A professionally derived estimate of property value based on some expected future event, commonly used in real estate development and financing.
A prospectus is a formal document that offers detailed information about a business or investment for potential investors, typically involved in securities trading.
In the context of U.S. federal anti-discrimination laws, 'protected class' refers to certain minority subgroups of the population that must be treated fairly and without discrimination, particularly in matters related to housing, employment, and public accommodations.
A Protection Clause, also known as a Broker Protection Clause, is an agreement within a listing contract that ensures a real estate broker will be paid their commission if a property is sold to certain individuals, even after the expiration of the listing agreement.
A proxy is an individual authorized to act on behalf of another person, primarily in meetings or legal proceedings. The term also refers to the document granting this authority.
A public auction is a sale in which property or merchandise is sold via a competitive bidding process that is open to the general public. It is often used in real estate to expedite the selling process, especially in cases of foreclosure or hardware sales.
Public housing comprises government-owned housing units that are made available to low-income individuals and families. These units are either provided at no cost or for nominal rental rates.
Public lands are tracts of land owned by the government (federal, state, or local) and are held for the purposes of conservation, recreation, resource management, and other public benefits. These lands are typically undeveloped and may be used for various regulated activities including grazing, wildlife management, recreation, timbering, mineral development, water development, and hunting.
A public offering is the sale of investment units to the general public, typically requiring approval from regulatory authorities like the SEC or state securities agencies. It's an essential method for companies to raise capital by offering their securities to a wide array of potential investors. This should be contrasted with private offerings, which target a limited group of investors.
Public Purpose is the justification that the government must establish in its powers of Eminent Domain to acquire private property, demonstrating that the property will be used for the public good.
A public record refers to official documents relating to real estate transactions that are maintained by a government office, typically a county courthouse. These records are accessible to the public and provide constructive notice regarding the existence of these documents.
A public sale refers to an auction sale of property with notice to the general public, usually carried out after foreclosure or other legal proceedings.
The public sector refers to the portion of the economy that is controlled and operated by the government at various levels, encompassing federal, state, and local authorities. This segment includes government-owned or operated institutions like public schools, libraries, courthouses, public housing, and subsidized rental properties.
A PUD or Planned Unit Development is a type of real estate development designed to maximize land use efficiency by integrating residential, commercial, and sometimes industrial units within a single community. PUDs often feature a variety of property types, such as single-family homes, townhomes, apartments, and commercial spaces, along with shared amenities and open spaces.
A Pueblo or Adobe House is an architectural style that relies on adobe brick or simulated materials to create structures resembling those found in early 20th century Southwestern U.S. These houses often feature characteristic projecting roof beams known as vigas.
Puffing refers to the practice of making exaggerated or overly enthusiastic statements about the characteristics or benefits of a property, which are generally understood to be subjective opinions rather than factual representations.
A punch list is an enumeration of items requiring correction prior to the completion or sale of a construction project. It ensures all agreed-upon work is finished to satisfactory standards.
Pur Autre Vie refers to a life estate in property held by one person (the grantee), but measured by the life of another person (the cestui que vie). This property interest is often used in specific legal, financial, and estate planning contexts.
A Purchase Agreement is a legally binding contract between a buyer and a seller outlining the terms and conditions for the sale and purchase of a property. This document details essential aspects such as price, closing date, and contingencies.
A Purchase and Sale Agreement (PSA) is a legally binding contract that outlines the terms and conditions related to the purchase of real estate assets. It is used primarily to detail the obligations and rights of both the buyer and the seller before the actual transfer of property ownership.
Purchase capital is the total amount of money used to acquire real estate, irrespective of its source, encompassing both equity and debt components.
A Purchase Contract, also known as an Agreement of Sale, is a binding legal document outlining the terms and conditions under which a buyer agrees to purchase and a seller agrees to sell a property.
A mortgage provided by the seller to the buyer in part payment of the purchase price of real estate. It serves as an alternative or additional financing option for buyers who may not qualify for traditional loans.
A Purchase Offer is a formal document that indicates a buyer's intention to buy a property at a specified price and terms. It serves as the basis for the subsequent negotiation and contract phase in real estate transactions.
A purchase option is a contractual right granted to a party (typically a tenant) that gives them the opportunity, but not the obligation, to buy an asset or property at a specified price within a set period.
The term 'Purchase Price' refers to the dollar amount agreed upon by the buyer and the seller for the sale of a property. This figure is specifically outlined in the sales contract and does not take into account any adjustments for financing, concessions, or seller-paid closing costs.
The purpose of an appraisal assignment is to clearly define the goal of the appraisal process, whether it is to estimate market value, insurance value, value in use, or some other specific value.
A pylon sign is a freestanding sign commonly mounted on a pole or pylon structure, designed to be visible from a distance. These signs are often used to list tenants in a shopping center or to display business names and logos prominently along roadways.
Pyramiding is an investment strategy that seeks to build a portfolio by reinvesting the proceeds from sales, or by refinancing existing properties into higher-valued properties using leverage.
A squatter is an individual who occupies and lives on property without legal title, right, or payment to the property owner. This person takes up residency without the owner's consent, often living on abandoned or unoccupied land or structures.
