Real Estate Terms Glossary: P
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Parcel
A specific portion of a larger tract; a lot.
Perc Test (Percolation)
The test to determine the capability of the soil to absorb liquid, both for construction and septic systems.
Personal Property
All property that is not land and is not permanently attached to land; everything that is movable; chattel.
Personal Representative
In Michigan, a person appointed by a court to distribute the property of a person dying intestate.
Planned Unit Development (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.
Plat
A map or chart of a lot, subdivision, or community, showing boundary lines, buildings, and easements.
Plottage
The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.
Pocket Listing
A listing which is retained by the listing broker or salesperson, who does not make it available to other brokers in the office or to other Multiple Listing Service members.
Point Of Beginning
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.
Police Power
The power of government to regulate the use of real estate property for the benefit of the public.
Possession
The act of either actually or constructively possessing or occupying property.
Pre-Qualification
The process of determining how much a homebuyer will be eligible to borrow before he or she applies for a loan.
Profit A Prendre
The right one person acquires in the soil of another including the right to remove items produced from the soil; e.g., farming, logging, mining, or drilling.
Property
The rights or interests a person has in the thing owned; 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 Description
An accurate legal description of land.
Property Tax
The annual state, county, and local assessment against a certain piece of property.
Prorate
To divide in proportionate shares, such as taxes, insurance, rent, or other items.
Prospect
A person or corporation who may be interested in buying or selling real estate property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA.
Puffing
Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case.
Purchase Agreement
An agreement between a buyer and seller for the purchase of real estate.
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