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Principal
Principal 1) The outstanding balance of a loan. 2) A party to a real estate transaction. 3) The head of a real estate firm.
RELATED TERMS--------------------------------------
Balance
The appraisal principle that states that the greatest value in a property will occur when the type and size of the improvements are proportional to each other as well as the land.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
SIMILAR TERMS--------------------------------------
Principal balance
The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges.
Principal meridian
The main imaginary line running north and south and crossing a base line at a definite point, used by surveyors for reference in location and describing land under the rectangular (government) survey system of legal description.
Principal payments
The return of invested capital to the lender.
Principal, interest, taxes, and insurance (PITI)
The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage.
Principle of conformity
The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
Principle of progression
An appraisal term which states that real estate of lower value is enhanced by the proximity of higher-end properties.
Principle of regression
The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
PREVIOUS AND NEXT TERMS--------------------------------------
Prime for life
A type of line of credit loan coveted by consumers that fixes the interest at the prime rate for the life of the loan.
Prime rate
The interest rate that banks charge to their preferred customers.
Prime space
Typically refers to first-generation space that is available for lease.
Prime tenant
The major tenant in a building, or the major or anchor tenant in a shopping center.
Primer
The initial coat of paint that is applied before the final topcoat.
Principal
Principal balance
The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges.
Principal meridian
The main imaginary line running north and south and crossing a base line at a definite point, used by surveyors for reference in location and describing land under the rectangular (government) survey system of legal description.
Principal payments
The return of invested capital to the lender.
Principal, interest, taxes, and insurance (PITI)
The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage.
Principle of conformity
The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
This dictionary contains 6433 terms. |
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