Glossary of Terms
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
| PERSONAL PROPERTY | |
| All property, except land and the improvements thereon. | |
| POWER OF ATTORNEY | |
| Delegated written authority to a person to legally act on behalf of another. | |
| POWER OF SALE | |
| The right of a mortgagee to force sale of the property without judicial proceedings should default occur. | |
| PREPAYMENT CLAUSE | |
| A clause inserted in a mortgage, which gives the mortgagor the privilege of paying the mortgage debt in advance of the maturity date, on stipulated terms. | |
| PRINCIPAL | |
| The employer of an agent or brokerage, who gives the agent the authority to do some act for him/her. | |
| PRINCIPAL AMOUNT | |
| In mortgage law, this term refers to the debt itself, as distinguished from interest. | |
| PROSPECT | |
| A potential buyer or customer. | |