HomesWEB Real Estate Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all

Word	Definition
P trap	Curved, "U" section of drain pipe that holds a water seal to prevent sewer gasses from entering the home through a fixtures water drain.
Pad out, pack out	To shim out or add strips of wood to a wall or ceiling in order that the finished ceiling/wall will appear correct.
Padding	A material installed under carpet to add foot comfort, isolate sound, and to prolong carpet life.
Paint	A combination of pigments with suitable thinners or oils to provide decorative and protective coatings. Can be oil based or latex water based.
Pallets	Wooden platforms used for storing and shipping material. Forklifts and hand trucks are used to move these wooden platforms around.
Panel	A section or division of a wall, ceiling or a flat piece of building material that forms the part of the surface of a wall, door or
Panel	A thin flat piece of wood, plywood, or similar material, framed by stiles and rails as in a door (or cabinet door), or fitted into grooves of thicker material with molded edges for decorative wall treatment.
Paneling	Strips of wood or wood material applied as a finish to a wall.
Paper, building	A general term for papers, felts, and similar sheet materials used in buildings without reference to their properties or uses. Generally comes in long rolls.
Parapet	A wall placed at the edge of a roof to prevent people from falling off.
Parapet Wall	A low wall around the perimeter of a roof deck.
Parcel	An officially described piece of land.
Parcel	An officially described piece of land.
Parge Coat	A thin application of plaster for coating a wall.
Parking strip	The strip of grass between the sidewalk and the street in front of a house.
Parking strip	The strip of grass between the sidewalk and the street in front of a house.
Particle board	Plywood substitute made of course sawdust that is mixed with resin and pressed into sheets. Used for closet shelving, floor underlayment, stair treads, etc.
Parting stop or strip	A small wood piece used in the side and head jambs of double hung windows to separate the upper sash from the lower sash.
Partition	An interior wall.
Partition	A wall that subdivides spaces within any story of a building or room.
Partnership	There are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property).
Partnership	There are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property).
Party Wall	A wall located on the boundary line of real property and used by the owners on both sides.
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
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
Passive solar system	A system that supplies solar heat without the use of electric fans or pumps.
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.
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.
Paver, paving	Materials—commonly masonry—laid down to make a firm, even surface.
Payee	The person to whom money is paid or is to be paid.
Payee	The person to whom money is paid or is to be paid.
Payment cap	A legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage.
Payment cap	A legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage.
Payment schedule	A pre-agreed upon schedule of payments to a contractor usually based upon the amount of work completed. Such a schedule may include a deposit prior to the start of work. There may also be a temporary 'retainer' (5-10% of the total cost of the job) at the end of the contract for correcting any small items which have not been completed or repaired.
Pedestal	A metal box installed at various locations along utility easements that contain electrical, telephone, or cable television switches and connections.
Penalty clause	A provision in a contract that provides for a reduction in the amount otherwise payable under a contract to a contractor as a penalty for failure to meet deadlines or for failure of the project to meet contract specifications.
Penny	As applied to nails, it originally indicated the price per hundred. The term now series as a measure of nail length and is abbreviated by the letter "d". Normally, 16d (16 "penny") nails are used for framing
Per-diem interest	Interest charged or accrued daily.
Per-diem interest	Interest charged or accrued daily.
Percolation test	A test used to determine the ability of soil to accommodate a septic system.
Percolation test	A test used to determine the ability of soil to accommodate a septic system.
Percolation test or perc. test	Tests that a soil engineer performs on earth to determine the feasibility of installing a leech field type sewer system on a lot. A test to determine if the soil on a proposed building lot is capable of absorbing the liquid affluent from a septic system.
Perennial	Any plant that produces leaves, flowers and seeds from year to year, such as irises or peonies.
Perennial	Any plant that produces leaves, flowers and seeds from year to year, such as irises or peonies.
Performance bond	An amount of money (usually 10% of the total price of a job) that a contractor must put on deposit with a governmental agency as an insurance policy that guarantees the contractors' proper and timely completion of a project or job.
Pergola	An arbor with an open roof of rafters supported by posts or columns.
Perimeter drain	3" or 4" perforated plastic pipe that goes around the perimeter (either inside or outside) of a foundation wall (before backfill) and collects and diverts ground water away from the foundation. Generally, it is "daylighted" into a sump pit inside the home, and a sump pump is sometimes inserted into the pit to discharge any accumulation of water.
Permanenet Set	The amount by which a material fails to return to its original dimensions after being deformed by an applied force or load
Permeability	A measure of the ease with which water penetrates a material.
Permit	A governmental municipal authorization to perform a building process as in: • Zoning\Use permit - Authorization to use a property for a specific use e.g. a garage, a single family residence etc. • Demolition permit - Authorization to tear down and remove an existing structure. • Grading permit - Authorization to change the contour of the land. • Septic permit - A health department authorization to build or modify a septic system. • Building permit - Authorization to build or modify a structure. • Electrical permit - A separate permit required for most electrical work. • Plumbing permit - A separate permit required for new plumbing and larger modifications of existing plumbing systems.
Personal Property	All property which is not land or part of the existing improvements, including built-in appliances, etc. Example- Stocks, bonds, furniture, automobiles, potted plants, clothing or promissory notes.
Personal Property	All property which is not land or part of the existing improvements, including built-in appliances, etc. Example- Stocks, bonds, furniture, automobiles, potted plants, clothing or promissory notes.
Pest-control inspection	A common pest-control inspection is a termite inspection, which is required in some states, such as California.
Pest-control inspection	A common pest-control inspection is a termite inspection, which is required in some states, such as California.
Photo-Oxidation	Oxidation caused by rays of the sun.
Pier	A rectangular masonry support column.
Pier	A column of masonry, usually rectangular in horizontal cross section, used to support other structural members. Also see Caisson.
Pigment	A powdered solid used in paint or enamel to give it a color.
Pigtails, electrical	The electric cord that the electrician provides and installs on an appliance such as a garbage disposal, dishwasher, or range hood.
Pilot hole	A small-diameter, pre-drilled hole that guides a nail or screw.
Pilot light	A small, continuous flame (in a hot water heater, boiler, or furnace) that ignites gas or oil burners when needed.
Pitch	The incline slope of a roof or the ratio of the total rise to the total width of a house, i.e., a 6-foot rise and 24-foot width is a one-fourth pitch roof. Roof slope is expressed in the inches of rise, per foot of horizontal run.
PITI	The total amount representing principal, interest, taxes and insurance which are the basis of a monthly payment.
PITI	The total amount representing principal, interest, taxes and insurance which are the basis of a monthly payment.
PITI	Principal, interest, taxes and insurance (the four major components of monthly housing payments).
PITI (Principal, Interest, Taxes, Insurance)	When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses.
PITI (Principal, Interest, Taxes, Insurance)	When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses.
Plan Submittal	Submission of construction plans to the city or county in order to obtain a Building Permit.
Plan view	Drawing of a structure with the view from overhead, looking down.
Planned communities	The concept began in the 19th century and describes any town or neighborhood built with certain guidelines and goals.
Planned communities	The concept began in the 19th century and describes any town or neighborhood built with certain guidelines and goals.
Planned-unit development	Residents own the home and the land, and share the use and financial responsibility for common areas.
Planned-unit development	Residents own the home and the land, and share the use and financial responsibility for common areas.
Plans	See Blue Prints.
Plaster	A labor-intensive and more costly wall finish.
Plat	A map of a geographical area as recorded by the county.
Plate	Normally a 2 X 4 or 2 X 6 that lays horizontally within a framed structure, such as: • Sill plate- A horizontal member anchored to a concrete or masonry wall. • Sole plate- Bottom horizontal member of a frame wall. • Top plate- Top horizontal member of a frame wall supporting ceiling joists, rafters, or other members.
Plenum	The main hot-air supply duct leading from a furnace.
Plot plan	An overhead view plan that shows the location of the home on the lot. Includes all easements, property lines, set backs, and legal descriptions of the home. Provided by the surveyor.
Plough, plow	To cut a lengthwise groove in a board or plank. An exterior handrail normally has a ploughed groove for hand gripping purposes
Plumb	Exactly vertical and perpendicular.
Plumb bob	A lead weight attached to a string. It is the tool used in determining plumb.
Plumbing boots	Metal saddles used to strengthen a bearing wall/vertical stud(s) where a plumbing drain line has been cut through and installed.
Plumbing ground	The plumbing drain and waste lines that are installed beneath a basement floor.
Plumbing jacks	Sleeves that fit around drain and waste vent pipes at, and are nailed to, the roof sheeting.
Plumbing rough	Work performed by the plumbing contractor after the Rough Heat is installed. This work includes installing all plastic ABS drain and waste lines, copper water lines, bath tubs, shower pans, and gas piping to furnaces and fireplaces. Lead solder should not be used on copper piping.
Plumbing stack	A plumbing vent pipe that penetrates the roof.
Plumbing trim	Work performed by the plumbing contractor to get the home ready for a final plumbing inspection. Includes installing all toilets (water closets), hot water heaters, sinks, connecting all gas pipe to appliances, disposal, dishwasher, and all plumbing items.
Plumbing waste line	Plastic pipe used to collect and drain sewage waste.
Ply	A term to denote the number of layers of roofing felt, veneer in plywood, or layers in built-up materials, in any finished piece of such material.
Plywood	A panel (normally 4' X 8') of wood made of three or more layers of veneer, compressed and joined with glue, and usually laid with the grain of adjoining plies at right angles to give the sheet strength.
Pocket door	A sliding door that retreats into the wall when opened.
Point	Fees charged by lenders at the time a loan is originated. A point is equal to 1 percent of the total loan amount.
Point	Fees charged by lenders at the time a loan is originated. A point is equal to 1 percent of the total loan amount.
Point load	A point where a bearing/structural weight is concentrated and transferred to the foundation.
Points	A charge made by the lender in addition the other fees and costs of originating the loan.
Points	A charge made by the lender in addition the other fees and costs of originating the loan.
Polysulfide Sealant	Polysulfide liquid polymer sealant which is mercaptan terminated, long chain aliphatic polymers containing disulfide linkages. They can be converted to rubbers at room temperature without shrinkage upon addition of a curing agent.
Polyvinyl Chloride (PVC)	Polymer formed by polymerization of vinyl chloride monomer. Sometimes called vinyl.
Ponding	A condition where water stands on a roof for prolonged periods due to poor
Porch	The structure can be a simple covered entrance to a home or a fully enclosed room on the outside of a residence.
Porte cochere	A porch-like roof extending over a driveway.
Portfolio lender	A lender who 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 the loan on the secondary market.
Portfolio lender	A lender who 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 the loan on the secondary market.
Portico	A porch supported by a row of columns.
Portland cement	Cement made by heating clay and crushed limestone into a brick and then grinding to a pulverized powder state.
Possession	When a buyer signs the papers and receives the keys to the house, the buyer officially takes possession.
Possession	When a buyer signs the papers and receives the keys to the house, the buyer officially takes possession.
Post	A vertical framing member usually designed to carry a beam. Often a 4" x 4", a 6" x 6", or a metal pipe with a flat plate on top and bottom.
Post-and-beam	A basic building method that uses just a few hefty posts and beams to support an entire structure. Contrasts with stud framing.
Power	The energy rate, usually measured in watts. Power equals voltage times amps. or W = E x 1. The heavier the flow of amps at a given supply, the higher the rate at which energy is being supplied and used.
Power of attorney	A written authorization for another person or agent to perform specific acts on behalf of a principal. This may be granted as either a general or limited power.
Power of attorney	A written authorization for another person or agent to perform specific acts on behalf of a principal. This may be granted as either a general or limited power.
Power vent	A vent that includes a fan to speed up air flow. Often installed on roofs.
Pre-approval letter	A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain.
Pre-approval letter	A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain.
Pre-payment penalty	An agreement to pay a specified penalty for the full or partial payment of a note before its maturity date.
Pre-payment penalty	An agreement to pay a specified penalty for the full or partial payment of a note before its maturity date.
Pre-sold home	Homes that are sold before they are built.
Pre-sold home	Homes that are sold before they are built.
Preliminary title report	A report from a title company as to the present condition of title made prior to the issuance of the actual title policy.
Preliminary title report	A report from a title company as to the present condition of title made prior to the issuance of the actual title policy.
Premium	Amount payable on a loan.
Prepaid expenses	The costs for taxes, insurance and assessments paid before the due date.
Prepaid expenses	The costs for taxes, insurance and assessments paid before the due date.
Prepaid interest	Interest paid before it is due. For example, at the close of a real estate transaction borrowers usually pay for the interest on their loan that falls between the closing period and the first monthly payment.
Prepaid interest	Interest paid before it is due. For example, at the close of a real estate transaction borrowers usually pay for the interest on their loan that falls between the closing period and the first monthly payment.
Prepayment penalty	Lenders can impose a penalty on a borrower who pays a loan off before its expected end date.
Prepayment penalty	Lenders can impose a penalty on a borrower who pays a loan off before its expected end date.
Prequalification	Many lenders will prequalify a borrower who is shopping for a loan by completing a preliminary assessment of the buyer's ability to pay for a home.
Prequalification	Many lenders will prequalify a borrower who is shopping for a loan by completing a preliminary assessment of the buyer's ability to pay for a home.
Preservative	Any pesticide substance that, for a reasonable length of time, will prevent the action of wood-destroying fungi, insect borers, and similar destructive agents when the wood has been properly coated or impregnated with it. Normally an arsenic derivative. Chromated Copper Arsenate (CCA) is an example.
Pressure Reducing Valve	Valve installed in the water service line where it enters the building to reduce the pressure of water in the line to an acceptable pressure used in buildings (40-55 psi desired).
Pressure relief valve	A safety vent that relieves excess pressure in a water heater.
Pressure Relief Valve (PRV)	A device mounted on a hot water heater or boiler which is designed to release any high steam pressure in the tank to prevent tank explosions.
Pressure-treated wood	Lumber that has been saturated with a preservative.
Price range	The range of how much a buyer is willing to pay for a home.
Price range	The range of how much a buyer is willing to pay for a home.
Primer	The initial coat of paint that is applied before the final topcoat.
Primer	The first, base coat of paint when a paint job consists of two or more coats. A first coating formulated to seal raw surfaces and holding succeeding finish coats.
Priming	Sealing of a porous surface so that compounds will not stain, lose elasticity, shrink excessively, etc. because of loss of oil or vehicle into the surround.
Principal	A party to a contract ; also means, the amount of money borrowed upon which interest is being charged.
Principal	A party to a contract ; also means, the amount of money borrowed upon which interest is being charged.
Principal	The original amount of the loan, the capital.
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 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.
Principle of progression	An appraisal term which states that real estate of lower value is enhanced by the proximity of higher-end properties.
Principle of regression	An appraisal term which states that the value of higher-end real estate can be brought down by the proximity of too many lower-end properties.
Principle of regression	An appraisal term which states that the value of higher-end real estate can be brought down by the proximity of too many lower-end properties.
Privacy fence	A structure erected between two pieces of property.
Privacy fence	A structure erected between two pieces of property.
Private Mortgage Insurance (PMI)	Insurance policy required by most lenders when the down payment of the purchase price is less than 20%. This insurance protects the lender against default on the part of the borrower.
Private Mortgage Insurance (PMI)	Insurance policy required by most lenders when the down payment of the purchase price is less than 20%. This insurance protects the lender against default on the part of the borrower.
Probate sale	A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors.
Probate sale	A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors.
Production home	Homes that are mass-produced by one builder in a project.
Programming	A written summation by an architect of a project's design objectives, constraints and criteria.
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.
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.
Projection	In roofing, any object or equipment which pierces the roof membrane.
Property line	The official dividing line between properties.
Property line	The official dividing line between properties.
Property report	A disclosure issued by the state when a time-share project is located or sold.
Property report	A disclosure issued by the state when a time-share project is located or sold.
Property survey	A survey to determine the boundaries of your property. The cost depends on the complexity of the survey.
Property tax	Property taxes are calculated at about 1.5 percent of the current market value.
Property tax	Property taxes are calculated at about 1.5 percent of the current market value.
Property tax deduction	The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes.
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 is based on the price a buyer will pay at a certain time.
Property value	The value of a piece of property is based on the price a buyer will pay at a certain time.
Prorate or Pro-rata	A procedure wherein adjustments are made. Items Pro- rated are usually taxes, insurance, rents and interest on loans.
Prorate or Pro-rata	A procedure wherein adjustments are made. Items Pro- rated are usually taxes, insurance, rents and interest on loans.
Proration	Agreed-upon percentages of certain expenses associated with a piece of property that must be paid by the buyer or the seller at the time of closing.
Proration	Agreed-upon percentages of certain expenses associated with a piece of property that must be paid by the buyer or the seller at the time of closing.
Protection Board	In roofing, heavy asphalt impregnated boards which are laid over bituminous coatings to protect against mechanical injury.
Public Report	A report issued by the Department of Real Estate containing a wide variety of information to a prospective buyer of subdivided property.
Public Report	A report issued by the Department of Real Estate containing a wide variety of information to a prospective buyer of subdivided property.
Pump mix	Special concrete that will be used in a concrete pump. Generally, the mix has smaller rock aggregate than regular mix.
Punch list	Buyers compile a punch list during the final walk-through detailing items to be fixed before closing.
Punch list	A list of discrepancies that need to be corrected by the contractor.
Punch out	To inspect and make a discrepancy list.
Purchase agreement	A document which details the purchase price and conditions of the transaction.
Purchase agreement	A document which details the purchase price and conditions of the transaction.
Purchase money Trust Deed/Note	When a seller carries back a note secured by a deed of trust on his property, it is called a purchase money obligation. Purchase money trust deeds are exempt from the usury limitations, the viewpoint being that the seller has agreed to the extended payment of the purchase, and the interest itself is a part of the purchase price.
Purchase money Trust Deed/Note	When a seller carries back a note secured by a deed of trust on his property, it is called a purchase money obligation. Purchase money trust deeds are exempt from the usury limitations, the viewpoint being that the seller has agreed to the extended payment of the purchase, and the interest itself is a part of the purchase price.
Purchase-money mortgage	Purchase-money mortgage A mortgage that a borrower obtains to acquire a property.
Purchase-money mortgage	Purchase-money mortgage A mortgage that a borrower obtains to acquire a property.
Push Stick	In hardware, a tool used when cutting a short board on a table saw.
Putty	A type of dough used in sealing glass in the sash, filling small holes and crevices in wood, and for similar purposes.
PVC or CPVC	Poly Vinyl Chloride-A type of white or light gray plastic pipe sometimes used for water supply lines and waste pipe.

Member Login
Sign Up

Agents Add your Profile
List Your Home