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Purchase Money Mortgage (pmm)

Definition:    any new mortgage taken as part of the purchase price of real property by the seller Pronunciation: Used in a Sentence:    A purchase money mortgage is usually used to fill the gap between the buyer’s downpayment and a new first or assumed mortgage.
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Puffing

Definition:  comments or opinions not made as representations of fact and thus not grounds for misrepresentation Pronunciation: Used in a Sentence:   A licensee’s boasting of a properties benefits is called puffing.
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Prospectus

Definition:   a document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents Pronunciation:   \prə-ˈspek-təs\ Used in a Sentence:   We were give a copy of the prospectus when we went to view the new condominium building.
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Prorate

Definition:   the division of proportionate shares of charges and credits between the buyer and seller according to their period of ownership Pronunciation:   \(ˌ)prō-ˈrāt\ Used in a Sentence:   Some of the most common items to be prorated are interest on loans, insurance premiums, utilities and real property taxes.
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Proprietary Lease

Definition:   a written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant receives the right to occupy a particular unit Pronunciation:   \prə-ˈprī-ə-ˌter-ē\ \ˈlēs\ Used in a Sentence:   A proprietary lease entitles the purchaser to the right to occupy the unit.
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Property Report

Definition:   a disclosure document required under the federal Interstate Land Sales Full Disclosure Act Pronunciation:  \ˈprä-pər-tē\ \ri-ˈpȯrt\ Used in a Sentence:   Developers of 25 acres or more must provide buyers with a property report prior to signing the sale contract.
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Property Manager

Definition:   a person who manages properties for various owners Pronunciation:   \ˈprä-pər-tē\ \ˈma-ni-jər\ Used in a Sentence:   A property manager is responsible for maintaining the property and managing the expenses.
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Property Managment

Definition:   the area of the real estate profession that pertains to the leasing, managing, marketing and overall maintenance of the property of others Pronunciation:  \ˈprä-pər-tē\ \ˈma-nij-mənt\ Used in a Sentence:    The owner hired a property management firm to take care of his properties for him.
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Property

Definition:   the rights or interests a person has in the thing owned but not, technically, the thing itself: bundle of rights including the right to possess, to use, to encumber, to transfer and to exclude. Pronunciation:  \ˈprä-pər-tē\ Used in a Sentence:   The two basic types of property are real property and personal property.