Converts monoacylglycerides (MAG) to free fatty acids and glycerol. Has a preference for palmitoyl-MAG (PubMed:26991558). Does not play a significant role in ethyl ester biosynthesis (PubMed:16361250). Also possesses ester hydrolase and low but persistent TAG lipase activity (PubMed:29225428). Hydrolyzes glycerol monoesters of long-chain fatty acids. 1-hexadecanoylglycerol + H2O = glycerol + H(+) + hexadecanoate 1-octadecanoylglycerol + H2O = glycerol + H(+) + octadecanoate 1-(9Z-octadecenoyl)-glycerol + H2O = (9Z)-octadecenoate + glycerol + H(+) Optimum pH is 7.0 for MAG lipase activity. Active over a broad pH range from pH 6 to pH 9 (PubMed:26991558). Optimum pH is 8.5 for p-nitrophenyl palmitate and pH 7.5 for both p-nitrophenyl acetate and p-nitrophenyl butyrate (PubMed:29225428). Optimum temperature is 30 degrees Celsius for MAG lipase activity (PubMed:26991558). Optimum temperature is 45 degrees Celsius for p-nitrophenyl palmitate and 30 degrees Celsius for both p-nitrophenyl acetate and p-nitrophenyl butyrate (PubMed:29225428). Belongs to the AB hydrolase superfamily. AB hydrolase 4 family.