| Term | Definition |
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| Panel | A section or division of a wall, ceiling or a flat piece of building material that forms the part of the surface of a wall, door or cabinet.
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| Paneling | Strips of wood or wood material applied as a finish to a wall.
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| Parcel | An officially described parcel of land.
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| Parking strip | The strip of grass between the sidewalk and the street in front of a house.
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| Partition | An interior wall.
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| Partition | Any kind of structure dividing one room or space from another.
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| Partnership | There are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property).
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| Passive loss | A tax term that refers to any loss from a passive activity, such as the ownership but not the operation of a piece of rental real estate.
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| Passive solar system | A system that supplies solar heat without the use of electric fans or pumps.
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| Patent defect | A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
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