- Plumbing StackA main plumbing pipe that is the source from where all pipes connect to. It runs vertically throughout the home. Read More
- Plumbing TrimWork performed by the plumbing contractor to get the home ready for a final plumbing inspection. Includes installing all toilets (water(...) Read More
- Plumbing Waste LinePlastic pipe used to collect and drain sewage waste. Read More
- PlyA term to denote the number of layers of roofing felt, veneer in plywood, or layers in built-up materials, in any finished piece of such material. Read More
- PlywoodA wood material composed of thin layers of veneer pressed together with adjacent layers. Read More
- Pocket DoorA sliding door, that when fully opened, disappears into a part of the wall. Read More
- Point LoadA point where a bearing/structural weight is concentrated and transferred to the foundation. Read More
- Point (masonry)Filling the cracks of masonry wall with mortar or cement to finish it off. Read More
- PointsSee Discount Points. Read More
- Polyvinyl ChlorideA type of pipe, typically used for water supply or plumbing, made of a white, water-insoluble thermoplastic resin, or composed of polyvinyl chloride. Read More
- Pony WallA framed wall that extends a shorter foundation wall to full height. These are commonly used on split entry homes where the foundation walls are(...) Read More
- Pop-up AssemblyA drain mechanism in which the stopper pops up and down; this is controlled by a piece within the faucet that pushes the stopper either up or down. Read More
- Porcelain TileTypically used for countertops and other bathroom surfaces, with a low water-absorption rate. Read More
- PortfolioA variety or group of investments and assets. Read More
- Portland CementCement that is created by combining limestone and clay that hardens after getting wet. Read More
- PostA vertical framing member usually designed to carry a beam. Often a 4" x 4", a 6" x 6", or a metal pipe with a flat plate on top and bottom. Read More
- Post and BeamA support structure composed of several columns as opposed to a stud framing support. Read More
- Post-And-BeamA basic building method that uses just a few hefty posts and beams to support an entire structure. Contrasts with stud framing. Read More
- Post and Pier FoundationFoundation system composed of wooden posts or concrete piers that support the weight of the house. Read More
- Power Of AttorneyA legal instrument authorizing one to act as another’s agent or attorney. Read More
- Power VentA vent that includes a fan to speed up air flow. Often installed on roofs. Read More
- Pre-ApprovalA process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when(...) Read More
- Pre-Approval LetterA pre-approval letter is a letter offered by a bank before you start looking for a home or apply for a mortgage to determine what you can(...) Read More
- Pre-finished CabinetsCabinets that are shipped from the factory with a stain or paint already applied are considered pre-finished. Most manufacturers offer a(...) Read More
- Pre-ForeclosureThe notice informs the owner that the lender will pursue legal action toward foreclosure if the mortgage debt isn’t paid. The owner can either(...) Read More
- Pre-Foreclosure ReleaseFor various reasons, the pre-foreclosure on a property is released. Could be due to paying of loan, loan modification, etc. Read More
- Pre-QualificationA preliminary assessment by a lender of the amount it will lend to a potential property buyer. The process of determining how much money a(...) Read More
- Predatory LendingAbusive lending practices that include making mortgage loans to people who do not have the income to repay them or repeatedly refinancing loans,(...) Read More
- Predictive AnalyticsPredictive analytics is the analysis of big data using historical data to predict future trends. Predictive analytics provide real estate(...) Read More
- Preliminary Title ReportA report prepared prior to issuing a title insurance policy that shows the ownership of a specific parcel of land. It includes information about(...) Read More
- PremiumThe amount payable for an insurance policy. Read More
- Prepaid ExpensesTaxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing. Read More
- Prepaid InterestInterest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing(...) Read More
- PrepaymentAny amount paid to reduce the principal balance of a loan before the scheduled due date. Read More
- Prepayment PenaltyA fee that a borrower may be required to pay to the lender, in the early years of a mortgage loan, for repaying the loan in full or prepaying a(...) Read More
- Pressure Balance ValveA mixing valve within shower plumbing that automatically maintains a constant water temperature; this is done by regulating the changes in(...) Read More
- Pressure Relief ValveA device mounted on a hot water heater or boiler which is designed to release any high steam pressure in the tank to prevent tank explosions. Read More
- Pressure-Treated WoodLumber that has been saturated with a preservative. Read More
- Primary ResidenceTypically denotes the principal residence of the property owner. See Owner Occupied, Second Home, and Investment Property. Read More
- PrimerA layer of paint applied before the topcoat. Read More
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