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panel A section or
division of a wall, ceiling, or flat piece of building material that forms part
of the surface of a wall, door, or cabinet. |
panel Electrical
distribution box with circuit breakers, fuses, and terminals, to which household
wiring is connected. |
panel door A door
with a frame of horizontal rails and vertical stiles that surround raised or
recessed panels-a type of construction that allows a door to expand and contract
with changes in moisture and weather without cracking or
warping. |
paneling Strips of
wood or wood-like material applied as a finish to a wall. |
parcel An officially
described piece of land. |
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parget A coating
applied to a foundation wall to prevent water leakage. |
parking strip The
strip of grass between the sidewalk and the street in front of a
house. |
particleboard A board
composed of wood chips glued together under pressure. It is similar to
chipboard, but has a higher density. |
partition Any kind of
structure dividing one room or space from another. |
partnership Unmarried
individuals who buy a piece of property have several options, such as a live-in
partnership (in which both buyers share the residence) or a shared-equity
partnership (one buyer lives in the home and the other is an investor in the
property). |
party wall A wall
built along the boundary between two properties. |
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pass-through An
opening in a wall between the kitchen and breakfast or dining room used to pass
dishes. |
passive loss A tax
term that refers to any loss from a passive activity, such as the ownership but
not the operation of a piece of rental real estate. |
passive solar system A system that supplies solar heat without the use of electric fans
or pumps. |
patent defect A
visible deficiency in a piece of property, such as a cracked basement slab or a
sagging porch. |
patio An interior
courtyard or a paved backyard area. |
payment cap A legal
limit on the amount a monthly payment can increase on an adjustable rate
mortgage. |
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pediment Peaked,
rounded, or other decorative panel above a doorway. |
per-diem interest Interest charged or accrued daily. |
percolation test A
test used to determine the ability of soil to accommodate a septic
system. |
perennial Any plant
that produces leaves, flowers, and seeds from year to year, such as an iris or
peony. |
pergola An arbor with
an open roof of rafters supported by posts or columns. |
personal property Any
movable property in a house such as furniture or
appliances. |
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pest-control inspection A common pest-control inspection is a termite inspection, which is
required in some states, such as California. |
photoelectric switch A switch that turns lights or other electrical devices on or off
depending upon the light. An example of a photoelectric switch is a switch that
turns on outdoor lights at dusk. |
pier A rectangular
masonry support column. |
pigtail A short wire
connected to another wire, usually with a wire nut. Normally two or more
pigtails are connected to a single wire for the purpose of making connections to
multiple objects (two sockets, two switches, etc.). |
pigtail cord A short
electrical cord with an integral plug, designed to be attached to an
appliance. |
pilasters Decorative
vertical columns attached to the wall or frame at each side of a
doorway. |
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pilot The flame
or electronic control that ignites gas or oil burners. |
pilot light A small,
continually burning gas flame inside a gas-fired water heater, dryer, range, or
similar appliance. This flame ignites the appliance's gas
burner. |
pipestem lot A lot
connected to the street by a narrow strip of land. |
pitch The slope of a
roof. Pitch is the ratio of vertical rise to horizontal run. |
PITI (principal, interest, taxes, and
insurance) A payment amount calculated by the
lender to include the principal, interest, taxes, and insurance on an amortizing
loan. The figure is designed to represent the borrower's actual monthly
mortgage-related expenses. |
pivot rod On a sink
or tub pop-up assembly, a rod that runs through a rubber pivot ball and that
slopes slightly uphill to the tailpiece of the stopper. Pushing the knob and the
lift rod down causes the pivot rod to push the stopper up; pulling the knob
causes the pivot rod to pull the stopper down. |
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plane A
woodworker's tool designed for shaving off small amounts of wood. Several
different types are available. The longer the plane, the more evenly it will
flatten a surface. |
planned community A
concept dating back to the 19th century that describes any town or neighborhood
built with certain guidelines or goals in mind. |
planned unit development (PUD) A highly designed residential project that features relatively
dense clusters of houses, which are usually surrounded by areas of commonly
owned open space maintained by a nonprofit community
association. |
plaster A
labor-intensive wall finish consisting primarily of lime, sand, and
water. |
plat book A public
record containing maps showing the division of streets, blocks, and lots, and
indicating the measurements of the individual parcels. |
plate The bottom or
top piece of a wall. |
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plenum Heat
distribution box on a furnace or central air-handling unit. The ductwork that
delivers heated or cooled air to the home connects to this. |
PMI (private mortgage insurance) A form of insurance required by a lender when the borrower's down
payment or home equity percentage is less than 20 percent of the home value.
This insurance partially protects the lender if the borrower defaults on the
loan. |
pocket door A type of
interior door that slides into a pocket in a wall. |
pocket door A sliding
door that recesses into the wall when opened. |
point An amount equal
to 1 percent of the loan amount. Points may be paid by the borrower at the time
the loan is made to get a lower interest rate. Lenders offer various rate/point
combinations. |
porch A structure
that can be a simple covered entrance to a home or a fully enclosed room on the
outside of a residence. |
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porte-cochère A
porch-like roof extending over a driveway. |
portfolio lender A
lender that makes loans with its own funds and keeps the loans on the company's
books-in other words, inside the institution's portfolio-rather than selling
loans on the secondary market. |
portico A porch
supported by a row of columns. |
possession A buyer
officially takes possession of a house upon signing the closing papers and
receiving the keys. |
power of attorney A
document that authorizes an individual to act on behalf of someone
else. |
pre-approval A
thorough assessment made by a lender of a potential borrower's ability to pay
for a home, and a confirmation of the amount to be borrowed. The completion of a
loan application is necessary to close the loan. |
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pre-approval letter A letter from a lender that states the amount of money a potential
buyer can obtain. |
pre-sold home A home
that is sold before it is built. |
prepaid expenses Expenses including taxes, insurance, and assessments that are paid
before the due date. |
prepaid fees Funds
collected by the lender from the borrower to pay certain recurring items in
advance, including interest, property taxes, hazard insurance, and, if
applicable, private mortgage insurance (PMI). |
prepaid interest Interest paid before it is due. For example, at the close of a real
estate transaction the borrower may prepay interest that will accrue between
closing and the first monthly payment. |
prepayment penalty A
penalty that a lender may impose on a borrower who pays a loan off before its
expected end date. |
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prequalification A lender's preliminary assessment of a buyer's ability to pay for a
home, and an estimate of how much the buyer may borrow. |
pressure relief valve A safety vent that relieves excess pressure in a water
heater. |
price range The upper
and lower limit of what a buyer is willing to pay for a home. |
prime lending rate The minimum short-term interest rate charged by commercial banks to
their most creditworthy clients. Home loan rates typically are several points
above the prime rate, which is also used as the basis for mortgages, business
loans, and personal loans. |
primer The initial
coat of paint or sealant applied to a surface to prepare it for
painting. |
principal The amount
of money originally borrowed in a mortgage, minus any payments made
subsequently. |
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principal The
seller, the broker, or the agent's client. |
principal and interest Principal (the capital sum) and interest on the principal are
combined in the mortgage payment to result in full repayment at the end of the
loan's term (except in the case of balloon loans). |
principal paid over life of loan The sum of scheduled principal payments are calculated by the
lender to equal the face amount of the loan. |
principal, interest, taxes, and insurance
(PITI) A payment amount calculated by the
lender to include the principal, interest, taxes, and insurance on an amortizing
loan. The figure is designed to represent the borrower's actual monthly
mortgage-related expenses. |
principle of conformity The idea that a house will more likely appreciate in value if its
size, age, condition, and style are similar to (or conform to) other houses in
the neighborhood. |
principle of progression An appraisal term which states that real estate of lower value is
enhanced by the proximity of higher-end properties. |
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principle of regression An appraisal term which states that the value of higher-end real
estate can be brought down by the proximity of lower-end
properties. |
privacy fence A
structure erected between two pieces of property. |
private mortgage insurance (PMI) A form of insurance required by a lender when the borrower's down
payment or home equity percentage is less than 20 percent of the home value.
This insurance partially protects the lender if the borrower defaults on the
loan. |
probate The process
of establishing the validity of a will before a duly authorized court or person.
Once validity is confirmed, the probate court then administers the sale of
property as directed by the will or as authorized by the court to settle any
financial obligations. |
processing fee A fee
charged by some lenders for gathering information necessary to process the
loan. |
procuring cause Legal
term used to determine whether a broker is entitled to a
commission. |
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production home Homes that are mass-produced by one builder. |
programming A written
summation by an architect of a project's design objectives, constraints, and
criteria. |
project budget A
fiscal outline that includes the construction budget and all costs for land,
furniture, equipment, financing, professional services, contingencies, and
owner-furnished goods and services. |
property line The
official dividing line between properties. |
property report A
disclosure filed with the state when a time-share project or subdivision is
sold. |
property tax Tax paid
on privately owned property. Property taxes are usually paid semiannually, or
monthly if the lender requires. The amount is based on local tax rates and
assessed property value. |
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property tax deduction The U.S. tax code allows homeowners to deduct the amount they have
paid in property taxes. |
property value The
value of a piece of property, based on the price a buyer will pay at a given
time. |
prorate To allocate
percentages of certain expenses to be paid by the buyer and seller at the time
of closing. |
PUD (planned unit development) A highly designed residential project that features relatively
dense clusters of houses, which are usually surrounded by areas of commonly
owned open space maintained by a nonprofit community
association. |
punch list A list
compiled by a buyer prior to a sale detailing items to be fixed before
closing. |
purchase agreement A
document that details the purchase price and conditions of the
transaction. |
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purchase contract A legal document that binds a buyer to purchase a piece of property
for a set price, and also binds the seller to sell that property to the
buyer. |
purchase-money mortgage (PMM) A mortgage obtained by a borrower as partial payment for a
property. |