MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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P

Private

Belonging to, restricted to, or intended for an individual person.

Private Mortgage Insurance (PMI)

Protection for the lender against a loss if a borrower defaults on a loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.

Probate Property

Property that is subject to distribution by the probate process. The table in the Estate Planning section shows property that is subject to probate.

Promissory Note

A promissory note is a binding legal document that a borrower signs to obtain a loan. It lists your rights and responsibilities under the loan agreement, including how and when the loan must be repaid. Rights and responsibilities for credit card accounts are listed in the Cardmember Agreement.

Promissory Notes

A signed agreement promising payment of a sum of money on demand or at a specific time.

Property

The exclusive right to own, possess, enjoy, and dispose of anything of value. All property is either real or personal. Real property consists of land, buildings, and other things permanently attached to the land. Personal property consists of all property that is not real property and is either tangible or intangible. Items of tangible personal property are objects that have value in themselves, such as furniture, jewelry, cars, pets, and computers. Items of intangible personal property represent things of value, such as cash, stocks, bonds, patents, and trademarks.

Property Tax

What you pay on land you own. That applies to whether it's the house you live in or property you own with nothing on it but dirt. The tax is usually charged by your local government, which bases your property tax on what it thinks your property is worth if you decided to sell it. Property taxes are mainly used to repair roads, build schools, remove snow and perform other services in your town.

Q

Quarterly

Quarterly divides the year into four parts. In a calendar year, the first quarter is January through March, second quarter is April through June, third quarter is July through September, and fourth quarter is October through December.

R

Real Estate Investment Trust (REIT)

A type of investment that pools the money of many individuals and acquires real estate or mortgages that are then owned proportionally by each investor.

Reasoning

The process of making and supporting a judgment; giving reasons to defend the conclusion.

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