A section or division of a wall, ceiling or a flat piece of building material that forms the part of the surface of a wall, door or cabinet.
Paneling
Strips of wood or wood material applied as a finish to a wall.
Parcel
An officially described parcel of land.
Parking strip
The strip of grass between the sidewalk and the street in front of a house.
Partition
An interior wall.
Partition
Any kind of structure dividing one room or space from another.
Partnership
There are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property).
Passive loss
A tax term that refers to any loss from a passive activity, such as the ownership but not the operation of a piece of rental real estate.
Passive solar system
A system that supplies solar heat without the use of electric fans or pumps.
Patent defect
A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
Patio
An interior courtyard or a paved backyard area.
Payment cap
A legal limit on the amount a monthly payment can increase on an adjustable rate mortgage.
Percolation test
A test used to determine the ability of soil to accommodate a septic system.
Per-diem interest
Interest charged or accrued daily.
Perennial
Any plant that produces leaves, flowers and seeds from year to year, such as irises or peonies.
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