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Real Estate Terms - P

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Passive Activity

Any activity that involves the conduct of any trade or business in which the taxpayer does not materially participate. Any rental activity is a passive activity even if the taxpayer materially participates. Tax deductibility of losses from a passive activity is limited.

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Payment Caps

Specified limits of an ARM on how much the monthly payment can increase in any adjustment period or over the term of the loan.

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Percentage Lease

A lease on property in which normally a minimum specified rent is paid or a percentage of gross receipts of the lessee is paid, whichever is higher.

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Personal Property

Property that is not real property

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Planned Unit Development

Five or more individually owned lots where one or more other parcels are owned in common or there are reciprocal rights in one or more other parcels and subdivision.

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