P
Go top |
panel
A section or division of a wall, ceiling, or flat
piece of building material that forms part of the
surface of a wall, door, or cabinet. |
panel
Electrical distribution box with circuit breakers,
fuses, and terminals, to which household wiring is
connected. |
panel door
A door with a frame of horizontal rails and vertical
stiles that surround raised or recessed panels-a type
of construction that allows a door to expand and contract
with changes in moisture and weather without cracking
or warping. |
paneling
Strips of wood or wood-like material applied as
a finish to a wall. |
parcel
An officially described piece of land. |
P
Go top |
parget
A coating applied to a foundation wall to prevent
water leakage. |
parking strip
The strip of grass between the sidewalk and the
street in front of a house. |
particleboard
A board composed of wood chips glued together
under pressure. It is similar to chipboard, but has
a higher density. |
partition
Any kind of structure dividing one room or space
from another. |
partnership
Unmarried individuals who buy a piece of property
have several options, such as a live-in partnership
(in which both buyers share the residence) or a shared-equity
partnership (one buyer lives in the home and the other
is an investor in the property). |
party wall
A wall built along the boundary between two properties. |
P
Go top |
pass-through
An opening in a wall between the kitchen and breakfast
or dining room used to pass dishes. |
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. |
passive solar system
A system that supplies solar heat
without the use of electric fans or pumps. |
patent defect
A visible deficiency in a piece of property, such
as a cracked basement slab or a sagging porch. |
patio
An interior courtyard or a paved backyard area. |
payment cap
A legal limit on the amount a monthly payment
can increase on an adjustable rate mortgage. |
P
Go top |
pediment
Peaked, rounded, or other decorative panel above
a doorway. |
per-diem interest
Interest charged or accrued daily. |
percolation test
A test used to determine the ability of soil to
accommodate a septic system. |
perennial
Any plant that produces leaves, flowers, and seeds
from year to year, such as an iris or peony. |
pergola
An arbor with an open roof of rafters supported
by posts or columns. |
personal property
Any movable property in a house
such as furniture or appliances. |
P
Go top |
pest-control inspection
A common pest-control inspection
is a termite inspection, which is required in some
states, such as California. |
photoelectric switch
A switch that turns lights or other
electrical devices on or off depending upon the light.
An example of a photoelectric switch is a switch that
turns on outdoor lights at dusk. |
pier
A rectangular masonry support column. |
pigtail
A short wire connected to another wire, usually
with a wire nut. Normally two or more pigtails are
connected to a single wire for the purpose of making
connections to multiple objects (two sockets, two
switches, etc.). |
pigtail cord
A short electrical cord with an integral plug,
designed to be attached to an appliance. |
pilasters
Decorative vertical columns attached to the wall
or frame at each side of a doorway. |
P
Go top |
pilot
The flame or electronic control that ignites gas
or oil burners. |
pilot light
A small, continually burning gas flame inside
a gas-fired water heater, dryer, range, or similar
appliance. This flame ignites the appliance's gas
burner. |
pipestem lot
A lot connected to the street by a narrow strip
of land. |
pitch
The slope of a roof. Pitch is the ratio of vertical
rise to horizontal run. |
PITI (principal, interest,
taxes, and insurance)
A payment amount calculated by
the lender to include the principal, interest, taxes,
and insurance on an amortizing loan. The figure is
designed to represent the borrower's actual monthly
mortgage-related expenses. |
pivot rod
On a sink or tub pop-up assembly, a rod that runs
through a rubber pivot ball and that slopes slightly
uphill to the tailpiece of the stopper. Pushing the
knob and the lift rod down causes the pivot rod to
push the stopper up; pulling the knob causes the pivot
rod to pull the stopper down. |
P
Go top |
plane
A woodworker's tool designed for shaving off small
amounts of wood. Several different types are available.
The longer the plane, the more evenly it will flatten
a surface. |
planned community
A concept dating back to the 19th
century that describes any town or neighborhood built
with certain guidelines or goals in mind. |
planned unit development (PUD)
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. |
plaster
A labor-intensive wall finish consisting primarily
of lime, sand, and water. |
plat book
A public record containing maps showing the division
of streets, blocks, and lots, and indicating the measurements
of the individual parcels. |
plate
The bottom or top piece of a wall. |
P
Go top |
plenum
Heat distribution box on a furnace or central
air-handling unit. The ductwork that delivers heated
or cooled air to the home connects to this. |
PMI (private mortgage insurance)
A form of insurance required by
a lender when the borrower's down payment or home
equity percentage is less than 20 percent of the home
value. This insurance partially protects the lender
if the borrower defaults on the loan. |
pocket door
A type of interior door that slides into a pocket
in a wall. |
pocket door
A sliding door that recesses into the wall when
opened. |
point
An amount equal to 1 percent of the loan amount.
Points may be paid by the borrower at the time the
loan is made to get a lower interest rate. Lenders
offer various rate/point combinations. |
porch
A structure that can be a simple covered entrance
to a home or a fully enclosed room on the outside
of a residence. |
P
Go top |
porte-cochère
A porch-like roof extending over a driveway. |
portfolio lender
A lender that makes loans with its own funds and
keeps the loans on the company's books-in other words,
inside the institution's portfolio-rather than selling
loans on the secondary market. |
portico
A porch supported by a row of columns. |
possession
A buyer officially takes possession of a house
upon signing the closing papers and receiving the
keys. |
power of attorney
A document that authorizes an individual
to act on behalf of someone else. |
pre-approval
A thorough assessment made by a lender of a potential
borrower's ability to pay for a home, and a confirmation
of the amount to be borrowed. The completion of a
loan application is necessary to close the loan. |
P
Go top |
pre-approval letter
A letter from a lender that states
the amount of money a potential buyer can obtain. |
pre-sold home
A home that is sold before it is built. |
prepaid expenses
Expenses including taxes, insurance, and assessments
that are paid before the due date. |
prepaid fees
Funds collected by the lender from the borrower
to pay certain recurring items in advance, including
interest, property taxes, hazard insurance, and, if
applicable, private mortgage insurance (PMI). |
prepaid interest
Interest paid before it is due. For example, at
the close of a real estate transaction the borrower
may prepay interest that will accrue between closing
and the first monthly payment. |
prepayment penalty
A penalty that a lender may impose
on a borrower who pays a loan off before its expected
end date. |
P
Go top |
prequalification
A lender's preliminary assessment of a buyer's
ability to pay for a home, and an estimate of how
much the buyer may borrow. |
pressure relief valve
A safety vent that relieves excess
pressure in a water heater. |
price range
The upper and lower limit of what a buyer is willing
to pay for a home. |
prime lending rate
The minimum short-term interest
rate charged by commercial banks to their most creditworthy
clients. Home loan rates typically are several points
above the prime rate, which is also used as the basis
for mortgages, business loans, and personal loans. |
primer
The initial coat of paint or sealant applied to
a surface to prepare it for painting. |
principal
The amount of money originally borrowed in a mortgage,
minus any payments made subsequently. |
P
Go top |
principal
The seller, the broker, or the agent's client. |
principal and interest
Principal (the capital sum) and
interest on the principal are combined in the mortgage
payment to result in full repayment at the end of
the loan's term (except in the case of balloon loans). |
principal paid over life of
loan
The sum of scheduled principal
payments are calculated by the lender to equal the
face amount of the loan. |
principal, interest, taxes,
and insurance (PITI)
A payment amount calculated by
the lender to include the principal, interest, taxes,
and insurance on an amortizing loan. The figure is
designed to represent the borrower's actual monthly
mortgage-related expenses. |
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. |
principle of progression
An appraisal term which states
that real estate of lower value is enhanced by the
proximity of higher-end properties. |
P
Go top |
principle of regression
An appraisal term which states
that the value of higher-end real estate can be brought
down by the proximity of lower-end properties. |
privacy fence
A structure erected between two pieces of property. |
private mortgage insurance
(PMI)
A form of insurance required by
a lender when the borrower's down payment or home
equity percentage is less than 20 percent of the home
value. This insurance partially protects the lender
if the borrower defaults on the loan. |
probate
The process of establishing the validity of a
will before a duly authorized court or person. Once
validity is confirmed, the probate court then administers
the sale of property as directed by the will or as
authorized by the court to settle any financial obligations. |
processing fee
A fee charged by some lenders for gathering information
necessary to process the loan. |
procuring cause
Legal term used to determine whether a broker
is entitled to a commission. |
P
Go top |
production home
Homes that are mass-produced by
one builder. |
programming
A written summation by an architect of a project's
design objectives, constraints, and criteria. |
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. |
property line
The official dividing line between properties. |
property report
A disclosure filed with the state when a time-share
project or subdivision is sold. |
property tax
Tax paid on privately owned property. Property
taxes are usually paid semiannually, or monthly if
the lender requires. The amount is based on local
tax rates and assessed property value. |
P
Go top |
property tax deduction
The U.S. tax code allows homeowners
to deduct the amount they have paid in property taxes. |
property value
The value of a piece of property, based on the
price a buyer will pay at a given time. |
prorate
To allocate percentages of certain expenses to
be paid by the buyer and seller at the time of closing. |
PUD (planned unit development)
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. |
punch list
A list compiled by a buyer prior to a sale detailing
items to be fixed before closing. |
purchase agreement
A document that details the purchase
price and conditions of the transaction. |
P
Go top |
purchase contract
A legal document that binds a buyer
to purchase a piece of property for a set price, and
also binds the seller to sell that property to the
buyer. |
purchase-money mortgage (PMM)
A mortgage obtained by a borrower
as partial payment for a property. |
