Monday, May 13, 2024, 7:38 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
P
PREPAYMENT CLAUSEThe clause in mortgage or note stating the penalty, if any, for payment before it actually becomes due. |
PRESCRIPTIONTitle obtained by possession for a prescribed period; prescriptive rights. |
PRIMA FACIE EVIDENCEEvidence which is good and sufficient on its face ("at first view") to establish a given fact or case, unless rebutted or contradicted. |
PRIMARY MONEY MARKETThe source of loan funds available directly to borrowers, whether for first or second mortgages. |
PRINCIPALThe employer of an agent or broker; a sum of money owed as a debt upon which interest is calculated. |
PRINCIPAL MERIDIANA meridian which serves as a reference for other meridians; a part of the rectangular method of survey. |
PRINCIPLE OF CONTRIBUTIONThe economic principle which holds that if a single improvement on a property does not result in a greater net return from the whole property, the cost of the improvement cannot be justified. |
PRINCIPLE OF HIGHEST AND BEST USEThe appraisal principle which holds that the best use of a property is that which will produce the highest and most durable return on an owner's investment. |
PRIVATE GRANTConveyance of property from one private person to another. |
PRIVATE THINGS - Civil Law TermIn the Code, "things" are divided into common, public, and private; corporeals and incorporeals; and movables and immovables. private things are owned by individuals, other private (juridical) persons, and by the state or its political subdivisions in their capacity as private persons. |