an important special case of Proposition 70.3.10. Let $S$ be a scheme. Let $X$ be an algebraic space over $S$. Then $X$ is locally of finite presentation over $S$ if and only if $X$, as a functor $(\mathit{Sch}/S)^{opp} \to \textit{Sets}$, is limit preserving. Compare with Limits, Remark 32.6.2. In fact, we will see in Lemma 70.3.12 below that it suffices if the map

is surjective whenever $T = \mathop{\mathrm{lim}}\nolimits T_ i$ is a directed limit of affine schemes over $S$.

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