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Real Estate Terms / Real Estate Dictionary


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Palladian Window (also called Palladium Window)
A large three-part window set consisting of one large arched window in the center and long rectangular windows on each side of it. Named after Italian Renaissance architect Andrea Palladio, 1508-1580, these windows are popular in 2+ story Georgian and Federal style houses.

Carriage house with Palladian Window
Carriage House with
Palladian Window
  Palladian Window
Home with Palladian
Window
 
Pallacial Window Wall
The term "Palatial" refers to something being suitable to be in a palace. A palatial window wall are a cluster of tall windows topped by quarter-round and half-round windows.
Carriage house with Palladian Window
Carriage House with
Palladian Window
     

Panel Heating
A means of giving off radiant heat using pipes or ducts built into the walls, floors or ceiling.

Panic Selling
The illegal practice of igniting fear among property owners in a particular neighborhood or area by inducing an abnormally high turnover or panic selling of homes at prices below market value by exploiting the prejudices of home owners in neighborhoods where the ethnic make-up is or appears to be on the verge of changing. Also called Blockbusting.

Parquet Floor
A type of hardwood flooring laid in squares or patterns instead of in strips.

Penthouse
A luxury housing unit located on the top floor of a high-rise building.

Percolation Test
A soil test of preformed to determine if the soil will absorb and drain water adequately for the disposal of sewage through a septic system.

Perimeter Heating
A heating system such as baseboard heating where the heat registers are located along the outside walls of a room and usually directly under windows.

Periodic Payment Cap
For an Adjustable Rate Mortgage (ARM), a limit on the amount that payments can increase or decrease during any one adjustment period.

Periodic Rate Cap
For an Adjustable Rate Mortgage (ARM), a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.

Personal Liability
The responsibility that an individual has for a debt.

Personal Property
Any property that is not real property. Real property is land and everything attached or erected on it.

PITI
The components of a mortgage payment that combines Principal, Interest, Taxes, and Insurance. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.

 
Plate Rail
Similiar to a chair rail, a plate rail is a narrow shelf along the upper part of a wall. It is decorative and used in kitchens and dining rooms to display plates, antiques, jars & containers, books, ornaments and what nots. They are gaining popularity in dens, family rooms and bedrooms to display family photos. They can be used to top off wainscot panelling, placed above windows or built-ins.

 
Plate rail in dining room
Plate Rail in dining room
 
Plate rail in dining room
Traditional Kitchen by Seattle Architect Bosworth Hoedemaker
 

PMI
Private Mortgage Insurance. A type of mortgage insurance available to conventional lenders on the first, high risk portion of a loan guarantying payment.

Point
A one-time charge by the lender for originating a loan to increase the yield of a mortgage loan above the contract rate to the market rate so that it is competitive with other investments and is equal to the difference between the stated principal amount on the note and the lesser amount loaned. A point is 1 percent of the amount of the mortgage.

Power of Attorney
A legal document that authorizes another person to act on one's behalf. A power of attorney can grant complete authority or can be limited to specified acts on his or her behalf for certain periods of time.

Power of Sale
The power that an instrument such as a trust deed grants to a trustee or mortgagee to sell the secured property without judicial proceedings if a borrower defaults in payment of the promissory note or otherwise breaches the terms of the mortgage or trust deed.

Preapproval
A lending practice where a borrower can demonstrate to a seller and broker that they can qualify for an specific loan amount which permits a prospective buyers to shop with condidence that a loan will be approved.

Preforeclosure Sale
A procedure in which the investor allows a mortgagor to avoid foreclosure by selling the property for less than the amount that is owed to the investor.

Prepayment
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay the loan off in full, or a foreclosure. In all cases, prepayment means payment occurs before the loan has been fully amortized.

Prepayment Penalty
A fee that may be charged to a borrower who pays off a loan prior to its maturity.

Prequalification
A preliminary assessment of a buyer's ability to secure a loan, based on a specific set of lending guidelines and buyer representations made which is not a guarantee or commitment by a lender to extend credit.

Prime Rate
The lowest commercial interest rate charged by banks on short-term loans to their most creditworthy customers. Changes in the prime rate influence changes in other rates, including mortgage interest rates.

Principal
1. The amount borrowed or remaining unpaid. 2. The part of the monthly payment that reduces the remaining balance of a mortgage. 3. A main party in a real estate transaction such as a buyer, seller, owner, lessor or borrower.

Principal Balance
The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges.

Principal, Interest, Taxes, And Insurance (PITI)
The four components of a mortgage payment. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.

Private Mortgage Insurance (PMI)
Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.

Promissory Note
A written promise to repay a specified amount over a specified period of time and where the note is the evidence of the debt and the borrower takes on liability for its repayment and the mortgage is the security for the debt.

Public Auction
A planned meeting in an announced location to sell property to repay a mortgage that is in default.

PUD (Planned Unit Development)
A coordinated, real estate development where common areas are shared and maintained by an owner's association or other entity for the benefit and use of the individual PUD unit owners.

Pueblo (or Adobe House)
An early twentieth-century house that is made of adobe brick or other material made to look like adobe brick and which has the unique characteristic of projecting roof beams.

Purchase and Sale Agreement
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

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The definitions of Real Estate Definitions found on 10Realty.com are for general information only. All information is subject to change and should be independently verified. 10Realty.com makes no representations or warranties of any nature with regard to the information found on the pages therein. 10Realty.com assumes no responsibility for any liabilities or losses claimed or incurred as a result of using this information. (Real Estate Terms, Investment Terms, Banking Terms explained, definitions, legal definitions, legal terms and definitions)

 
 
 
 
 


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