Propane
A heavy, colorless, gaseous hydrocarbon of the methane series which occurs naturally in petroleum and used as fuel in refrigerants, aerosols, soldering torches, etc.

Propane Torch
Portable, hand held torch which consists of a bottle containing pressurized propane gas with a screwed on burner nozzle. The nozzle is used to direct the burning gas, when it is ignited, to be used for soldering, brazing, etc.

Propeller
Apparatus consisting of two or more twisted blades which are mounted on a hub and which rotate with that hub to move fluid axially to propel the object to which it is attached.

Property
The rights that one individual has in lands or goods to the exclusion of all others. Property rights include exclusive occupancy, possession, use and the right of disposition. Individuals, groups, organizations and governments may own property.

Property and Casualty Policy
Insurance contract providing coverage for risks primarily associated with negligence and acts of omission associated with third-party injuries or property losses. Property and casualty policies normally exclude losses associated with war, riots, and unreasonable negligence.

Property Brief
Summarization of the attributes and characteristics of the property such as that indicated in the legal records (title search).

Property Damage Liability Insurance
An insurance policy that promises to pay all the legal obligations of the insured due to negligence in which damage to the property has been caused.

Property Damage Liability Losses
Losses arising from damage to or destruction of property.

Property Depreciation Insurance
Insurance protection for the replacement cost of damaged property. Thus, the accumulated depreciation is not subtracted in determining the amount of reimbursement.

Property Description
A legally acceptable description of real estate including metes and bounds, government rectangular survey, or lot numbers of a recorded plat. All property deeds have a legal description.

Property Insurance
Insurance affording protection against losses due to damage to or destruction of property or contents therein. Insurance protects assets and any future income thereon from loss, such as a fire, etc.

Property Inventory
A listing of all assets a person or business own, their cost and appraised value.

Property Line
Official dividing line between two properties. Legal boundary of property.

Property Management
The operation of property as a business, including rental, rent collection, maintenance, etc.

Property Report
Required by the Interstate Lane Sale Act for the sale of subdivisions of 50 lots or more, if the subdivision are not otherwise exempt. Filed with HUD's Office of Interstate Land Sales Registration (OILSR).

Property Residential Technique
In appraisal, a method for estimating the value of property based on estimated future income and the reversionary value of the building and land.

Property Tax
Taxes paid on privately owned properties and are based on local tax rates and assessed property values.

Property Tax Deduction
U.S. tax code allowing homeowners to deduct the amount they have paid in property taxes.

Property Under Contract
Real estate being offered for sale that has received a contract for sale but has not gone to a closing.

Property Value
Value of a piece of property based on the amount a buyer will pay at any g given time.

Proportional
1. The comparative relation between things with respect to size, amount, degree, etc.
2. To be in proper harmony and balance.

Proportionality
Comparing properties in terms of some measure(s) such as dimensions and dollar value. Alternately, percentage relationship of a specific part of property to the whole property.

Proposal
Detailed presentation of an offering to perform a job for a specified amount under certain conditions. Often given by a subcontractor to a general contractor.

Proprietary Lease
Lease in a cooperative apartment building, the lease a corporation provides to the stockholders, which allows them to use a certain apartment unit under the conditions specified.

Proprietorship
Ownership of a business, including income-producing real estate, by an individual, as contrasted with a partnership or corporation.

Pro Rata
An equal amount, according the fraction held by each.

Prorate
Allocation of percentages of certain expenses to be paid by the buyer and seller at time of closing.

Pro Ration of Taxes
The proportionate division of axes at the closing between the buyer and the seller.

Prospect
Potential customer or client.

Prospect Cards
File of prospective real estate customers showing their address, telephone number, time and date of last contact, types of properties in which they are interested, and their financial capabilities.

Prospectus
A printed descriptive statement about a business or investment that is for sale, to invite the interest of prospective investors. Document that must accompany a new issue of securities for a real estate company or partnership and must include the same information in the registration statement, such as a list of directors and officers, financial statements certified by a CPA, underwriters, the purpose and use for funds, and other relevant information.

Pro Tanto
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim.

Protect
To shield from injury, danger or loss.

Protected Membrane
Roofing with a protective surface on the top.

Protected Membrane Roof Assembly
Roof design where the gravel and insulation are applied over the membrane, which is thin coating of water resistant material.

Protective Clothing
Clothing which is intended to prevent injury when working on a specific job.

Protective Coating
Coating which is intended to provide protection against the elements.

Protective Covenants
Statement in a deed that specified actions or improvements can or cannot take pace on a given property. The covenants may stipulate the use of the property, restrict the number of occupants and prohibit certain actions. Alternately, an agreement restricting specified financial transactions.

Protective Life
Anticipated or expected life of a protective coating when used on a structure.

Protractor
An instrument, in the form of a graduated semicircle, which is used to plot and measure angles.

Protractor and Depth Gauge
Graduated ruler which can measure the depth and angle of a hole by being slid through a pivot on a protractor.

Proximate
1. Nearly accurate.
2. Next or nearest in space, order, time, etc.

Proximity Damage
Decline in value of real estate property because it is near something which is damaging to its worth.

Proxy
A person who represents another, particularly in some meeting. Also, the document giving, to another, the authority to represent.

Pry Bar
Crowbar made of heavy metal, used for prying nails, with one end made into a wedge and the other bent into a hook with a claw foot.

Prudent Investment
Investment made rationally and intelligently as would be expected by a professional person.

P-Trap
Plumbing device, used to prevent sewer gas from entering a building, by keeping a water seal in the drain.