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| Parameter - Numerical descriptive measures of the population, for example, the arithmetic mean or standard deviation. Parameters are generally unknown and estimated from statistics calculated from a sample of the population. |
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| Parcel - A contiguous area of land described in a single description or as one of a number of lots on a plat; separately owned, either publicly or privately; and capable of being separately conveyed. |
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| Parcel identification system - The scheme by which parcel identifiers are generated. Parcel identifiers are constructed from elements referring to surveying systems, map projection systems, map-page numbers, and geographic areas. |
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| Parcel identifier - A code, usually numerical, representing a specific land parcel's legal description. The purpose of parcel identifiers is to reduce legal descriptions to a uniform and manageable size, thereby facilitating record-keeping and handling. Also called parcel identification number (PIN). |
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| Partial interest - An interest ( in property) that is less complete than a fee simple interest. |
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| Partial payment factor - (Also known as the amortization or periodic repayment factor.) The equal periodic payment that has a present worth of $1, for a specified number of periods and at a specified discount rate. |
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| Percentage lease - A lease that provides for rent payments to be based on a percentage of income (gross or net), usually with a guaranteed minimum payment. |
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| Percent good - An estimate of the value of a property, expressed as a percentage of its replacement cost, after depreciation of all kinds has been deducted. |
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| Percentile - The values that divide a set of data into specified percentages when the data are arrayed in ascending order. The tenth percentile is the value of the observation below which the lowest 10 percent of the values fall, the twentieth percentile is the value below which the lowest 20 percent of the values fall, and so forth. |
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| Perfect competition - The requirements of pure competition plus an additional condition of perfect knowledge on the part of buyers and sellers about all activity in the marketplace. |
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