Monday, May 13, 2024, 4:47 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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PERSONAL PROPERTYAny property not real property; movables. |
PERSONAL SERVITUDE - Civil Law TermA charge on a thing for the benefit of a person. The Code identifies three classes: usufruct, habitation, and the rights of use. |
PHYSICAL DEPRECIATIONAny loss to property values caused by normal wear and tear or usage. Also includes such things as termite damage, dry rot, and the like. |
PHYSICAL LIFEThe period of time over which a building is able to function without falling down. |
PITI MORTGAGEAbbreviation of principal, interest, taxes and insurance; used when stating a mortgage's total monthly payment amount. |
PLATA plan or map of a certain piece or pieces of land. |
PLOTTAGEThe land increment produced by combining smaller individually owned plots into a larger tract under a single ownership; see assemblage. |
POLICE POWERThe inherent right of a government to enact such legislation as may be deemed necessary to protect and promote the health, safety and general welfare of the public. |
POWER OF ATTORNEYA written instrument authorizing a person to act as the agent on behalf of another to the extent indicated in the instrument. |
PREDIAL SERVITUDE - Civil Law TermA charge on a subservient estate for the benefit of the dominant estate. The two estates must belong to different owners. A predial servitude is a real right burdening immovables. There are three classes: natural, legal, and voluntary (conventional). |