Glossary of terms used on this site
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| Term | Definition |
|---|---|
| P&L |
Profit and loss statement.
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| Package Loan |
A real estate loan used to finance the purchase of both real property and personal property.
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| Parcel |
A plot of land.
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| Participation Loan |
A loan that is shared by a group of banks that join to make a loan too big for any one of them alone.
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| Partition |
A vertical structure that subdivides spaces in a building or room.
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| Pass Through Expense |
Refers to the tenant's pro rated share of operating expenses like property taxes and insurance, paid in addition to the base rent.
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| Percentage Lease |
A lease whose rental is based on a percentage of monthly or annual gross sales made on the premise.
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| Planned Unit Development (PUD) |
A coordinated, real estate development where common areas are shared and maintained by an owner's association or other entity. Planned Unit Development zones generally set an overall density limit for the entire subdivision, allowing the dwelling units to be clustered to provide for common open space.
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| Planning Commission |
A body of local government delegated to propose and approve plans for future activities and developments in the community.
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| Plat |
A map of a town, section, or subdivision indicating the location and boundaries of individual properties.
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| Pre-Qualification |
A process where a lender determines how large a monthly payment a purchaser can afford. Also known as Pre Approval.
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| Predatory Lending |
The practice of lending by deceptive means in the name of risk-based pricing. The lender deceptively convinces borrowers to agree to unfair loan terms and violates those terms in future loan period.
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| Principal |
The amount of debt, not including interest, outstanding on a loan.
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| Private Mortgage Insurance (PMI) |
Insurance provided by a private company to protect the mortgage lender against mortgage default. Generally this insurance is required by the lender when the down payment is less than 20% of the property value.
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| Pro Rata |
An equal or proportionate share as compared to others of the group, usually in the distribution of assets or the amount of voluntary payments.
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| Property Management |
The range of functions concerned with looking after buildings, including collection of rents, payment of outgoings, maintenance including repair, provision of services, insurance and supervision of staff employed for services, together with negotiations with tenants or prospective tenants.
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