Business / Real Estate Glossary

Property Taxes: Assessment made by county or city assessors office for real property taxes. Payment dates may vary according to state regulation.

Proprietary Lease: A lease given by the corporation, which owns a cooperative apartment building to the shareholder for the shareholders right as a tenant to an individual apartment.

Prorations: Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing.

Prospecting: Locating owners of properties who are interested in selling, or buyers who are interested in purchasing property.

Protected Class: Any group of people designated as such by the Department of Housing and Urban Development (HUD) in consideration of federal and state civil rights legislation. Currently includes ethnic mino . . . View Full Definition

Public Records: Records which by law give constructive notice of matters relating to property.

Public Report: A disclosure statement required by the Subdivided Land Law stating that a buyer is not obligated until he or she has read the report and signed a receipt.

Public Water System: A system that provides piped water for human consumption to at least 15 service connections or regularly serves 25 individuals.

Puffing: Exaggerated or superlative comments or opinions not made as representations of fact and thus are not grounds for misrepresentation, such as, This property is a real good buy. One test used i . . . View Full Definition

Punitive Damages: Damages awarded to one party to punish another party for dishonest conduct. Meant to deter others from committing a similar offense.

Pur Antre Vie: For the life of another. A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee.

Purchase-Money Mortgage: A mortgage given as part of the buyers consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a part of the transaction. It . . . View Full Definition

Pyramiding: The process of acquiring properties by refinancing properties already owned and investing the loan proceeds in additional properties.

Qualified Intermediary: Corporation or entity who facilitates a 1031 tax deferred exchange (also known as an accommodator). To be a qualified intermediary, the intermediary must not be a related party.

Quantity-Survey Method: The appraisal method of estimating building costs by calculating the cost of all of the physical components in the improvements, adding the cost to assemble them and then including the indir . . . View Full Definition

Quasi Contract: A contract implied by law, as a matter of equity, when no actual contract exists.

Quiet Enjoyment: An implied warranty that the landlord will not interfere with the tenants reasonable use and enjoyment of a leased property.

Quiet Title: A court action to remove a cloud on the title.

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