Glossary P

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PACKAGE MORTGAGE
A loan covering both real and personal property.
PAROL CONTACT
An agreement that is not in writing.
PARTNERSHIP
Two or more competent individuals each of whom agrees to share in the profits and losses of the business.
PASS-THROUGH SECURITIES
Certificates pledging a group (pool) of existing government-backed mortgages used for the purpose of channeling funds into housing markets.
PENALTY CLAUSE
A provision in a mortgage that requires the borrower to pay a penalty in money if the mortgage payments are made in advance of the normal due date or if the mortgage is paid in full ahead of schedule.
PER DIEM
By the day; per day; an allowance for daily expenses.
PERFORMANCE
Point when a party or parties to a contract fulfill the promises or obligations in the contract.
PERSONAL PROPERTY (PERSONALITY; CHATTEL)
Tangible and movable property (transferred by bill of sale); property not classified as real property.
PERSONAL REPRESENTATIVE
Administrator of a deceased person's estate.
PERSONALITY
(SEE PERSONAL PROPERTY.)
Tangible and movable property (transferred by bill of sale); property not classified as real property.
PETITION FOR REVIEW
A request to a court of appeal (appellate court) asking it to examine the record of the proceedings in a specific case. ( See also judicial review.)
PLAINTIFF
The person or party bringing suit or charges; the complaining party; complainant.
PLANNED UNIT DEVELOPMENT (PUD)
A residential project with mixed land uses and a high residential density.
PLANNING
Devising ways and means for achieving desired goals.
PLANNING COMMISSION (BOARD)
An official agency, usually made up of appointed lay citizens, that directs and controls the use, design, and development of land in a city, county or region.
PLAT (PLAT MAP)
A plan of tract of land subdivided into lots and showing required or planned amenities.
POINT, MORTGAGE DISCOUNT
A charge of 1% of the mortgage value; assessment by a lender to increase the interest yield to compete with the interest yield from other types of investments. (See also discounting.)
POINT OF BEGINNING (POB)
The starting (and ending) place in a land survey using the metes-and-bounds method of property description.
POINT OF CONTACT INFORMATION
Any means by which to contact the brokerage firm or individual licensee including mailing address(es), physical street address(es), email address(es), telephone number(s), or facsimile number(s).
POLICE POWERS
The authority of government to protect the property, life, health and welfare of its citizens.
POLICY MANUAL
The notebook of written rules and regulations that set desired standards and procedures in an office.
POTENTIAL GROSS INCOME
The total annual income a property would produce with 100% occupancy and no collection or vacancy losses.
POWER OF ATTORNEY
(SEE ATTORNEY, POWER OF)
Designation of another person to act for a principal who may not be present.
PREMISES SECTION
(SEE GRANTING CLAUSE)
The provision in a deed that specifies the names of the parties involved, the words of conveyance, and a description of the property.
PREPAYMENT CLAUSE
A provision in a mortgage that allows the mortgagor to pay the mortgage debt ahead of schedule without penalty.
PRESCRIPTION, EASEMENT BY
A method of acquiring an interest in real property through long and continues use.
PRESENT VALUE
The worth of all future benefits of an interest in real property through long and continued use.
PRICE
The amount paid for something.
PRIMA FACIE EVIDENCE
Requiring no further proof; acceptable on the face of.
PRIMARY LENDER
Financial institution that makes mortgage loans directly to borrowers (e.g., savings association bank).
PRIMARY MARKET
A source for the purchase of a mortgage loan by a borrower.
PRINCIPAL
The party employing the services of a real estate broker; amount of money borrowed in a mortgage loan, excluding interest and other charges.
PRINCIPAL (PRIME) MERIDIAN
An imaginary line running north and south and crossing a base line at a definite point; used by surveyors for reference in locating and describing land under the government survey system.
PRIVATE MORTGAGE INSURANCE (PMI)
Needed to insure all of the mortgage representing more than 80% of appraised value or purchase price.
PROBABLE CAUSE
Reasonable grounds or justification for prosecuting.
PROBATION
A suspended sentence during good behavior, usually under supervision.
PROCURING CAUSE
The person whose efforts are the cause of an executed sale contract, regardless of who actually writes the contract.
PROFESSIONAL ASSOCIATION (P.A.)
A business corporation consisting of one or more individuals engaged in a primary business that provides a professional service (e.g., lawyer, doctor)
PRO FORMA STATEMENT
An estimate of the economic results of a proposed project; a projected income statement.
PROMISSORY NOTE
A written promise to pay a specific amount.
(See also Note.)
PROPERTY
A bundle of legal rights.
PROPERTY INSURANCE
(SEE HAZARD INSURANCE.)
Coverage by contract whereby one party undertakes to guarantee another party against
loss resulting from physical damage to real property.
PROPERTY MANAGEMENT
The leasing, managing, marketing, and overall maintenance of property for others.
PROPRIETARY LEASE
A written agreement between the owner/corporation and the tenant/stockholder in a cooperative environment.
PRORATE
To divide or asses proportionate shares of charges and credits between the buyer and the seller according to their individual period of ownership.
PURCHASE-MONEY MORTGAGE (PURCHASE MONEY)
Any new mortgage taken as part of the purchase price of real property by the seller.