Terms Beginning with P
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Package mortgage
A kind of financing in which the acquisition of land also...
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Parcel
In real estate terms, a parcel refers to a specific piece of...
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Parol evidence rule
A rule of law that stipulates that the terms of a contract...
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Partial eviction
A situation in which the tenant is prevented from using all...
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Participation financing
A mortgage in which the lender obtains a yield on the loan...
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Partition
Court processes are used to divide cotenants' interests in...
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Partnership
A group of two or more people who run a continuous company...
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Party wall easement
A wall that is constructed on or near the boundary line...
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Payee
The person who is on the receiving end of the payment.
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Payor
The party who is responsible for making payments to another.
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Percentage lease
A kind of lease that is often used for retail property and...
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Performance bond
A legally enforceable agreement, which is sometimes...
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Periodic estate
An interest in leased property that is maintained from one...
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Permanent reference marker
A point of reference marker, often known as a PRM, is a...
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Personal assistant
A person who is employed by a broker or salesperson who is...
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Personal property
Items, sometimes known as chattels, that are not considered...
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Physical deterioration
A decrease in usefulness brought on by a degradation of...
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Plat book
A book that documents the many land divisions that have been...
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Plat
A map of a municipality, sector, or subdivision that shows...
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Point of beginning
In a description using metes and bounds, the place at which...
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Point
One point is equivalent to one percent of the total amount...
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Police power
The authority of the government to enact laws, regulations,...
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Power of attorney
A legal document that gives one person (the...
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Premises
The particular portion of a deed that specifies the names of...
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Prepayment clause
In a mortgage, the declaration that outlines the parameters...
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Prepayment penalty
A fee that a lending institution levies on a borrower in the...
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Principal meridian
One of the thirty-five survey lines running north and south...
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Principal
An amount of money that has been leased out or used as a...
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Principle of conformity
The appraisal theory that states that buildings that are...
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Priority
The sequence of events or positions in time. The...
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Probate
The formal legal process that is followed to verify or...
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Procuring cause
The action that is necessary to achieve the aimed-for...
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Property disclosure acts
Disclosure reports that are required to be provided by...
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Property management
The use of one party's property in return for monetary...
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Property tax
Taxes are financial obligations imposed by the government on...
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Proration
The process of proportionately dividing or distributing the...
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Prospectus
A piece of printed advertising, often in the form of a...
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Public utility easement
A right that is given by a property owner to a public...
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Pur autre vie
Latin phrase that literally translates to "for the life of...
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Purchase-money mortgage
A note that is secured by a mortgage or deed of trust that...