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is determined by the principle of competition, which states that price or profit is set by buyers in the market competing for the same or similar products or services; or by sellers in a market competing for the same buyers.

Price fixing

An agreement (written, verbal, or inferred from conduct) among competitors that raises, lowers, or stabilizes prices or competitive terms.

primary mortgage market

where consumers can shop for and ultimately receive a home loan.


1. One of the main parties to a transaction. For example the buyer and seller are principals in the purchase of real property.

2. In a fiduciary relationship, the person who hires a real estate broker to represent him or her in the sale of property. The phrase "principals only", often found in real estate ads, is meant to exclude real estate agents from contacting the owners of the property.

3. The capital sum. Interest is paid on the principal. An amortized payment includes interest and principal.

prior appropriation

A concept of water ownership in which the landowners right to use available water is based on a government-administered permit system.

Private mortgage insurance (PMI)

where the buyer purchases an insurance policy that provides the lender with funds in the event that the borrower defaults on the loan.


legal process in which the court determines who will inherit a decedent's property and what the estate's assets are.

procuring cause

the things and actions of someone that leads to the desired outcome (a sale).

Example: activities like holding an open house, placing advertisement online/in newspapers, and showing the house to buyers.

profit and loss statement

Also known as the income statement, this statement shows all income minus all expenses which equals the net operating income.

Prohibited Acts

The Civil Rights Act of 1968 prohibited the following activities and conduct in residential real estate transactions:

  • ¬†giving different terms for loans to buy or repair a dwelling, or deny a loan altogether
  • denying membership in MLS
  • refusing to sell, rent, or negotiate with any person
  • changing terms, conditions, or services for different individuals
  • stating or advertising that the property is restricted
  • telling a person that a property is not for sale or rent when it is.
  • making a profit by inducing owners to sell by telling them that persons of protected class are moving into their neighborhood (blockbusting or panic selling)

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