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P
package mortgage: a method of financing in which the loan that finances the purchase of
a home also finances the purchase of certain items of personal property such as
a washer, dryer, refrigerator, stove, and other specified appliances.
panic peddling:
the illegal practice of inducing panic selling in a neighborhood by making
representations of the entry, or prospective entry also called blockbusting.
parcel:
a specific portion of a large tract of real estate.
partition:
the division of cotenants’ interests in real property when the parties do not
agree to terminate the co-ownership voluntarily.
party:
a prospective buyer, seller, landlord, or tenant, or the person’s authorized
representative.
party wall:
a wall that is located on or at a boundary line between two adjoining parcels of
land and is used or is intended to be used by the owners of both properties.
patent:
a grant or franchise of land from the US government.
percent:
by the hundred.
percentage lease: a lease, commonly used for retail property, whose rental is based on
the tenant’s gross sales at the premises.
periodic estate:
an interest in leased property that continues from period to period – week to
week, month to month, or year to year.
personal property: items, called chattels, that d not fit into the definition of real
property.
personalty:
items of personal property, chattel.
physical deterioration:
a reduction in a property’s value resulting from a decline in physical
condition.
PITI:
principal, interest, taxes, and insurance.
planned unit development:
a planned combination of diverse land uses, such as housing, recreation, and
shipping, in one contained development or subdivision.
plat:
a map of a town indication the location and boundaries of individual properties.
plottage value:
the increase in value or utility resulting from the consolidation of two or more
adjacent lots into one larger lot.
point:
a unit of measurement used for various loan charges; one point equals 1% of the
amount of the loan.
point of beginning: in a metes and bounds legal description, the starting point of the
survey, situated in one corner of the parcel.
police power:
the governments right to impose laws, statutes, and ordinances, including zoning
ordinances and building codes, to protect the public health, safety, morals, and
welfare.
power of attorney: a written instrument authorizing a person to act as agent on behalf
of another person to the extent indicated in the instrument.
power-of-sales clause:
a provision in a deed of trust authorizing the trustee to sell a property in the
event of the borrower’s default.
precedent:
in law, the requirements established by prior court decisions.
prepaid item:
item on a closing statement that has been paid in advance by the seller, such as
insurance premiums, for which he or she must be reimbursed by the buyer.
price:
the amount of money paid for an item.
price-fixing:
see antitrust laws.
primary mortgage market:
See secondary mortgage market.
prime rate:
the interest or discount rate charged by a commercial bank to its largest and
strongest customers.
principal meridian: one of the 35 north and south survey lines established and defined as
part of the rectangular survey system.
principle of conformity:
an appraisal principle holding that the maximum value is realized when a
reasonable degree of homogeneity exists in a neighborhood.
prior appropriation: the concept of water ownership in which the landowner’s right to use
available water is based on a government-administered permit system.
private mortgage
insurance (PMI): default insurance on
conventional loans, normally insuring the top 20% to 25% of the loan and not the
whole loan.
probate:
the legal process by which a court determines who will inherit a decedents
property.
procuring:
cause the effort that brings about the desired result.
professional inspector:
a person who accepts employment for the purpose of performing a real property
inspection for a buyer or seller.
promissory note:
an unconditional written promise of one person to pay for a certain sum of money
to another at a future specified time.
promulgated contracts:
various standard contracts prepared and authorized by the Texas Real Estate
Commission that must be used by all licensees when acting as agents in real
estate transactions, with limited specific exceptions.
property manager: someone who manages real estate for another person for compensation.
prorate:
to divide or distribute expenses, either prepaid or paid in arrears, between
buyer and seller at the closing.
public
ownership: ownership of land by a government entity.
puffing:
exaggerated or superlative comments or opinions not made as representations of
fact and thus not grounds for misrepresentation.
pur autre vie:
for the life of another.
purchase-money mortgage:
a note secured by a mortgage or trust deed given by a buyer, as mortgagor, to a
seller, as mortgagee, as part of the purchase price of the real estate.
pyramiding:
a process of acquiring additional properties through refinancing properties
already owned and then reinvesting the loan proceeds in additional property.
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