Vocab: P Flashcards
Panic Selling
As with blockbusting, the prohibited discriminatory pracitce of a real estate licensee inducing a property owner to list property for sale by suggesting that a change in neighborhood demographics will cause a loss in property values.
parties
Those persons taking part in a transaction as principals such as the seller, buyer, or lender in a real estate transaction.
passive income
Profits and losses from rental real estate, operations and sales, and from non owner operated businesses designated for income tax reporting purposes.
patent
conveyance of title to government land
percentage lease
a commercial lease agreement for a retail operation that sets the total amont of the rent the tenant will pay as a percentage fo the tenants gross sales.
personal property
Moveable property which is not classified as real estate, such as trade fixtures and furnishings
planned unit development (PUD)
A term sometimes used to describe a planned development. A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning.
Plottage
A term used in appraising to designate the increased value of two or more contiguous lots when they are joined under single ownership and available for use as a larger single lot. Also called ASSEMBLAGE
Points
a fee charged by a mortgage lender as prepaid interest which in turn reduces the note rate on the mortgage, with a point equaling 1% of the amount of the mortgage.
Police Power
The constitutional source of the state or local governments authority to act.
Power of Attorney
A temporary authority granted to an individual to perform activities during a period of the owners incapacity or travel.
Preliminary Title Report (prelim)
A report constituting a revocable offer by a title insurer to issue a policy of title insurance used by a buyer and escrow to initially establish the current vesting and encumbrances attached to a title of a property as reflected by public record.
Prescriptive rights
The right to use water established by appropriating nonsurplus water openly and adversely for an uninterrupted period of five years without documentation of a legal right.
Prescriptive easement
The right to use anothers property established by the adverse use of the property for a period in excess of five years without a claim ownership.
Principal
A person, an individual or an entity, acting as a buyer or seller, represented by a broker and their agents.
Private Mortgage Insurance (PMI)
Default mortgage insurance coverage provided by private insurers for conventional loans with loan to value ratios higher than 80%
pro rata
proportion; according to a percentage or proportion of a whole such as annual property taxes based on part of a month or year.
probate sale
a court managed sale of a property during the probate process.
procurring cause
That cause originating from a series of events that without a break in continuity results in an agent producing a final buyer under an agency employment; the real estate agent who first procures a ready, willing and able for the agreed upon price and terms entitling them to a fee.
Promissory note
A document given as evidence of a debt owed by one person to another.
property
Everything capable of being owned and acquired lawfully. Classified into two groups, personal and real property. Right to use, possess, enjoy and dispose of a thing in every legal way and to exclude everyone from interfering with these rights.
property profile
A report from a title company providing information about a propertys ownership ecumbrances, use restrictions, and comparable sales data.
Proposition 13
A 1979 California state constitutional amendment restricting property tax increases in years following acquisition by limiting annual increases in assessed value of real estate to no more than 2%, or the rate of consumer inflation if less.
proration
Provisions entitling the seller to a credit for the portion fo prepaid sums which have not accrued on obligations a buyer assumes on the day escrow closes, or entitling the buyer to a credit for amounts assumed which accrued unpaid through the day prior to the close of escrow.
Puffing
An exaggeration of property feature or benefit which if reasonably believed to be fact, can rise to misrepresentation and fraud.
Purchase agreement
The primary document used as a checklist to negotiate a real estate sales transaction between a buyer and a seller.
