Preamble 
Clause at the beginning of a legislative statute explaining its purpose, it neither confers or increases powers contained within it and is, therefore, not an essential element of it. 

Pre-Approval
Confirmation of the amount to be borrowed by a person whose ability to borrow has already been assessed by the lender. 

Pre-Approval Letter 
A letter from a lender confirming the amount that can be borrowed by a person whose ability to borrow has already been assessed by the lender.

Pre-cast Architectural Concrete 
Concrete, which is used as part of both the structural framework and exposed, finished applications such as siding. It is both weatherproof and decorative. 

Pre-cast Concrete
Concrete parts, such as columns, panels, etc. which are manufactured in a factory and delivered to job sites. 

Pre-Closing 
Prior to actual closing, all information is available in order to insure that all documents are properly executed by the appropriate parties. A pre-closing is used primarily when the closing is expected to be complicated by many extraneous factors. 

Precipitate 
1. To cause a slightly soluble substance to become insoluble due to a chemical reagent or heat and to separate out from the solution.
2. To condense vapor and cause to fall as rain, snow, sleet, etc. 

Precise
1. Strictly defined and accurate. 
2. Minutely exact with no variation. 

Precoat
A flux coat which is applied to a metal surface, prior to soldering or brazing to protect the metal from oxidizing, to dissolve existing oxides and to indicate the temperature since it melts at the proper temperature for soldering or brazing. 

Preemptive Right 
Right of a current stockholder to maintain the percentage ownership in a real estate company by purchasing new shares on a proportionate basis before they are issued to the public. It allows existing stockholders to keep the value and control they presently enjoy. The new shares may be issued to the current stockholders at a lower price than the going market price. Further, brokerage commissions do no have to be paid. 

Pre-engineered Steel Building 
Building which is framed with steel and covered with sheet steel, which is manufactured in a factory, shipped and then erected and assembled on the foundation. 

Preexisting Use 
Property use, which is in violation of the current zoning ordinance, but had been in use prior to the zoning ordinance's enactment. 

Prefabricated 
Constructed in a factory, usually in modules or units, which is then assembled where it is to be used. 

Prefabricated Brick Masonry 
Reinforced and size limited brick masonry sections that are assembled at a different location from the use location. The use of these sections, which are also called Panelized Brick Masonry or Sectionalized Brick Masonry, lower onsite labor costs. 

Prefabricated House 
House made using standardized components that are pre-assembled on an assembly line in a factory and then erected and assembled on the site. Normally, the prefabricated house is trucked onto the home site where it is installed on a completed foundation. 

Preformed Ductwork 
Ductwork which has been manufactured and shaped in a factory to use in special places where needed. 

Pre-grouted Ceramic Tile Sheets 
Sheets of ceramic tile, factory assembled and grouted, with a flexible silicon grout. The mesh backing affords stability during handling and the flexible grout allows handling without damaging the tile or grout. The sheets are bonded to the wall with adhesive and another application of the silicon grout, already used at the factory, to the joints between the sheets. 

Preheat
Heating a joint prior to welding, brazing, thermal spraying or soldering to condition the metal, which improves the weld quality. 

Preheat Temperature 
Specific temperature to preheat a material prior to welding, brazing, thermal spraying or soldering to improve the weld quality by conditioning the metal. If carbon steel pipe is less than one inch thick the preheat temperature should be 50 degrees F. If it is one inch thick or more, the preheat temperature should be 175 degrees F. 

Prehung Door
Door that is factory built with frame, hinges, and trim and is installed as a unit. One type has the door and jamb assembly installed as a single unit with another type having the door hung on the hinge-side jamb, which is installed in the opening followed by the top and latch side jambs. 

Prelease
The obtaining of lease commitments in a building or complex, prior to its being available for occupancy. 

Premise or Premises 
Land and any existing buildings that are part of a conveyance as noted in a deed. 

Premium
Amount paid for real estate over and above the expected prevailing price. The value of a mortgage or bond in excess of its face amount. Alternatively, periodic fee paid for insurance protection. 

Prepaid Assets 
Expenses paid prior to the date they are due, such as insurances, supplies and inventory.

Prepaid Expenses 
Expenditures paid for in advance of the period they cover. 

Prepaid Interest 
Interest on a loan that is paid before it is actually incurred. 

Prepayment 
Payment of a debt before it's due. 

Prepayment Clause 
Clause in a mortgage that gives a mortgagor (borrower) the privilege of paying the mortgage indebtedness before it becomes due. Often, there is a penalty for prepayment. 

Prepayment Fee 
Charge, often required by the terms of a mortgage, that is assessed on the remaining principal when an obligation is paid off before its full term.

Prepayment Penalty
Fee a borrower is assessed for the right to make a loan payment before the due date, such as repaying a mortgage early. 

Prepayment Privilege 
The right of a borrower to retire a loan before maturity. 

Prepayment Terms 
Provision of credit that apply when a loan is paid.

Prequalification
Confirmation of the amount to be borrowed by a person whose ability to borrow has already been assessed by the lender.