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63 Cards in this Set
- Front
- Back
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Parcel map |
Map that shows all property boundaries within a subdivision. |
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Partition action |
Court proceeding by which co-owners may force a division of the property or its sale, with co-owners reimbursed for their individual shares. |
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Partners |
See general partnership. |
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Partnership |
See general partnership. |
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Payment bond |
Bond that may be required of a building contractor to compensate the property owner if the contractor defaults in performance of contract obligations, such as payment of subcontractors, workers, and suppliers. |
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Percentage lease |
Provides for rent as a percentage of the tenant's gross income, usually with a minimum base amount; the percentage may decrease as the tenant's income increases. |
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Perc test |
Test to determine drainage capability of soil. |
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Performance |
Obligation to be performed under the terms of a contract. |
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Periodic tenancy |
See estate from period to period. |
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Personal property |
All property that is not real property. |
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Personal Responsibilty and Weok Opportunity Act |
Federal law, effective August 1, 1998, requiring that certain public benefits be withheld from illegal immigrants, including professional and occupational licenses issued by state agencies. The text of the law is at access.gpo.gov/congress/wm015.txt |
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Physical deterioration |
Loss in value brought about by wear and tear, disintegration, use, and action of the elements. |
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Plaintiff |
The person who sues in a court action. |
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planned development |
See planned unit development. |
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PLanned unit development (PUD) |
A land-use design that provided intensive utilization of the land through a combination of private and common areas with prearranged sharing of responsibilibutes for the common areas; individual lots are owned in fee with joint ownership of open areas; primarily residential but may include commercial and/or industrial uses. |
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Planning commission |
An agency of local government charged with planning the development, redevelopment, or preservation of an area. |
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Plasterboard |
Drywall; interior wall finishing material. |
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Platform frame |
Construction technique in which each floor of a building provides support for the Flores above it. |
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Plat map |
Subdivision map showing division of property into tracts, blocks, and lots. |
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Pledged |
Use of property as security for a debt by allowing lender to take possession of it until debt is repaid. |
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Plottage |
Assemblage; an appraisal term for the increased value of two or more adjoining lots when they are placed under single ownership and available for use as a larger single lot. |
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Pocket listing |
Property listing that the listing agent markets privately before entering it in the multiple listing service (MLS); usually a violation of MLS rules. |
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Point of beginning |
The place at which a legal description using metes and bounds starts. |
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Points |
One point represents one percentage point of a loan amount; may be charged by lenders at the time of loan funding to increase the loan's effective interest rate. |
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Police power |
The right of government to enact law as and enforce them to benefit the public health, safety, and general welfare. |
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Post-and-beam frame |
Construction technique in which interior posts support ceiling boards, allowing for more open space within a structure than is possible with other forms of construction. |
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Potential gross income |
The maximum income that property is capable of producing. |
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Power of attorney |
A written instrument authorizing an agent to act in the capacity of the principal; general power of attorney provides authority to carry out all of the business earnings of the principal; a special power of attorney provides authority to carry out a specific act or acts. |
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Power of eminent domain |
The government's right to take property for a public purpose on payment of just compensation to the property owner. |
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Power of sale |
The power that may be given by promissory note to a trustee, a mortgagee, or another lienholder to sell secured property without judicial proceedings if the borrower defaults. |
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Power-of-sale clause |
A provision in a financing instrument that allows the property used a security for a debt to be sold in the event of the borrower's default without a judicial proceeding. |
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Power of termination |
Right of the grantor of real estate to retake possesssion on violation of a limitation or condition on the deed to the grantee. |
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Preliminary notice |
NOtice of the right of a contractor, subcontractor, or material supplier to file a mechanic's lien; should be made within 20 days of the date on which the work begins or the material is provided. |
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Prepaid Rental Listing Srevice (PRLS) |
Business that supplies prospective tenants with property listings on payment of a fee; may be performed by a licensed real estate broker or under the authority of a PRLS license. |
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Primary mortgage market |
Compared of lenders that deal directly with borrowers. See also secondary mortgage market. |
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Prime rate |
Interest rate banks charge their most favorably rated commercial borrowers. |
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Principal |
The employer of an agent; one of the parties to a transaction; the amount of money borrowed. |
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Priority of claims |
Order in which creditors will be paid when there are claims against a homestead that results in a judgement against the homeowner. |
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Private mortgage insurance (PMI) |
MOrtgage guaranty insurnace available to conventional lenders on the high-risk portion of a loan, with payment included in the borrower's loan installments. |
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Probate |
Court proceeding by whic the property of a decedent is distributed according to the decedent' will or, if the decedent died intestate (without a will), according to the state law of intestate succession. |
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Probate Code |
The portion of California law that covers the court proceeding for disposition of property on the death of the property owner. |
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Procuring cause |
The cause originating a series of events that lead directly to the intended objective; in a real estate transaction the procuring cause is the real estate agent who first procures a ready, willing, and able buyer. |
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Progression, principle of |
The worth of a less valuable building tends to be enhanced by proximity to buildings of greater value. |
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Promissory note |
A written promise to repay a loan under stipulated terms; established personal liability for payment by the person making the note. |
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Property management |
A branch of the real estate business involving the marketing, operation, maintenance, and other day to day requirements of rental properties by an individual or a firm acting as agent of the owner. |
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Property tax year |
Fiscal year for california property tax purposes runs from 7/1 to 6/30. Taxes charged for that period become a lien on the property on the preceding January 1. |
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Prop 13 |
Passed by California voters in 1978; limits property tax rate and property value on which taxes may be asked. Overview of property tax prepared by California State Board of Equalization can be found at boe.ca.gov/proptaxes/pdf/pub29.pdf |
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Proration |
Adjustment of interest, taxes, insurance, and other costs of property ownership on a pro rate basis as of the closing or agreed on date; usually apportions those costs based on seller's and buyer's respective periods of ownership. |
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Prospective economic advantage |
Legal term for one's expectations in doing business. |
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Public report |
Real Estate Commissioner's report on a subdivision, including plans for improvements. |
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Puffing |
Exaggerated comments or opinions that paint an overly optimistic picture of property attributes; may lead to a claim of misrepresentation. |
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Purchase- money mortgage or trust deed |
A trust deed or mortgage gives as part or all of the purchase consideration for real property. |
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Quantity survey method |
Way of estimating building reproduction cost by making a thorough itemization of all construction costs, both direct (material and labor) and indirect (permits, overhead, profit), then totaling those costs. |
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Quasi- community property |
Any California real estate acquired by an out-of-state married person that would be considered community property if acquired by a resident of California; any California real estate acquired in exchange for real or personal property located anywhere when the california real estate would have been considered community property if it had been acquired by a California resident. |
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Quiet title |
See action to quiet title. |
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Quiteclaim deed |
A deed that conveys any interest the grantor may have in the property at the time of the execution of the deed, without any warranty of title or interest. |
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Radon |
Cancer-causing colorless, odorless radioactive glass caused by the breakdown of natural elements in soil; remediation includes external venting of basements and crawl spaces. Info can be found at epa.Gov/radon/ |
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Rafters |
Beams that extend from the ridge line of roof to eave. |
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Ranges |
In the rectangular survey system of land description, townships running east and est of a meridian. |
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Rate |
INterest rate is percentage of loan amount that must be paid as a fee for loan. |
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Ratification |
The adoption or approval of an act by the person on whose behalf it was performed, as when a principal ratifies conduct of an agent that was not previously authorized. |
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Ready, willing, and able buyer |
A buyer who wants and is prepared to purchase property, including being able to finance the purchase, at the agreed-on price and terms. |
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Real estate |
Real property; land; includes the surface of the earth, the substances beneath the surface, the airspace above the surface, fixtures and anything incidental or appurtenances to the land. |
