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The payment in full of an existing loan, typically at the time of refinancing or upon the sale or transfer of a secured property.

Percentage Lease
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises. Percentage leases are common with large retail stores.

Plot Plan
A plan displaying the layout of improvements on a property site; a plot. The plot plan usually includes location, dimensions, parking areas, landscaping and the like.

Pocket License Card
Proof of real estate licensure, sometimes called a “wallet card,” issued by the state real estate licensing agency.

Porter's Wage Escalation
An escalation method that charges additional rent per square foot according to changes in the hourly wage and/or fringe benefits package specified under the building owner's labor union agreement.

The act of either actually or constructively possessing or occupying the premises.

Pre-Built Suites
Available space that is used for ready-to-go offices on demand. This space may be rented on a monthly basis.

Present Value
The amount that a dollar figure payable in the future is worth at the present time.

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

The tenant's proportionate share of the total space.

Property ID
The number assigned to an individual property for identification purposes. This number allows the customer to quickly access specific building information through our search page.

Property Status
Construction status of a building: existing, under construction or proposed.

Per Square Foot