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Ma Real Estate P-2

Terms & Definitions P-2

Power of Attorney A written document authorizing one person to act for another to do whatever extent specified.
Prescription Method of establishing an easement by open continuous, and notorious use. In Mass the time of usage is 20 years minimum. Similar to acquiring title by adverse possession.
Pre-Qualification Process whereby a loan originator reviews a buyer's financial status, to determine in advance the amount of mortgage, that will be approved.
Primary Mortgage Market The market where banks or other lenders loan money directly to the borrowers. Those mortgages then may or may not be sold to other investors through the secondary mortgage market.
Prime Rate The rate that banks charge their best customers with the highest credit rating, on unsecured and short-term loans.
Principal 1) One of the main parties in the transaction (as in seller and buyer). 2) In an agency relationship, one who engages another (the agent) to act in his or her behalf.
Principal 3) In financial matter, the amount of debt owed, which added to interest constitutes the amount paid.
Probate Court The part of the court system that deals with wills and inheritance.
Procuring Cause The effort that brings about the desired result. In real estate the broker in an open listing that brings about the ready, willing, and able buyer is the procuring cause and is entitled to the commission.
Progression An appraisal principle dealing with conformity, that holds the property is increased in value when located near other property that is of higher value. EXAMPLE: A house surrounded by more expensive homes.
Property The rights and interests (known as the Bundle of Rights) that an individual has in a thing that is owned. May be real or personal.
Protected Class A group of people under fair housing legislation, that have been identified as receiving protection under the law. Usually because they have specifically experienced discrimination.
Puffing Exaggerated representations.
Purchase and Sale Agreement A written contract for the sale of real property between two parties (the seller and buyer).
Purchase Money Mortgage A mortgage given by the buyer to the seller as part of the consideration in buying the property.
Created by: sunaecm4
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