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24 Cards in this Set
- Front
- Back
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PACKAGE MORTGAGE
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A METHOD OF FINANCING THE PURCHASE OF ITEMS OF PERSONAL PROPERTY AS WELL AS THE REAL ESTATE INVOLVED
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PARTITION
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THE DIVISION OF PROPERTY AMOUNG JOINT OWNERS OR TENNANTS IN COMMON WHEN THEY WISH TO TERMINATE CO-OWNERSHIP
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PARTY WALL
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A WALL SEPERATING BUT SHARED IN COMMON BY TWO BUILDINGS
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PENAL SUM
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THE AMOUNT STATED IN THE BOND-IS USUALLY GREATER THAN THE MORTGAGE INDEBTNESS TO PROTECT THE LENDER IN FORCLOSURE COSTS
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PERCENTAGE LEASE
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A LEASE WHERBY THE RENTAL IS BASED ON PERCENTAGE OF GROSS INCOME RECIEVED BY TENANT-MOST COMMON IS SHOPPING CENTERS
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PERSONAL PROPERTY
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ITEMS THAT ARE MOVABLE AND UNATTACHED SO AS NOT TO DESTROY THE REAL ESTATE IF REMOVED-ALSO KNOWN AS CHATTELS
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PHYSICAL DEPRECIATION
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A LOSS IN VALUE DUE TO THE WEAR AND TEAR OF THE ELEMENTS ON THE PHYSICAL REAL PROPERTY
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PLANNED UNIT DEVELOPMENT(PUD)
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A CONCEPT IN HOUSING DESIGNED TO UTILIZE THE MAXIMUM AMOUNT OF OPEN SPACE AND PRODUCE A HIGH DENSITY OF DWELLINGS
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PLAT BOOK
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A PUBLIC LAND RECORD CONTAINING MAPS SHOWING THE DIVISION OF LAND INTO SECTIONS, BLOCKS, LOTS, AND STREETS AND INDICATING THE MEASUREMENT OF INDIVIDUAL PARCELS
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POINT OF BEGINING
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THE FIRST DIRECTIONAL POINT OF A SURVEY THAT LEGALLY DEFINES PROPERTY
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POLICE POWER
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AUTHORITY AND POWER OF THE GOVERMENT TO REGULATE AND ADOPT LAWS PROMOTING THE GENERAL SAFETY AND WELFARE OF THE PUBLIC-EX: RIGHT TO TAX AND THE RIGHT TO REGULATE LAND USE THROUGH MASTER PLANS AND ZONING
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POWER OF ATTORNEY
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A CONTRACT PERMITTING ONE PERSON TO ACT FOR ANOTHER
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PREPAYMENT PENALTY
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AMOUNT SET BY CREDITOR TO BE PAID BY THE DEBTOR IS HE REPAYS THE TOTAL AMOUNT OF DEBT PRIOR TO MATURITY
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PRIMARY LEASE
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LEASE BETWEEN OWNER AND TENANT, AS OPPOSED TO LEASE BETWEEN TENANT AND SUBTENANT
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PRINCIPLE
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ONE WHO AUTHORIZES ANOTHER TO ACT ON HIS BEHALF-ONE OF MAIN PARTIES TO TRANSACTION
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PRINCIPLE MERIDAN
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AS USED IN THE RECTANGULAR GOVERMENT SURVEY METHOD- A SET OF LINES THAT RUN NORTH AND SOUTH
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PRIVATE RESTRICTIONS
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A LIMITATION OF USE, STATED IN A DEED OR LEASE AND IMPOSED ON THE PRESENT HOLDER OF THE TITLE
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PROCURING CAUSE
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THE EFFORT TO BRING ABOUT THE DESIRED RESULT
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PROPERTY MANAGEMENT
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ASPECT OF REAL ESTATE CONCERNED WITH THE LEASING, MAINTENANCE, AND MANAGING PROPERTY FOR OTHERS
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PROPERTY TAX
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MONEY LEVIED BY THE GOVERMENT AGINST REAL OR PERSONAL PROPERTY
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PRORATE
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TO DIVIDE PROPORTIONALLY
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PUBLIC RESTRICTION
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RESTRICTIONS TO THE USE OF PROPERTY IMPOSED BY GOVERMENT THROUGH IT'S POLICE POWER EX:ZONING LAWS, HEALTH REGULATIONS, TRAFFIC CONTROLS
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PURCHASE MONEY MORTGAGE
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A MORTGAGE HEALD BY THE SELLER FOR THE BUYER WHEN THERE EXISTS A GAP BETWEEN THE DOWN PAYMENT AND THE AMOUNT OF THE NEW MORTGAGE LOAN
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QUITCLAIM
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A DEED OF CONVEYANCE THAT RELEASES ANY INTEREST THE GRANTOR HAS IN THE PROPERTY WITHOUT ANY WARRANTIES
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