GLOSSARY OF REAL ESTATE TERMS

Pass-through. Expenses or a portion of expenses associated with tenancy that are "passed through" from the landlord to the tenant who then pays them.

Percentage Lease
A lease of property in which the rent is based upon the percentage of the sales volume made on the specific premises. There is usually a clause for a minimum rent as well.

Personal Property
Any property which is not real property. Examples include furniture, clothing, and artwork.

Power of Attorney
A written instrument duly signed and executed by an individual which authorizes an agent to act on his behalf to the extent indicated in the document.

Prime tenant. A tenant who occupies a great portion of the space available within a given building that may, in addition, be owned by that tenant.

Principal. (1) A sum lent or employed as a fund or investment, as distinguished from its income or profits; (2) the original amount (as of a loan) of the total due and payable at a certain date; (3) a party to a transaction, as distinguished from an agent.

Principal and agent. The relation created by express or implied contract or by law whereby one party delegates the transaction of some lawful business, with more or less discretionary power, to another who undertakes to manage the affair and render an account thereof.

Procuring cause. A broker will be regarded as the 'procuring cause' of a sale, so as to be entitled to commission, if his efforts are the foundation on which the negotiations resulting in a sale are begun" Coles versus Pattison, 189 Okl. 160, 114 P. 2d 457, 458.

Pro forma. A set of figures projecting costs and income on a proposed new property. Used as a basis for capitalization.

Public corridor. The space that leads to different tenants' spaces from a service core.

Punch list. A list prepared by the architect, designer and owner and formally submitted to the contractor to note any deficiencies when the check all completed construction, which assures verification that such work has been accomplished in a good, workmanlike manner in respect to the contract documents.