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| Primer
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Initial coat of paint or sealant applied to a surface in preparation for painting. The primer seals the surface and provides a good base for additional coats of paint or other material. |
| Priming jet
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Opening in bowl through which tank-supplied water flows, designed to propel waste up into the trapway. |
| Principal
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(1) Amount of money originally borrowed, minus any payments subsequently made. (2) First in importance; a primary person; a head or chief of something. |
| Principal balance
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How much the borrower has left to pay on the loan principal. |
| Principal broker
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The licensed broker responsible for the operations conduced by the firm. |
| Principal meridian
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Principal line running north and south in the government rectangular survey method. Other meridians, each 24 miles apart, are surveyed from the principal meridian. |
| Principal of supply and demand
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Economic principle determining the market prices of goods, services, and property. The principle states that there is a pricing relationship between supply and demand. Economic forces interact affecting the overall pricing relationship. If demand increases and the supply remains constant, then the price will increase. However, an increase in price will then spur increased supply, which will tend to depress prices. |
| Principal residence
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Primary residence of an individual; the place where a person lives most of the time. May be a single-family house, condominium, trailer or houseboat. A principal residence may qualify for a homestead rebate. |
| Principal, interest, taxes and insurance (piti)
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Payment amount calculated to include the principal, interest, taxes and insurance on an amortizing loan and represents the borrower's actual monthly mortgage-related expenses. |
| Principle of conformity
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The concept that a house will be more likely to appreciate in value if it is similar to other houses in the neighborhood. |
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