Dictionary

Prepayment Clause

Definition:   a provision in a mortgage that allows the mortgagor to pay the mortgage debt ahead of time without penalty Pronunciation:   \(ˌ)prē-ˈpā-mənt\ \ˈklȯz\ Used in a Sentence:   Since we had a...

Pre-closing Inspection

Definition:   a final walk-through with the sales associate to verify that any repairs have been completed and the property is in good condition Pronunciation:   \in-ˈspek-shən\ Used in a Sentence:   ...

Power Of Attorney

Definition:   a written instrument authorizing a person to act as the agent on behalf of another who may not be present Pronunciation:  \ˈpau̇(-ə)r\ \ə-ˈtər-nē\ Used in a Sentence:   When my husband could...

Potential Gross Income (pgi)

Definition:   the total annual income a property would produce with 100% occupancy and no collection or vacancy losses Pronunciation:   \pə-ˈten(t)-shəl\ \ˈgrōs\\ˈin-ˌkəm\ Used in a Sentence:    Because the apartment building had...

Positive Leverage

Definition:   when the benefits from borrowing funds exceed the costs of borrowing them Pronunciation:   \ˈpä-zə-tiv, ˈpäz-tiv\ \ˈle-və-rij\ Used in a Sentence:    An investor wants an investment property that will produce...

Policy Manual

Definition:   the notebook of written rules and regulations that set desired standards and procedures in an office Pronunciation: Used in a Sentence:   It is important that a broker has a...