Presale
Sale of proposed properties before construction is completed.

Prescription
Method of obtaining title to property through adverse possession, such as open, notorious, and continuous use of the property for a statutorily prescribed period of time.

Prescriptive Easement
Passage through the property of another, by long term usage without objection by the owner, which establishes precedence, which common law considers that a right has been established.

Preservative
Chemical that protects from deterioration, rot or infestation of materials, such as wood. Copper napthenate and pentachlorophenol are commonly used as preservative for wood that is exposed to such conditions.

Pre-Sold Home
Home that is sold prior to being built.

Pressed Brick
Brick that is molded under pressure, causing it to be uniform and strong.

Present Value of Annuity
The value now of a level stream of income to be received each period for a finite number of periods.

Present Value Analysis
Way of valuing real estate that computes the discounted present value of an expected stream of income, including rental income and future capital gains or losses.

Present Value of One
The value today of an amount to be received in the future, based on a compound interest rate.

Present Value Tables
Pre-calculated tables providing the present values of $1 or an annuity of $1 for different time periods and at different discount rates.

Preservation District
Zoning designation covering a sensitive environmental area, parkland, scenic area or historic district, and placing especially strict limitations on private landowners' and nonowners' freedom to change the essential character of sites within the district.

Pressure
1. Force exerted upon an opposing body.
2. Compression; squeezing.
3. A condition of distress.

Pressure Balance Valve
Valve which keeps hot and cold water at the proper temperature and pressure by use of a diaphragm inside the faucet which reacts to increase or decrease the flow to keep it constant.

Pressure Drop
Pressure decrease, occurring from friction losses in a fluid system, from one point to another.

Pressure Gas Welding
Oxyfuel welding process, which can be used in automated welding operations, which heats the surface to the proper temperature and then fuses the parts under sufficient pressure, without use of filler metal.

Pressure Gauge
Apparatus to measure the amount of pressure exerted by fluids and gas and are used in systems that have dynamic operating characteristics so that changes must be monitored.

Pressure Loss
Pressure decrease, occurring from friction losses in a fluid system, from one point to another.

Pressure-reducing Valve
Control valve, often found in a water system, which will reduce pressure between the inlet and outlet to maintain the set outlet pressure when there are fluctuations in the inlet pressure.

Pressure Regulator
Device used in a water service line, which reduces water pressure to the proper pressure for household use.

Pressure Relief Valve
Safety vent that relieves pressure in a water heater.

Pressure Tank
Device used to pump water from a well.

Pressure Treated Wood
Wood, which is protected against rot and insects, by having a preservative fluid force into it under pressure.

Prestressing or Pretensioning
Use of stretching steel cables, in a concrete form, so that tension is put on them prior to the placement of concrete. Even after the concrete has set and hardened, the steel stays in tension, to add to the concrete strength.

Pre-Tax Income
The amount earned from a business or investment before deducting income taxes.

Preterit
Past action(s) of a property owner or tenant.

Preventive Maintenance
Maintenance procedures conducted to prevent later repairs and extending a useful life.