Glossary in letter p

Parcel
An officially described piece of land.
Parget
Pargeting (or sometimes pargetting) is a decorative plastering applied to building walls to prevent water leakages. The technique is largely confined to East Anglia in England.
Parking strips
Strips of grass between the sidewalk and the street in front of a house that are usually used for the parking of vehicles.
Partition
Any kind of structure dividing one room or space from another.
Partnership
Unmarried individuals who buy a piece of property have several options, such as a live-in partnership or a shared-equity partnership.
Passive loss
A tax term that refers to any loss from a passive activity, such as the ownership but not the operation of a piece of rental real estate.
Passive solar system
A system that supplies solar heat without the use of electric fans or pump
Patent defect
A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
Patio
An interior courtyard or a paved backyard area.
Payment cap
A legal limit on the amount a monthly payment can increase on an adjustable rate mortgage./dd>
Pediment
Peaked, rounded, or other decorative panel above a doorway.
Percolation test
A test used to determine the ability of soil to accommodate a septic system.
Perennial
Any plants that produces leaves, flowers, and seeds from year to year, such as an iris or peony.
Personal property
Any movable property in a house such as furniture or appliances.
Pest-control inspection
Common pest-control inspection usually consists of termite inspection, which is required in some states, such as California.
Photoelectric switch
A switch that turns lights or other electrical devices on or off depending upon the light. E.g.: a switch that turns on outdoor lights at dusk.
Pigtail
A short wire connected to another wire, usually with a wire nut. Normally two or more pigtails are connected to a single wire for the purpose of making connections to multiple objects (two sockets, two switches, etc.).
PITI (principal, interest, taxes, and insurance)
A payment amount calculated by the lender that includes the principal, interest, taxes, and insurance on an amortizing loan.
Plane
A woodworker’s tool designed for shaving off small amounts of wood.
Planned community
A concept dating back to the 19th century that describes any town or neighborhood built with certain guidelines or goals in mind.
Planned unit development (PUD)
A Planned Unit Development, or PUD, is both a type of building development as well as a regulatory process. A PUD is a designed grouping of varied and compatible land uses, such as housing, recreation, commercial centers, and industrial parks, all within one contained development or subdivision.