The Norris Group

PARTIAL LEGISLATIVE JURISDICTION	Authority granted by a state to the Federal Government to legislate over an area, while the state reserves the right to exercise, alone or concurrently with the Federal Government, other authority greater than the right to serve civil or criminal process.
PARTIAL PAYMENTS	Payments that are less than the full payment the borrower owes on a loan
PARTIAL TAKING	Taking of part of a property for public use, under power of eminent domain. Compensation must be paid, considering damages and/or special benefits to the remainder property.
PARTITION	The dividing of common interests in real property owned jointly by two or more persons. It sometimes happens that one of several tenants in common or joint tenants desires to sell the property while the other tenants think it best to hold on to the investment. If the parties cannot reach an agreement, an action in partition is often the solution. The main purpose is to provide a means by which people, fording themselves in an unwarranted common relationship, can free themselves from the relationship
PATENT	An instrument by which the Federal Government conveys public land to an individual.
PERCENTAGE LEASE	A lease whereby rental is a percentage of gross or net income from sales or services. Such a lease often guarantees a minimum or maximum rent, regardless of business volume.
PERCOLATION	The flow of sub-surface water through land. A measure of percolation shows how much water the land can absorb.
PERFORMANCE BOND	A bond used to guarantee the specific completion of an endeavor in accordance with a contract
PERMANENT CONSTRUCTION	A building suitable and appropriate to serve a specified purpose for at least 25 years with a minimum of maintenance.
PERMIT	A privilege, revocable at will, granted to another Federal agency to use real property for a specific purposes; confers no possessory interest.
PERSONAL PROPERTY	All physical objects of a personal or movable nature subject to ownership, except real estate (real property). See also PROPERTY and REAL PROPERTY.
PERSONALTY	Personal property, movable property, chattels. See also PERSONAL PROPERTY.
PHOTOGRAMMETRY	The science of surveying and mapping using aerial photographs and stereographic plotters.
PLAT	Map of town, section, or subdivision, showing location and boundaries of individual properties.
PLAT BOOK	A public record containing maps of land showing the division into streets, blocks, and lots and indicating the measurements of the individual parcels
PLOT	A piece of land
PMI	See Mortgage insurance
PMI-ASSISTED-PRESALE	An arrangement in which a private mortgage insurance company pays for part of the loss that occurs when a house with negative equity (one worth less than the balance on the existing mortgage loan) is sold by regular means prior to a foreclosure
POINT	A measure for charges on a loan amounting to one percent of the loan. One point is therefore one percent of the subject loan.
POINT OF COMMENCEMENT	A remote established point from which the true point of beginning can be identified.
POLICE POWER	The right of the Government to enact legislation deemed necessary to protect and-promote public health, safety, and welfare. In real estate, may be interpreted as the right to limit exercise of property rights without compensation (e.g., zoning).
PORTABLE BUILDING	A building designed for the continuing purpose of being easily moved intact from one location to another; usually kept in one location for a short time. Portable buildings are not items of realty and are not reported as real property inventory.
POSITIVE EQUITY	The situation in which a house has a value in excess of what is due on the mortgage
POSSESSORY INTEREST	Outgrant interests of private corporation and individuals to land that the Federal Government has withdrawn from county assessor's rolls.
POSTING	The act of placing a legal notice, such as a notice specifying the date, time and place of a foreclosure sale, on public display in the proper place for such notices
POWER OF ATTORNEY	An instrument authorizing someone to act as another person's agent or attorney. The agent is attorney in fact, and his power is revoked at the death of the principal by operation of law. Power of attorney may be general or special.
POWER OF SALE CLAUSE	The clause in a deed of trust or mortgage, by which the borrower pre-authorizes the sale of a house to pay off the balance on a loan in the event of the borrower’s default. Usually a trustee conducts the sale, although in some states the sheriff or constable does this
PREPAIDS	The costs of purchasing a house that the buyer must pay at the time of closing to a party other than the seller
PREPAYMENT CLAUSE	A clause in a mortgage that gives a mortgagor the privilege of paying the mortgage indebtedness before it becomes due
PREPAYMENT PENALTY	Penalty for the payment of a mortgage or deed of trust note before it actually becomes due
PRESCRIPTION	The acquiring of aright in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.
PRICE	The amount paid in legal tender, goods, or services; the consideration; purchase price. The terms for which a thing is done.
PRIMARY LENDER	The lender that deals directly with the borrower
PRINCIPAL	Amount of a loan balance. In a mortgage payment of principal and interest, the principal repays the loan.
PRIVATE ORGANIZATION	A self-sustaining, non-Federal entity, constituted or established and operating on Federal property, by individuals acting outside any official capacity in the Federal Government.
PROGRAM ANALYSIS AND RESOURCE REVIEW	The PARR document identifies and explains new programs and changes to existing programs. Twenty-eight major commands and other agencies submit material to the PARK.
PROGRAM AND BUDGET GUIDANCE	The PBG provides guidance on manpower and dollars from HQDA to general operating agencies. MACOMs use this guidance to prepare the PARR and COB. The PBG is published in January, May, and October and relates to the President's budget, the POM, and the OSD budget, respectively.
PROGRAM OBJECTIVE MEMORANDUM	The POM document presents the proposed Army program to the Office of the Secretary of Defense. It presents planned activities and the personnel and obligation authority required over a 5-year period to build, operate, and maintain this proposed program.
PROJECT PLANNING	Planning of real estate acquisition.
PROMISSORY NOTE	See Note
PROPERTY	The rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the bundle of rights. In modern understanding, however, property has come to mean the thing itself to which certain ownership rights are attached. Property is either real or personal.
PROPERTY CONDITION	The physical state of the property
PROPERTY NOT UTILIZED	All or part of a property not used for current program purposes of the accountable agency, or occupied in caretaker status only.
PROPERTY UNDERUTILIZED	All or part of a property used only irregularly or intermittently by the accountable agency for current program purposes, or used for current program purposes that require only a portion of the property.
PROPRIETARY INTEREST	Rights of the Federal Government as property owner in a state. Rights conferred by virtue of ownership
PRORATIONS	Allocation of closing costs and credits to buyers and sellers
PUBLIC DOMAIN LANDS	Land or interest in land owned by the United States and administered by the Secretary of the Interior through the Bureau of Land Management, without regard to how the land was acquired, except for the Outer Continental Shelf and lands held for the benefit of Indians, Aleuts, Eskimos. Also known as public lands.
PURCHASE MONEY MORTGAGE	A mortgage given by the grantee to the grantor, on the same land and concurrently with the conveyance, to secure the unpaid balance of the purchase price.