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| Participation or participating mortgage
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Agreement between a mortgagee and a mortgagor that allows the lender to have a percentage of ownership in that particular property. Allows the lender to share in part of the income or resale proceeds. |
| Particle board
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A generic term for a material manufactured from wood particles or other lignocellulosic material and a synthetic resin or other suitable binder. |
| Particulates
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The fine liquid or solid particles contained in combustion gases. The quantity and size of particulates emitted by cars, power and industrial plants, wood stoves, etc are regulated by the U.S. Environmental Protection Agency. |
| Parting stop or strip
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Small strip of wood which is attached on both sides of a double hung window jamb so that, when the sashes slide past one another, as the window is opened or closed, the relative position of the sashes is maintained. |
| Parting tool
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Also called cutting off tools, they are available for both wood lathes and metal lathes and are used to cut straight into the piece that is turning on a lathe to separate it from the lathe headstock. The wood lathe tool is hand held. The metal lathe tool is held in a tool holder and is advanced into the work as the work spins and cuts completely and smoothly through the work. |
| Partition
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The division of real estate between owners giving each an undivided interest. Alternately, an interior wall dividing an area into two or more rooms or separate areas. |
| Partition action
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Court action to order a compulsory sale of real estate owned jointly between two or more owners. A partition action divided the proceeds of a real estate sale among the joint owners rather than physically dividing the real estate into separate undivided interests. |
| Partition terminal
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Metal edging which serves as an expansion joint at the top of a plaster partition which does not connect to any other part of the construction. |
| Partition wall
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Wall which subdivides space but does not provide structural support. |
| Partnership
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An agreement between two or more entities to go into business or invest. Either partner may bind the other, within the scope of the partnership. Each partner is liable for all the partnership's debts. A partnership normally pays no taxes, but merely files an information return. The individual partners pay personal income tax on their share of income. |
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