Universal Hosted MS Dynamics CRM is available in full and limited licenses.
Full: a full license allows users to access all data through web and Outlook clients. In addition, it allows the user full read/write access.
Limited: limited licenses provide a user with full read access and limited write access. Limited licenses provide access through web and Outlook clients.Users with limited licenses are able to update any record created by other users in accounts, contacts, leads, notes, cases, activities, custom active entities and accounts. Limited users cannot share or delete records (created by other CRM users), create update or delete custom entities, workflows, reports and dashboards.