Partition - An action seeking to have property owned by two or more persons sold and the proceeds divided between the parties; or to have the property divided into two or more portions.

Partnership - An association of two or more persons to carry on a business for profit as co-owners.

Party wall - A wall erected on the line between two adjacent properties for the use of both parties.

Percolation - The seepage of water through soil; the soil's ability to absorb to water or other liquid.

Personal Property - Any property which is not real property.

Planned Development - Five or more individually owned lots where one or more other parcels are owned in common or there are reciprocal rights in one or more other parcels. A subdivision.

Plat - A map or plan of a certain parcel of land.

Plat Book - A book showing the lots and legal subdivisions of an area.

Pocket Listing - A trade term. An open listing that a real estate salesperson "pockets" or keeps hidden from his/her associates.

Possessory Interest - Right to possess.

Power of Attorney -  An instrument authorizing a person to act as the agent of the person granting it.

Preliminary Title Report - A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a title insurance policy is issued.

Prepayment Penalty - The percentage a lender may require to be paid in addition to the unpaid principal balance when a loan is paid off ahead of schedule.

Prescription -  Obtaining title to property by adverse possession by occupying it for the period determined by law to bar action for recovery.

Prima Facie - Presumptive on its face; true, valid, or sufficient at first impression.

Principal - The employer of an agent.

Promissory Note - The document signed by the borrower promising repayment of the loan showing the amount of monthly payments, interest rate, first payment date, last payment date, and the late charge and prepayment provisions.

Proration of Taxes - To divide or prorate the taxes equally or proportionately to time of use.

Puffing - The sometimes exaggerated buildup a salesperson or the seller may give to property. It is recognized in law as an opinion and not necessarily representing the facts.

Purchase Money Encumbrance - (1) A trust deed or mortgage given by the buyer to the seller as part or all of the purchase price of the property. (2) A trust deed or mortgage given to a third party as security for the borrowing of money used to purchase less than five residential units, one of which is to be occupied by the purchaser.