Letter P Vocab

Question 1

This term is used to describe when a contract must rely on written words.

Answer 1

Parol of Evidence

Question 2

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.

Answer 2

Partition Action

Question 3

This term is used to describe income derived from assets, not actively working.

Answer 3

Passive Income

Question 4

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.

Answer 4

Periodic Estate

Question 5

This term is used to describe all property that is not real property.

Answer 5

Personal Property

Question 6

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).

Answer 6

Plottage (Assemblage)

Question 7

This term is used to describe both the description start and end point on a property contract.

Answer 7

Point of Beginning (POB)

Question 8

This term is used to describe laws that allow government to limit private land use through various efforts.

Answer 8

Police Powers

Question 9

This term is used to describe the right to own the land with legal title.

Answer 9

Possession

Question 10

This term is used to describe water that is approved for drinking and human consumption.

Answer 10

Potable Water

Question 11

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

Answer 11

Prepayment Penalties

Question 12

This term is used to describe Longitude (North South) on the AZ map

Answer 12

Principal Meridians

Question 13

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.

Answer 13

Principal

Question 14

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.

Answer 14

Probate Court

Question 15

This term is used to describe that property value will increase if more valuable property enters an area.

Answer 15

Progression

EX. A new Million $ development is slated, area homes prices rise.

Question 16

This term is used to describe the name of the loan document.

Answer 16

Promissory Note

Question 17

This term is used to describe a lease given by a corporation to
an owner to use unit

Answer 17

Proprietary lease

Question 18

This term is used to describe dividing or distributing money evenly depending on usage of items or service or move -in date

Answer 18

Prorated

Question 19

This term is used to describe a comprehensive report used to protect the public.

Answer 19

Public Report

Question 20

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.

Answer 20

Puffing

Question 21

This term is used to describe damages exceeding simple compensation and awarded to punish the defendant rarely used in cases of contract disputes.

Answer 21

Punitive Damages