Glossary of Real Estate Terms - Terms

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Parcel

Partition

Partnership

Passive loss

Passive solar system

Patent defect

Payment cap

Percolation test

Per-diem interest

Panel

Paneling

Parking strip

Partition

Patio

Perennial

Pergola

Personal property

Pest-control inspection

Pier

PITI (Principal, Interest, Taxes, Insurance)

Planned communities

Planned-unit development

Plaster

Pocket door

Point

Porch

Porte cochere

Portfolio lender

Portico

Possession

Power of attorney

Pre-approval letter

Prepaid expenses

Prepaid interest

Prepayment penalty

Prequalification

Pre-sold home

Pressure relief valve

Price range

Primer

Principal

Principle of conformity

Principle of progression

Principle of regression

Privacy fence

Private mortgage insurance (PMI)

Probate sale

Production home

Programming

Project budget

Property line

Property report

Property tax

Property tax deduction

Property value

Proration

Punch list

Purchase agreement

Purchase-money mortgage