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Glossary terms starting with the Letter P

Partial payment</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan. Normally, a lender will not accept a partial payment, but in times of hardship you can make this request of the loan servicing collection department.

Payment change date</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style>
The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date.

Periodic payment cap</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
For an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another, this is a limit on the amount that payments can increase or decrease during any one adjustment period.

Periodic rate cap</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.

Personal property</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
Any property that is not real property.

PITI</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
This stands for principal, interest, taxes and insurance. If you have an "impounded" loan, then your monthly payment to the lender includes all of these and probably includes mortgage insurance as well. If you do not have an impounded account, then the lender still calculates this amount and uses it as part of determining your debt-to-income ratio.

PITI reserves</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.

Planned unit development (PUD)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px
A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.

Point</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A point is 1 percent of the amount of the mortgage.

Power of attorney</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
A legal document that authorizes another person to act on one's behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.

Pre-approval</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others. A pre-approval applies only to the borrower. Once a property is chosen, it must also meet the underwriting guidelines of the lender. Contrast with pre-qualification

Prepayment</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized

Prepayment penalty</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><
A fee that may be charged to a borrower who pays off a loan before it is due.

This usually refers to the loan officer's written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower.

Prime rate</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans.

Principal</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.

Principal balance</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance

Private mortgage insurance (MI)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397p
Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.

Promissory note</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A written promise to repay a specified amount over a specified period of time.

Public auction</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A meeting in an announced public location to sell property to repay a mortgage that is in default.

Planned Unit Development (PUD)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px
A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners.

Purchase agreement</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

Purchase money transaction</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}<
The acquisition of property through the payment of money or its equivalent.

Package fireplace</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
A factory-built fireplace that is installed as a unit.

Paint</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A heavy pigmented coating applied to a surface for decorative and/or protective purposes.

Pan</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
A form used to produce the cavity between joists in a one-way concrete joist system.

Panel</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A broad, thin piece of wood; a sheet of building material such as plywood or particleboard; a pre-fabricated building component that is broad and thin, such as a curtain wall panel; an area within a truss consisting of an opening and the members that surround it.

Panel door</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A wood door in which one or more thin panels are held by stiles and rails.

Panel door</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A wood door in which one or more thin panels are held by stiles and rails.

Panic hardware</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A mechanical device that opens a door automatically if pressure is exerted against the device from the interior of the building.

Parapet</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
The region of an exterior wall that projects above the level of the roof.

Parging</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
Portland cement plaster applied over masonry to make it less permeable to water.

Particleboard</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A building panel composed of small particles of wood bonded together under pressure.

Parting compound</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><di
A substance applied to concrete formwork to prevent concrete from adhering.

Partition</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
An interior non-load-bearing wall.

Patterned glass</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
Glass into which a texture has been rolled during manufacture.

Paver</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A half-thickness brick used as finish flooring.

PEC</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
See pressure equalization chamber.

Pediment</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
The gable end of a roof in classical architecture.

Pentrometer</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A device for testing the resistance of a material to penetration, usually used to make a quick, approximate determination of its compressive strength.

Periodic kiln</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A kiln that is loaded and fired in batches, as differentiated from a tunnel kiln, which is operated continuously.

Perlite</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
Expanded volcanic glass, used as a lightweight aggregate in concrete and plaster, and as an insulating fill.

Perm</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A unit of vapor permeability.

Phenolic foam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
An insulating foam made from a thermosetting plastic.

Pier</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A caisson foundation unit.

Pilaster</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A vertical, integral stiffening rib in a masonry or concrete wall.

Pile</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A long, slender piece of material driven into the ground to act as a foundation.

Pile cap</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A thick slab of reinforced concrete poured across the top of a pile cluster to cause the cluster to act as a unit in supporting a column or grade beam.

Piledriver</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A machine for driving piles.

Pintle cap</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A metal device used to transmit compressive forces between superimposed columns in Mill construction.

Pitch</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
The slope of a roof or other plane, often expressed as inches of rise per foot of run; a dark, viscous hydrocarbon distilled from coal tar; a viscous resin found in wood.

Pitched roof</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A sloping roof.

Plainsawing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
Sawing a log into dimension lumber without regard to the direction of the annual rings.

Plain slicing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
Cutting a flitch into veneers without regard to the direction of the annual rings.

Planing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
Smoothing the surface of a piece of wood or stone.

Plaster</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A cementitious material, usually based on gypsum or portland cement, applied to lath or masonry in paste form, to harden into a finish surface.

Plasterboard</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
See gypsum board.

Plaster of Paris</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><di
Pure calcined gypsum.

Plaster screeds</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
Intermittent spots or strips of plaster used to establish the level to which a large plaster surface will be finished.

Plasticity</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
The ability to retain a shape attained by pressure deformation.

Plastics</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
Synthetically produced giant molecules.

Plate</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A broad sheet of rolled steel 1/4 inch (6.35 mm) or more in thickness; a two-way concrete slab; a horizontal top or bottom member in a platform frame wall structure.

Plate girder</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A large beam made up of steel plates, sometimes in combination with steel angles that are welded, bolted, or riveted together.

Plate glass</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
Glass of high optical quality produced by grinding and polishing both faces of a glass sheet.

Platform frame</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A wooden building frame composed of closely spaced members nominally 2 inches (51 mm) in thickness, in which the wall members do not run past the floor framing members.

Plenum</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
The space between the ceiling of a room and the structural floor above, used as a passage for ductwork, piping, and wiring.

Plumb</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv

Plumb cut</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A saw cut that produces a vertical (plumb) surface at the lower end of a sloping rafter.

Plumbing up</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
The process of making a steel building frame vertical and square.

Ply</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
A layer, as a layer of felt in a built-up roof membrane or a layer of veneer in plywood.

Plywood</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A wood panel composed of an odd number of layers of wood veneer bonded together under pressure.

Pointing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
The process of applying mortar to the surface of a mortar joint after the masonry has been laid, either as a means of finishing the joint or to repair a defective joint.

Poke-through fitting</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
An electrical outlet that is installed by drilling a hole through a floor, inserting the outlet from above, and bringing in the wiring from the plenum below.

Polybutene</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A sticky, mastic-like tape used to seal nonworking joints, especially between glass and mullions.

Polycarbonate</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
An extremely tough, strong, usually transparent plastic used for window and skylight glazing, light fixture globes, door sills, and other applications.

Polyethylene</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A thermoplastic widely used in sheet form for vapor retarders, moisture barriers, and temporary construction coverings.

Polymer</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A large molecule composed of many identical chemical units.

Polypropylene</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A plastic formed by the polymerization of propylene.

Polystyrene foam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><di
A thermoplastic foam with thermal insulating properties.

Polysulfide</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A high-range gunnable sealant.

Polyurethane</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
Any of a large group of resins and synthetic rubber compounds used in sealants, varnishes, insulating foams, and roof membranes.

Polyurethane foam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
A thermosetting foam with thermal insulating properties.

Polyvinyl chloride (PVC)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</s
A thermoplastic material widely used in construction products, including plumbing pipes, floor tiles, wall coverings, and roofing membranes. Called "vinyl" for short.

Portal frame</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A rigid frame; two columns and a beam attached with moment connections.

Portland cement</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
The gray powder used as the binder in concrete, mortar, and stucco.

The compressing of the concrete in a structural member by means of tensioning high strength steel tendons against it after the concrete has cured.

Pour</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
To cast concrete; an increment of concrete casting carried out without interruption.

Powder coating</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A coating produced by applying a powder consisting of thermosetting resins and pigments, adhering it to the substrate by electrostatic attraction, and fusing it into a continuous film in an oven.

Powder-driven</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
Inserted by a gun-like tool using energy provided by an exploding charge of gunpowder.

Precast concrete</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><di
Concrete cast and cured in a position other than its final position in the structure.

Predecorated gypsum board</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</
Gypsum board finished at the factory with a decorative layer of paint, paper, or plastic.

Preformed cellular tape sealant</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397p
A sealant inserted into a joint in the form of a compressed sponge impregnated with compounds that cure to form a watertight seal.

Preformed joint filler</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</sty
A strip of rubbery or spongelike material designed to fit snufly into a gap between two materials.

Preformed solid tape sealant</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);
A sealant inserted into a joint in the form of a flexible strip of solid material.

Prehung door</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A door that is hinged to its frame in a factory or shop.

Pressure equalization chamber (PEC)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,
The wind-pressurized cavity in a rainscreen wall.

Pressure-equalized wall design</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px
Curtain wall design that utilizes the rainscreen principle.

Pressure-treated lumber</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</st
Lumber that has been impregnated with chemicals under pressure, for the purpose of retarding either decay or fire.

Prestressed concrete</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
Concrete that has been pretensioned or posttensioned.

Prestressing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
Applying an initial compressive stress to a concrete strutural member, either by pretensioning or posttensioning.

Pretensioning</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
The compressing of the concrete in a structural member by pouring the concrete for the member around stretched high-strength steel strands, curing the concrete, and releasing the external tensioning force on the strands.

Priming</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
Covering a surface with a coating that prepares it to accept another type of coating or sealant.

Protected membrane roof</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</st
A membrane roof assembly in which the thermal insulation lies above the membrane.

Punty</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A metal rod used in working with hot glass.

Purlins</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
Beams that span across the slope of a steep roof to support the roof decking.

Putty</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A simple glazing compound used with small lights.

PVC</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
See polyvinyl chloride.

Pyrolitic coating</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
A coating applied at a very high temperature.

land development glossary