Glossary of Terms

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PERSONAL PROPERTY
All property, except land and the improvements thereon.
POWER OF ATTORNEY
Delegated written authority to a person to legally act on behalf of another.
POWER OF SALE
The right of a mortgagee to force sale of the property without judicial proceedings should default occur.
PREPAYMENT CLAUSE
A clause inserted in a mortgage, which gives the mortgagor the privilege of paying the mortgage debt in advance of the maturity date, on stipulated terms.
PRINCIPAL
The employer of an agent or brokerage, who gives the agent the authority to do some act for him/her.
PRINCIPAL AMOUNT
In mortgage law, this term refers to the debt itself, as distinguished from interest.
PROSPECT
A potential buyer or customer.