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Plat
A map that shows the location and boundaries of individual properties.
Plottage value
The result of combining two or more parcels of land so that the one large parcel has more value than the sum of the individual parcels.
Point
One percent of the loan amount; one-hundredth of the total amount of a mortgage loan.
Point of beginning or point of commencement
The starting place at one corner of a parcel of land in a metes and bounds survey.
Police power
The right of government to enact law and enforce them for the order, safety, health, morals and general welfare of the public.
Positive cash flow
A condition wherein cash received exceeds cash paid out.
Possession date
The day on which the buyer can move in.
Power of attorney
A written authorization to another to act on one's behalf.
Power of sale
Allows a mortgagee to conduct a foreclosure sale without first going to court.
Prepayment penalty
A fee charged by a lender for permitting a borrower repay his loan early.
Prescriptive easement
An easement acquired by prolonged use.
Principal
A person who authorizes another to act for him.
Principal
The balance owing on a loan.
Principal broker
The Broker in charge of a Real Estate office.
Principal meridian
A longitude line selected as a reference in the rectangular survey system.
Principles of value
Anticipation, change, competition, conformity, diminishing marginal returns, highest and best use, substitution, supply and demand.
Probate court
A court of law with the authority to verify the legality of a will and carry out its instructions.
Procuring cause
The agent whose efforts bring about the desired results.
Pro forma statement
A projected annual operating statement that shows expected income, operating expenses ,and net operating income.
Promissory note
A written promise to repay a debt.
Property insurance
Actual cash value.
Proprietary lease
A lease issued by a cooperative corporation to its shareholders.
Prorating
The division of ongoing expenses and income items between the buyer and the seller.
Prospectus
A disclosure statement that describes an investment opportunity.
Public grant
A transfer of land by a government body to a private individual.
Public liability
The financial responsibility one has toward others as a result of one's actions or failure to take action.
Public recorder's office
A government operated facility wherein documents are entered in the public records.
Public trustee
A publicly appointed official that acts as a trustee ins some states.
Puffing
Nonfactual or extravagant statements a reasonable person would recognize as such.
Pur autre vie
For the life of another.
Purchase money mortgage
A loan used to purchase the real property that serves as its collateral.
Purchaser's closing statement
An accounting of the buyer's money at settlement.
Qualified fee estate
A fee simple estate subject to certain limitations imposed by its owner.
Quarter section
160 acres.
Quiet enjoyment
The right of possession and use of property without undue disturbance by others.
Quite title suit
Court-ordered hearings help to determine land ownership.
Quitclaim deed
A legal instrument used to convey whatever title the grantor has; it contains no convenants; warranties, nor implication of the grantor's ownership.
Range
A six-mile-wide column of land running north-south in the rectangular survey system.
Ready, willing and able buyer
A buyer who is ready to buy now without further coaxing, and who had the financial capability to do so.
Real chattel
An interest in Real Estate that is personal property such as leasehold estate.
Real-cost inflation
Higher prices due to greater effort needed to produce the same product today versus several years ago.
Real estate
Land and improvements in a physical sense as well as the rights to own or use them.
Real estate commission
A board appointed by the governor to advise and set policies regarding Real Estate licensees and transaction procedures.
Real estate commissioner
A person appointed by the governor to implement and carry out laws enacted the legislature that pertain to Real Estate. |
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