PARCEL - A specific portion of a larger tract; a lot.
PARTIAL RELEASE - A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.
PARTICIPATION MORTGAGE - A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate.
PARTITION - The dividing of common interests in real property owned jointly by two or more persons.
PARTNERSHIP - "An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.
PARTY WALL - A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.
PENTHOUSE - An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.
PERCENTAGE LEASE - A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.
PERCOLATION TEST - A hydraulic engineer's test of soil to determine the ability of the ground to absorb and drain water.
PERFORMANCE BOND - A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract.
PERIODIC TENANCY - A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period,.  
PERMANENT FINANCING - A long-term loan, as opposed to an interim loan.
PERSONAL PROPERTY - Tangible and moveable; property which is not classified as real property; chattels; personalty.
PIGGYBACK LOAN - A joint loan with two lenders sharing a single mortgage.
PLANNED UNIT DEVELOPMENT (PUD) - A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.
PLAT - A map or a town, section, or subdivision indicating the location and boundaries of individual properties.
PLOTTAGE - The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.
POCKET LISTING - A listing which is retained by the listing broker or salesperson, who does not make it available to other brokers in the office or to other Multiple Listing Service members.
POINT OF BEGINNING - The starting point in a metes and bounds description of property.  
POINTS - A generic term for a percentage of the principal loan amount which the lender charges for making the loan; each point is equal to one percent of the loan amount.
POLICE POWER - The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.
PORTE COCHERE - A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles.
POSSESSION - The act of either actually or constructively possessing or occupying property.
POWER OF ATTORNEY - A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.
POWER OF SALE - A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default.
PREMISES - The subject property, such as the property which is deeded or the unit that is leased.