Real Estate Agent Dictionary
Bookmark this page as a resource for real estate terms.
PARTIAL LEGISLATIVE JURISDICTION Authority granted by a state to the Federal Government to legislate over an area, while the state reserves the right to exercise, alone or concurrently with the Federal Government, other authority greater than the right to serve civil or criminal process.
PARTIAL TAKING Taking of part of a property for public use, under power of eminent domain. Compensation must be paid, considering damages and/or special benefits to the remainder property.
PARTITION The dividing of common interests in real property owned jointly by two or more persons.
PATENT An instrument by which the Federal Government conveys public land to an individual.
PERCENTAGE LEASE A lease whereby rental is a percentage of gross or net income from sales or services. Such a lease often guarantees a minimum or maximum rent, regardless of business volume.
PERCOLATION The flow of sub-surface water through land. A measure of percolation shows how much water the land can absorb.
PERMANENT CONSTRUCTION A building suitable and appropriate to serve a specified purpose for at least 25 years with a minimum of maintenance.
PERMIT A privilege, revocable at will, granted to another Federal agency to use real property for a specific purposes; confers no possessory interest.
PERSONAL PROPERTY All physical objects of a personal or movable nature subject to ownership, except real estate (real property). See also PROPERTY and REAL PROPERTY.
PERSONALTY Personal property, movable property, chattels. See also PERSONAL PROPERTY.
PHOTOGRAMMETRY The science of surveying and mapping using aerial photographs and stereographic plotters.
PLAT Map of town, section, or subdivision, showing location and boundaries of individual properties.
PLOT A piece of land.
POINT A measure for charges on a loan amounting to one percent of the loan. One point is therefore one percent of the subject loan.
POINT OF COMMENCEMENT A remote established point from which the true point of beginning can be identified.
POLICE POWER The right of the Government to enact legislation deemed necessary to protect and-promote public health, safety, and welfare. In real estate, may be interpreted as the right to limit exercise of property rights without compensation (e.g., zoning).
PORTABLE BUILDING A building designed for the continuing purpose of being easily moved intact from one location to another; usually kept in one location for a short time. Portable buildings are not items of realty and are not reported as real property inventory.
POSSESSORY INTEREST Outgrant interests of private corporation and individuals to land that the Federal Government has withdrawn from county assessor's rolls.
POWER OF ATTORNEY An instrument authorizing someone to act as another person's agent or attorney. The agent is attorney in fact, and his power is revoked at the death of the principal by operation of law. Power of attorney may be general or special.
PREPAYMENT PENALTY Penalty for the payment of a mortgage or deed of trust note before it actually becomes due.
PRESCRIPTION The acquiring of aright in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.
PRICE The amount paid in legal tender, goods, or services; the consideration; purchase price. The terms for which a thing is done.
PRINCIPAL Amount of a loan balance. In a mortgage payment of principal and interest, the principal repays the loan.
PRIVATE ORGANIZATION A self-sustaining, non-Federal entity, constituted or established and operating on Federal property, by individuals acting outside any official capacity in the Federal Government.
PROGRAM ANALYSIS AND RESOURCE REVIEW The PARR document identifies and explains new programs and changes to existing programs. Twenty-eight major commands and other agencies submit material to the PARK.
PROGRAM AND BUDGET GUIDANCE The PBG provides guidance on manpower and dollars from HQDA to general operating agencies. MACOMs use this guidance to prepare the PARR and COB.
PROGRAM OBJECTIVE MEMORANDUM The POM document presents the proposed Army program to the Office of the Secretary of Defense. It presents planned activities and the personnel and obligation authority required over a 5-year period to build, operate, and maintain this proposed program.
PROJECT PLANNING Planning of real estate acquisition.
PROPERTY The rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the bundle of rights.
PROPERTY NOT UTILIZED All or part of a property not used for current program purposes of the accountable agency, or occupied in caretaker status only.
PROPERTY UNDERUTILIZED All or part of a property used only irregularly or intermittently by the accountable agency for current program purposes, or used for current program purposes that require only a portion of the property.
PROPRIETARY INTEREST Rights of the Federal Government as property owner in a state. Rights conferred by virtue of ownership.
PUBLIC DOMAIN LANDS Land or interest in land owned by the United States and administered by the Secretary of the Interior through the Bureau of Land Management.
PURCHASE MONEY MORTGAGE A mortgage given by the grantee to the grantor, on the same land and concurrently with the conveyance, to secure the unpaid balance of the purchase price.