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| Punitive damages
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Also called exemplary damages they are used to penalize the defendant for bad faith, malice, fraud, violence or evil intent and are designed as both punishment and as a deterrent for future actions of the defendant. |
| Pur autre vie
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Latin for though the life of another. A life estate in property is granted to an individual so long as a third party is alive. |
| Purchase agreement
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Document that outlines the purchase price and conditions of the transaction. |
| Purchase order
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Authorization, in writing, to perform a service or supply a material, indicating the cost of such. |
| Purchase-money mortgage (pmm)
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Mortgage obtained by a borrower as partial payment for a property. Type of seller financing which is a mortgage loan from the seller instead of cash for the purchase price of the real estate. |
| Purchasing power risk
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Risk resulting from possible increases or decreases in price levels that can substantially impact real estate values. |
| Pure coat
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Neat cement applies to the mortar bed. |
| Purge
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The displacement of fluids within a system by use of another fluid or an inert gas. |
| Purged line
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A plumbing line in which the faucet has been opened and allowed to run for a specified length of time, usually1-5 minutes. |
| Purlin
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Horizontal secondary structural member used to transfer loads from the primary structural members. |
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