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| Periodic interest rate cap
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This limits the amount an ARM's interest rate can change from one adjustment interval to the next. |
| Periodic tenancy
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Tenancy from month to month or year to year, with no written lease, it is also known as periodic estate or tenancy at will. |
| Periphery
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An outside surface. An outer boundary. |
| Perjury
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The giving of false statements under oath, which is a criminal act and punishable by imprisonment and fine. |
| Perlite
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A natural volcanic glass having distinctive concentric cracks and a relatively high water content. Perlite in a fluffy heat expanded form is used in lightweight insulating concrete, fire-resistant rigid insulation board (R = 2.78 per inch) and potting soil. |
| Perm
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A unit of water vapor transmission, defined as one grain of water vapor per square foot per hour per inch of mercury (Hg) pressure difference (1 inch of mercury = 0.491 psi). |
| Permanent magnet
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Materials that retain residual magnetism without needing outside influence, such as some iron compounds or alnico. |
| Permanent magnet motor
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Permanent magnet motors are often found on battery powered and variable speed tools. Like universal motors, permanent magnet motors are compact and operate well at variable speeds with the added benefit of high starting torque. |
| Permanent mortgage
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Mortgage for an extended period of time, 10 to 25 years. |
| Permeability
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The rate of diffusion or the ability of liquid to flow through a certain material. |
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