Continued from…
Real Estate Glossary P [Part 5]
P trap
To prevent sewer vapours from entering the home, this segment of the drain pipe has a curved “U” shape.
Pad out, pack out
To make a finished wall or ceiling seem its best by shimming it out or adding strips of wood to it.
Padding
Substrate for carpet to improve comfort, reduce noise, and extend the life of the carpets.
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Paint
Thickeners or oils can be used in combination with pigments for both ornamental and protective coatings. Water-based latex or oil-based latex are both acceptable options here.
Pallets
Platforms made of wood for storing and transporting goods. Hand trucks and forklifts move these wooden platforms.
Panel
For decorative wall treatment, a flat piece of wood, plywood, or any other material is inserted into the grooves of a thicker material with moulded edges and framed like a door.
Panel heating
Radiant heating uses pipes or ducts that are built into the walls, floor, or ceiling as heating panels.
Paper, building
Materials that are employed in building construction without regard to their properties or purposes, such paper, felt, and other similar materials.
Partially amortized mortgage loan
Over the loan’s term, the payments don’t pay it off, so a lump sum (a “balloon payment”) is needed to pay it off.
Parting stop or strip
To keep the upper and lower sashes distinct, a little wood piece is attached to the side and head jambs of double-hung windows.
Paver, paving
A solid surface is created by laying down various materials.
Payment (PMT)
A sum paid or received on a regular basis for two or more periods.
Payment schedule
A set of payments made to a contractor in accordance with the amount of work accomplished on a specific date in the future.
Pedestal
Metal boxes built along utility easements that include switches and connections for electrical, telephone, and cable television services.
Penalty clause
For failure to fulfil deadlines or for the project to satisfy contract specifications, the amount of money that would otherwise be paid to a contractor under a contract can be reduced as a penalty.
Penny
Originally, it referred to the cost per hundred nails.
Percolation
In soil, percolation is the transfer of water from the surface to the roots.
Perfect market
A market where all the products are the same, all the information is available, and neither buyers nor sellers can change the market.
Perfecting a Loan
A personal property is pledged as collateral for the loan, which is then registered at the county clerk’s office in the borrower’s name.
Pergola
An open structure that goes over a path, patio, terrace, etc.
Perimeter drain
Before backfilling a foundation, install a 3- or 4-inch perforated plastic tubing around the perimeter to collect and redirect groundwater away from the foundation.
Periodic lease
When the tenant keeps renting the property even though the lease is over.
During this time, either party can give the other notice that they want to end the agreement.
Permit
An official municipal permit to carry out construction work.
Permit (Demolition)
A green light to demolish an existing building
Permit (Electrical)
The majority of electrical work necessitates the acquisition of a separate permit.
Permit (Grading)
The right to alter the land’s shape.
Permit (Plumbing)
There is a separate permit necessary for new plumbing and substantial renovations of the current plumbing system.
Permit (Septic)
To construct or modify a septic system, you need permission from the local health department.
Permit (Zoning\Use permit)
Use of a property for a certain purpose, such as a garage or a single-family dwelling.
Phantom gain
Income is recognised for tax reasons, but no money has been received in relation to the gain amount from the sale of real estate This can happen if the basis of the property falls below the amount owed on the mortgage.
Physical limitations
Constraints resulting from a property’s topography or current state of development.
PiedaTerre
Non-primary dwelling of the occupant.
Pigment
A powdered solid used as a colourant in paint and enamel.
Pigtails, electrical
Disposal, dishwasher, or range hood power cord that the electrician supplies and installs.
Pilot hole
A predrilled hole of a tiny diameter used to guide a nail or screw.
Pilot light
When a gas or oil burner needs lighting, a modest, continuous flame is utilised.
Pipeline information
Details (both confirmed and rumored) about forthcoming supply additions to the market within a given time frame.
Pitch
One-fourth pitch refers to a roof’s incline slope, which is the ratio of the overall rise to the complete width of the home, such as a six-foot rise and a 24-foot width. Inches of rise per foot of horizontal run are used to represent roof slope.
Plan view
Showing the structure as seen from above and below.
Planned additional inventory
This term refers to the anticipated number of commercial units or square footage that will become available in the market as a result of renovations, additions, and new developments in the near future.
Planned removed inventory
The amount of commercial space that will be unavailable in the future projection period as a result of demolitions and conversions, or the supply or stock of that type of commercial unit (out).
Platform framing
Framing in which the structure sits on a subfloor platform is the most frequent in residential construction.
Plenum
A furnace’s main hot air supply duct.
Plough, plow
Slicing the board or plank in half lengthwise. To make it easier to grip, outdoor handrails typically have a ploughed groove.
Plumb
Perpendicular and perfectly vertical.
Plumb bob
A piece of lead that is strung on a cord.
Plumbing boots
Suspension of a plumbing drain line through a bearing wall is made stronger by the use of Metal Ladders.
Plumbing ground
Installed plumbing drains and waste pipes in a basement.
Plumbing jacks
The roof sheeting is nailed to the sleeve to hold the drain and waste vent pipes in place.
Plumbing permit
Permits are required for all new plumbing installations, as well as substantial renovations to existing plumbing systems.
Plumbing rough
After Rough Heat is put, the plumbing contractor completes the work. To this end, all plastic ABS drain and waste lines, copper water lines, bath tubs and shower pans, as well as gas piping for furnaces and fireplaces, will be installed during this time. Copper piping should never be soldered with lead solder.
Plumbing stack
The roof of the house has a plumbing vent pipe sticking out of it.
Plumbing trim
A job done by a plumbing professional to prepare a property for a final plumbing inspection by completing the necessary work.
Plumbing waste line
Wastewater is collected and discharged through plastic pipes.
Ply
The number of layers of roofing felt, veneer in plywood, or layers in built-up materials in any final piece of such material.
Plywood
Compressed and glued wood panel constructed of three or more layers of veneer, with the grain of the neighbouring plies aligned at an angle to give the sheet its strength.
Point load
Bearing/structural loads are concentrated and conveyed to the foundation at a single location.
Population growth
A factor widely acknowledged to have the greatest impact on housing demand is the rate of growth (or decline) of the population base in a given geographic area in relation to the forces of internal growth, in-migration, and out-migration.
Population migration
Long-term trend expected to affect local economies and real estate values as a result of people moving and relocating from one place to another in response to social and economic factors and forces.
Population/expenditure approach
Calculating the population needed to support the total square footage of both existing and proposed space for a specific-use, and then determining/mapping the extent of the trade area based on population density, is one method for estimating the trade area (and sales/revenue potential) for a given retail establishment or centre.
Portfolio holding
A group of properties owned by an investment company.
Portfolio income
Investment gains, such as interest, dividends, royalties, and capital gains, are a type of investment income.
Portland cement
Cement is made by first forming a brick out of heated clay and crushed limestone, and then grinding the brick to a fine powder.
Positive leverage
The borrower invests the money at a rate of return greater than the interest rate on the loan.
Post
A beam-supporting vertical element of a frame.
Post and beam
A method of construction that relies on a few large pillars and beams to hold up the entire building.
Postconstruction
Stabilization and operation of storm water controls, as well as the completion of all other proposed improvements in the authorised land development plan, occur immediately following construction.
Post war
It was erected between the 1950s and the 1970s, following World War II.
Potential rental income
What would be earned from rent if a building were completely rented out at current market rates.
Power center
Large discount retailers such as department stores, off-price retailers, warehouse clubs, and “category killers” (retailers that offer an exceptional selection of a single type of merchandise at low prices) dominate this shopping centre. Several freestanding (nonconnected) anchors and a limited number of small specialty tenants are typical of the center’s tenant mix.
Power vent
A fan-assisted vent for increased airflow.
Pre-Qualification
Loan officers utilise the housing-to-income ratio (HTI) and debt-to-income ratio (DTI) as a basis for determining an approximate maximum loan amount for a mortgage.
Preconstruction
Preliminary planning and engineering to define the project, identify potential issues, schedule, and estimate cost consequences are all part of the process.
Prefabricated house, prefab
A house that was made in a factory and sometimes was only partly put together before being sent to the site.
Preferred listings
At least in the beginning, only one agent should be in charge of the sale.
Present value method
A method for contrasting the relative financial viability of two potential real estate investments by contrasting their cash flow present values. If two options have the same present value, the one with the lower amount is the one that users should choose. Net present value is not the same thing.
Preservative
After it has been properly coated or impregnated into the wood, fungi, insects, and other damaging agents will be unable to damage it for a reasonable amount of time.
Pressure relief valve (PRV)
In the case of an explosion in a hot water heater or boiler, a mechanism is installed to relieve any excess steam pressure.
Pressure treated wood
A preservative-treated piece of lumber.
Prestige and property classes
It is suggested that commercial properties be separated into different categories in light of the fact that different users will place different values on features like proximity to public transportation, property amenities, and site factors.
PreWar
Before World War II, and especially before 1929, as there were few residential buildings completed in the 1930s.
Price rent ratio
The average cost of ownership divided by the amount of rent income received or the expected amount of rent that would be paid if you were to rent.
Price to earnings ratio (P/E Ratio)
The most widely used indicator for evaluating the relative value of stocks. A rental house’s P/E ratio can be calculated by dividing its purchase price by its net income, which is the market rent minus the house’s maintenance and property tax expenses.
Price to income ratio
It is the most fundamental metric of housing affordability in a specific area.
Generally, it is the percentage or number of years of income that the typical family’s disposable income is compared to the median property price.
Mortgage financing decisions are heavily influenced by this ratio, which is also known as “attainability,” when applied to individuals.
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Primary residence
For most people, a primary residence is a place where they spend the most of their time, which is typically defined as six months and one day of the year.
Primary source data
Data collected through direct observation of a phenomenon or site, using survey instruments to collect numerical and/or qualitative data.
Primer
An undercoat is the first coat of paint in a two or more coat paint job. A initial coat designed to seal unfinished surfaces while also holding on to subsequent finish coatings.
Private sale
A property owner sells it without the help of an estate agent.
Probabilities and expected value
A quantitative strategy for evaluating potential dangers. In order to gauge the likelihood that actual results will deviate from the expected outcome, this method assigns probabilities to specific, possible investment outcomes, calculates an expected outcome for the investment based on these probabilities, and so on. To assess the potential dangers of property investments, you can use this technique. It can be utilised in tandem with projections derived from sensitivity analyses. Assigning probabilities to outcomes is essential to the success of this method. You can calculate the expected value of your return by assigning probabilities to the best-case, most-likely, and worst-case scenarios. The assigned probabilities can also be used to calculate variance.
Processing
In the second step of the mortgage application process, the information presented on the application is checked to ensure that it is accurate.
Production
Business that improves the value of a product or material by changing its form and/or location is considered value-added.
Profit exemption
Individuals and married couples can currently claim up to $250,000 and $500,000, respectively, in tax-exempt profits from the sale of their primary house.
Property condition disclosure form
This is a comprehensive checklist that covers everything from the structure of the property to any environmental hazards that may be present in the area around it.
Property data
Details about a property or location gathered from multiple sources.
Property description
The description of the property provided is as precise as can be according to the law.
Property market
Market forces affecting the availability and price of property rights.
Property survey
A survey is done to map out your property’s boundaries. The cost of the survey depends on the difficulty of the investigation.
Property type
Use classification is a method used to organise commercial properties.
Retail, industrial, office, and multifamily residential are the four most common types of real estate.
Property-specific factors
A property’s layout, restrictions, orientation, physical features, and ability to comply with government-imposed zoning and land-use restrictions are all important considerations.
Proprietary data
Business, sales, and market-potential data, as well as other information services, purchased (typically for a fee) from private sources or companies that hold the exclusive rights to manufacture and distribute such information created for specific commercial applications.
Prorata share
Properly speaking, this is how much of the building’s principal mortgage each apartment owes, expressed as a percentage.
Pump mix
Pump concrete is made of a special type of concrete. If you’re looking for something a little more compact, this is the best option for you.
Punch out
Inspection and a list of discrepancies are the goals here.
Purchase and lease back
A real estate deal in which an investor buys a house and lets the seller keep living there as a tenant.
Purchase price
The amount for which something is bought or sold.
Purchaser
The customer. The person who buys a property or an interest in a property.
Purchasing power risk
Income from an investment may fluctuate in purchasing power in the future.
Putty
For filling small cracks and gaps in wood, as well as for sealing the glass in the sash, this sort of dough is commonly employed.
PVC or CPVC, Poly Vinyl Chloride
Occasionally used for water supply lines and waste pipes, this type of white or light grey plastic pipe is known as PVC
P.c.m
Monthly in the calendar.
Passed-in
A property is passed in if the owner’s reserve price is not met and it does not sell at auction.
Permitted use
The allowable use within the lease contract’s specified premises (not to be confused with ‘permissible use’).
Pkg
Parking.
Planning approval
Permission from the appropriate authority to utilize property for a certain purpose.
Plant and equipment
Assets intended for ongoing use in an entity’s activities, such as specialized, non-permanent buildings; machinery (individual machines or collections of machines, trade fixtures, and leasehold improvements), and other appropriately identified asset categories. Tangible assets held by an entity for use in the production or supply of goods or services, rental to others, or administrative purposes; and (b) expected to be used over time.
Portfolio management
The management of an investment portfolio in accordance with risk and return objectives.
Portfolio turnover
As a percentage of opening capital value, the total value of purchases and sales with a settlement date within the report year. Ex-transaction costs, the total transaction value is expressed.
Post occupancy evaluation (POE)
A thorough and systematic assessment of an occupied facility’s performance in terms of user satisfaction, fitness for purpose (based on client requirements), technical performance, and value for money.
Practical completion
The stage at which a project has been essentially completed and is fit for its intended purpose, except for minor omissions and defects that do not prevent its use, and all contract-mandated tests have been completed. A certificate of practical completion is issued to the contractor upon practical completion.
Price earnings ratio (P/E)
A measure of how attractive a stock exchange security or trust is. If the price earnings ratio is high, investors are willing to pay a higher price for the security or trust because they expect the investment’s earnings to grow in the future. It is found by dividing the price of a share or trust by the amount of money it is making right now.
Prime cost item
Prime cost items are building components that typically relate to building finishes or services (e.g., air conditioning, lifts, bathroom finishes, etc.). A sum is allowed for these items in the building contract, and they are later selected by the owner.
Professional indemnity
A type of insurance against professional adviser negligence.
Programmed maintenance
Maintenance tasks are given to be done at a certain time, like when the budget is being made or during the annual holidays.
Project management contract
A contract for the total management of a construction project by an independent person or organisation responsible for all aspects of design, documentation, contractual arrangements, inspections, and certification of work for payment and completion on the proprietor’s behalf.
Property, Plant and Equipment (PP&E)
(a) Assets intended for ongoing use in an entity’s activities, including land and buildings; plant and equipment; and other categories of assets, as identified; less accumulated depreciation. Property, plant, and equipment are examples of tangible, or physical, assets; (b) Tangible items that: I are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (ii) are expected to be used over a period of time.
Public liability insurance
All-purpose insurance against a person’s tort liabilities that come from things like his activities, his job, or the fact that he owns or uses a property. This insurance doesn’t cover areas of liability that are usually covered by other insurance, like worker’s compensation, professional indemnity, auto insurance, etc.
Put option
A contract that gives the owner the right, but not the obligation, to sell a certain asset at the given exercise or strike price on or before the contract’s expiration date.
Pw
Each week.
Parcel boundaries
The geographical limits of a piece of land or property are referred to as parcel borders, often known as property boundaries.
Percentage of home ownership
The percentage of the population that owns a home or other piece of property is indicated by the percentage of home ownership data.
Point of interest
A point of interest is a specific region or location having information that a person could find interesting or valuable.
Polluters
An individual or a group might be considered a polluter if they are the ones who introduce harmful wastes into the local ecosystem.
Postal ZIP code
Australian addresses are completed with four-digit postal ZIP codes to facilitate and streamline mail delivery.
Property characteristics
The facts and information pertaining to a property are referred to as property characteristics.
Property use
The use of a property, or its purpose, is a factor that influences a property’s risk level and mortgage rates.
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