The Real Estate
Encyclopedia: P-T

In real estate and land use regulation, a planning commission is an agency of local government responsible for guiding the development, redevelopment, and preservation of land within its jurisdiction. It plays a central role in shaping community growth and land use...

A Planned Unit Development (PUD) is a type of residential or mixed-use community designed and developed as a single, unified project under a comprehensive development plan. Unlike traditional subdivisions, which are typically governed by standard zoning requirements,...

In real estate, a planned development is a subdivision made up of separately owned parcels of land that are part of a unified development scheme. Property owners are typically members of an association that owns and manages common areas and shared facilities. In some...

In real estate finance, P.I.T.I. stands for principal, interest, taxes, and insurance, which are the four main components of a typical monthly mortgage payment. Principal and interest relate directly to repayment of the loan, while taxes and insurance cover property...

In real estate finance, a piggyback loan is a financing arrangement in which two or more lenders make loans on the same property under a single mortgage or deed of trust. The combined loans are secured by the same real estate. Piggyback loans are often used to...

In real estate finance, P.I. stands for principal and interest, referring to the two primary components of a loan payment. The principal portion reduces the outstanding loan balance, while the interest portion represents the cost of borrowing the funds. The term P.I....

In real estate appraisal, physical life refers to the length of time an improvement is expected to remain structurally sound and usable when properly maintained. It represents the period during which the building can physically function as intended. Physical life is...

In real estate appraisal, physical deterioration refers to the loss in value of a property caused by impairment of its physical condition. This decline results from factors such as wear and tear, aging, use, and exposure to the elements. Physical deterioration may be...

In real estate law, personal property refers to any property that is not classified as real property. It generally includes movable items that are not permanently attached to land or buildings. Personal property can include furniture, equipment, appliances, vehicles,...

In real estate finance, a permanent mortgage is a long term loan placed on a property after construction has been completed. It is typically used to replace short term construction financing and generally has a term of ten years or more. Permanent mortgages are often...