Dictionary

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...

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...

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...

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...

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...

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...