Terms P Flashcards
A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a wash and dryer, refrigerators, stove, and other specified appliances.
Package Mortgage
Insurance policy that combines coverage from two or more types of insurance (such as property and liability) into one policy.
Package Policy
A piece of land under one ownership.
Parcel
The division which is made of real property between those who own it in undivided shares.
Partition
A wall built along the line separating two properties , partly on each, which wall either owner, the owner’s heirs and assigns has the right to use; such right constituting an easement over so much of the adjoining owner’s land as is covered by the wall.
Party Wall
Earnings an individual derives from a rental property in which he or she is not actively involved.
Passive Activity Income
The limit to the monthly payment on a mortgage.
Payment Cap
A lease of property in which the rental is based upon the percentage of the volume of sales made upon the leased premises, usually provides for minimal rental.
Percentage Lease
The rate, usually expressed as inches per hour or inches per day, at which water moves through soil.
Percolation Rate
Also known as a tenancy from year to year, month to month, or week to week, is an estate that exists for some period of time determined by the term of the payment of rent.
Periodic Lease
Any property which is not real property.
Personal Property
Also known as the slope. Typically used in describing the slope of a roof, driveway, sidewalk, etc.
Pitch
A highly designed residential project that features relatively dense clusters of houses, which are usually surrounded by areas of commonly owned open space maintained by a nonprofit community association.
Planned Unit Development
A local elected or appointed government board charged with recommending to the local town or city council the boundaries of the various zoning districts and appropriate regulations to be enforced therein.
Planning Board
Gypsum board panels that are typically used in interior wall construction. Wall board usually has a painted finish and are supported by wood or metal studs behind.
Plaster Board / Wall Board
Wood frame construction commonly found in residential construction in which floors are supported by joists, beams, and bearing walls.
Platform Construction
Money is placed in a pledged savings account. This fund, plus earned interest, is used to gradually reduce mortgage payments.
Pledged Account Mortgage (PAM)
Increment in unity value of a plot of land created by assembling smaller ownerships into one ownership.
Plottage
A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson.
Pocket Card
Equal to 1 percent of a loan amount.
Ex. 1 point on a $100,00 is equal to $1,000.
Point
The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public.
Police Power
A synthetic, odorless, liquid organic compound and carcinogen appearing in groundwater and soil.
Poly-chlorinated Byphenols (PCBs)
The intent and right of a person to occupy and/or exercise control over a particular plot of land.
Possessory
A type of construction in which the beams and joists are larger, allowing the floor to span longer than the typical 16” or 24” found in residential construction.
Post and Beam Construction
A written instrument duly signed and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument.
Power of Attorney
A form used between mortgage brokers or mortgage bankers and a home buyer that provides certain disclosures prior to the application of a mortgage.
Pre Application and Fee Agreement
An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender would be willing to lend.
Pre-approval
A process whereby a loan officer takes information from a borrower and makes a tentative assessment of how much the lending institution is willing to lend them.
Pre-qualification
The Unfair, deceptive, or fraudulent practices of some lenders during the loan origination process.
Predatory Lending
A clause in a mortgage contract that says if the mortgage is prepaid within a certain time period, a penalty will be assessed. The penalty is usually based on percentage of the remaining mortgage balance or a certain number of months worth of interest.
Prepayment Penalty Clause
Keeping property and equipment in a good state of repair so as to minimize the need for more costly major repair work or replacement.
Preventative Maintenance
The amount a purchaser agrees to pay and a seller agrees to accept in an arms length transaction.
Price
Conspiring to establish fixed fees or prices for services or products.
Price Fixing
The market where borrowers and mortgage originators come together to negotiate terms and effectuate mortgage transaction. Mortgage brokers, mortgage bankers, credit unions and banks are all part of the primary mortgage market.
Primary Mortgage Market
(1) The employer of an agent or broker; the broker’s or agent’s client. (2) A sum of money lent or invested on which interest is paid.
Principal
Insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan.
Private Mortgage Insurance (PMI)
An accounting statement that forecasts income and expenses for a period of time, typically five or more years. Pro-forma statements are typically used by investors to estimate their rate of return for a particular property.
Pro-forma Statement
A signed document containing a written promise to pay a stated sum to a specified person/institution or the bearer at a specified date or on demand.
Promissory Note
Provides protection against most risks to property, such as fire, theft and some weather damage.
Property Insurance
The administration of residential, commercial and/or industrial real estate. Property management typically involves the managing of property that is owned by another party or entity. Property managers are typically paid a fee and/or a percentage of the rent brought in for the property while under management.
Property Management
An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period.
Property Management Report
An individual or company responsible for the day-to-day functioning of a piece of real estate.
Property Manager
A lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a proprietary lease for one of the residences in the building.
Proprietary Lease
Allocation of closing costs and credits to buyers and sellers.
Propration
A term that is used for a gift of land that is from the government.
Public Grant
