Glossary |
Terms that are on use on this site.
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| There are 58 entries in the glossary. |
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| Panel | A section or division of a wall, ceiling or a flat piece of building material that forms the part of the surface of a wall, door or cabinet. |
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| Paneling | Strips of wood or wood material applied as a finish to a wall. |
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| Parcel | An officially described piece of land. |
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| Parking strip | The strip of grass between the sidewalk and the street in front of a house. |
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| Partition | An interior wall. |
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| Partnership | There are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property). |
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| Passive loss | A tax term that refers to any loss from a passive activity, such as the ownership but not the operation of a piece of rental real estate. |
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| Passive solar system | A system that supplies solar heat without the use of electric fans or pumps. |
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| Patent defect | A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch. |
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| Patio | An interior courtyard or a paved backyard area. |
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| Payment cap | A legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage. |
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| Per-diem interest | Interest charged or accrued daily. |
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| Percolation test | A test used to determine the ability of soil to accommodate a septic system. |
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| Perennial | Any plant that produces leaves, flowers and seeds from year to year, such as irises or peonies. |
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| Pergola | An arbor with an open roof of rafters supported by posts or columns. |
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| Personal property | Any moveable property in a house such as furniture or appliances. |
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| Pest-control inspection | A common pest-control inspection is a termite inspection, which is required in some states, such as California. |
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| Pier | A rectangular masonry support column. |
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| PITI (Principal, Interest, Taxes, Insura | When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrowers actual monthly mortgage-related expenses. |
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| Planned communities | The concept began in the 19th century and describes any town or neighborhood built with certain guidelines and goals. |
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| Planned-unit development | Residents own the home and the land, and share the use and financial responsibility for common areas. |
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| Plaster | A labor-intensive and more costly wall finish. |
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| Pocket door | A sliding door that retreats into the wall when opened. |
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| Point | Fees charged by lenders at the time a loan is originated. A point is equal to 1 percent of the total loan amount. |
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| Porch | The structure can be a simple covered entrance to a home or a fully enclosed room on the outside of a residence. |
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| Porte cochere | A porch-like roof extending over a driveway. |
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| Portfolio lender | A lender who makes loans with its own funds and keeps the loans on the companys books--in other words, inside the institutions "portfolio"--rather than selling the loan on the secondary market. |
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| Portico | A porch supported by a row of columns. |
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| Possession | When a buyer signs the papers and receives the keys to the house, the buyer officially takes possession. |
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| Power of attorney | A document that authorizes an individual to act on behalf of someone else. |
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| Pre-approval letter | A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain. |
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| Pre-sold home | Homes that are sold before they are built. |
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| Prepaid expenses | The costs for taxes, insurance and assessments paid before the due date. |
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| Prepaid interest | Interest paid before it is due. For example, at the close of a real estate transaction borrowers usually pay for the interest on their loan that falls between the closing period and the first monthly payment. |
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| Prepayment penalty | Lenders can impose a penalty on a borrower who pays a loan off before its expected end date. |
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| Prequalification | Many lenders will prequalify a borrower who is shopping for a loan by completing a preliminary assessment of the buyers ability to pay for a home. |
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| Pressure relief valve | A safety vent that relieves excess pressure in a water heater. |
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| Price range | The range of how much a buyer is willing to pay for a home. |
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| Primer | The initial coat of paint that is applied before the final topcoat. |
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| Principal | The amount of money that the borrower owes on a mortgage. |
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| Principle of conformity | The idea that a house will more likely appreciate in value if its size, age, condition and style are similar to, or conform to, other houses in the neighborhood. |
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| Principle of progression | An appraisal term which states that real estate of lower value is enhanced by the proximity of higher-end properties. |
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| Principle of regression | An appraisal term which states that the value of higher-end real estate can be brought down by the proximity of too many lower-end properties. |
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| Privacy fence | A structure erected between two pieces of property. |
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| Private mortgage insurance (PMI) | A special type of loan insurance that many lenders require borrowers to purchase if the borrowers down payment is less than 20 percent of the homes purchase price. |
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| Probate sale | A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors. |
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| Production home | Homes that are mass-produced by one builder in a project. |
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| Programming | A written summation by an architect of a projects design objectives, constraints and criteria. |
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| Project budget | A fiscal outline that includes the construction budget and all costs for land, furniture, equipment, financing, professional services, contingencies and owner-furnished goods and services. |
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| Property line | The official dividing line between properties. |
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| Property report | A disclosure issued by the state when a time-share project is located or sold. |
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| Property tax | Property taxes are calculated at about 1.5 percent of the current market value. |
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| Property tax deduction | The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes. |
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| Property value | The value of a piece of property is based on the price a buyer will pay at a certain time. |
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| Proration | Agreed-upon percentages of certain expenses associated with a piece of property that must be paid by the buyer or the seller at the time of closing. |
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| Punch list | Buyers compile a punch list during the final walk-through detailing items to be fixed before closing. |
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| Purchase agreement | A document which details the purchase price and conditions of the transaction. |
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| Purchase-money mortgage | A mortgage that a borrower obtains to acquire a property. |
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