Letter P Vocab Flashcards
This term is used to describe when a contract must rely on written words.
Parol of Evidence
This term is used to describe that if co-owners are not getting along or cannot agree to sell the property court action will be required to manage or dispose of the property.
Partition Action
This term is used to describe income derived from assets, not actively working.
Passive Income
This term is used to describe the duration of time a property can be owned can run from a year to year or a month-to-month basis.
Periodic Estate
This term is used to describe all property that is not real property.
Personal Property
This term is used to describe how to increase the value of smaller parcels by combining them into one larger group (to increase the value, you combine small properties into one).
Plottage (Assemblage)
This term is used to describe both the description start and end point on a property contract.
Point of Beginning (POB)
This term is used to describe laws that allow government to limit private land use through various efforts.
Police Powers
This term is used to describe the right to own the land with legal title.
Possession
This term is used to describe water that is approved for drinking and human consumption.
Potable Water
This term is used to describe a lender’s clause in the borrowing documents that states there will be a financial penalty if the loan is paid off early
Prepayment Penalties
This term is used to describe Longitude (North South) on the AZ map
Principal Meridians
This term is used to describe a person who uses OR hires an agent to work on their behalf with a third party” OR “The amount of the loan being financed.
Principal
This term is used to describe a formal court proceeding that confirm: Will validity, Asset collection, Decedents debts (including taxes) are paid, The
decedent’s remaining assets are disposed of.
Probate Court
This term is used to describe that property value will increase if more valuable property enters an area.
Progression
EX. A new Million $ development is slated, area homes prices rise.
This term is used to describe the name of the loan document.
Promissory Note
This term is used to describe a lease given by a corporation to
an owner to use unit
Proprietary lease
This term is used to describe dividing or distributing money evenly depending on usage of items or service or move -in date
Prorated
This term is used to describe a comprehensive report used to protect the public.
Public Report
This term is used to describe a form of exaggeration which is legal although not suggested as it make an appearance of higher value OR When statements are made to exaggerate the properties qualities.
Puffing
This term is used to describe damages exceeding simple compensation and awarded to punish the defendant rarely used in cases of contract disputes.
Punitive Damages
