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- Parcel
- An officially described piece of land.
- Partially amortized mortgage loan
- A loan in which the payments do not repay the loan over its term, so a lump sum (balloon) is required to repay the loan at the end of the term.
- Patent defect
- A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
- Payment (PMT)
- A periodic amount paid or received for two or more periods.
- Payment cap
- A legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage.
- Per-diem interest
- Interest charged or accrued daily.
- Percentage rent
- The rent over a base amount that tenants pay to owners on tenant sales over a specified dollar amount. It frequently is found in retail leases. Also known as overage rent.
- Personal property
- Any property that is not real property. Examples include money, savings accounts, appliances, boats, etc.
- 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.
- 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.
- Point
- Fees charged by lenders at the time a loan is originated. A point is equal to 1 percent of the total loan amount. Also known as a loan point.
- Points
- Charges prepaid by the borrower upon origination of a loan. One point equals one percent of the loan amount. Also known as loan point.
- Potential rental income
- The total amount of rental income for a property if it were 100 percent occupied and rented at competitive market rates.
- Power center
- A retail center dominated by several large anchors, including discount department stores, off-price stores, warehouses clubs, or category killers --- stores that offer tremendous selection in a particular merchandise category at low prices. The center typically consists of several freestanding anchors and only a minimum number of small specialty tenants.
- Power of attorney
- A document that authorizes an individual to act on behalf of someone else.
- Prepaid interest
- Interest paid before it is due.
- Prepayment penalty
- Lenders can impose a penalty on a borrower who pays a loan off before its expected end date.
- Present value (PV)
- The sum of all future benefits or costs accruing to the owner of an asset when such benefits or costs are discounted to the present by an appropriate discount rate.
- Principal
- The amount of money that the borrower owes on a mortgage.
- Principal
- The portion of a loan payment used toward reducing the original loan amount.
- Probate sale
- A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors.
- Proceeds of Condemnation
- Specifies who recovers the value of tenant improvements if an eminent domain action occurs.
- Promissory note
- The written promise to repay the mortgage loan that accompanies the mortgage.
- Property data
- Property/site-specific information obtained from primary and secondary sources.
- 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.
- Psychographics
- Intangible characteristics of a local economy that define and shape the quality-of-life element and the social and cultural identity of the local population.
- Purchase agreement
- A document which details the purchase price and conditions of the transaction.
Some definitions come from the Certified Commercial Investment Member Institute (CCIM).
