Terms P Flashcards
(45 cards)
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
