Pass
1. Single layer of a many layered application, such as in welding, painting stucco, etc. where drying time is needed between application.
2. An opening through a barrier.

Passageway
Enclosed path that connects two areas.

Passive
1. Inactive.
2. Not utilizing outside sources of power to actuate.

Passive Income
Generally, income from rents, royalties, dividends, interest and gains from the sale of securities. A meaning created by the Tax Reform Act of 1986 distinguishes passive income or loss from active income and portfolio income.

Passive Income Generator (PIG)
A business or investment that produces passive income which can be used to offset passive losses.

Passive Investor
Someone who invests money but does manage the business or property.

Passive Loss
Tax term referring to a loss from a passive activity, such as ownership by not operation of rental real estate.

Passive Solar Heating
A system of features incorporated into a building's design to use and maximize the effects of he sun's natural heating capability. System that supplies solar heat without the use of pumps or electric fans.

Pass-Through
Opening in the wall between the kitchen and dining area that is used to pass dishes.

Pass-Through Certificates or Securities
Securities supported by a pool of mortgages. The principal and interest are due monthly on the mortgages and are passed through to the investors who bought the pool.

Paste
Thick mixture of adhesive.

Paste Brush
Brush used to apply paste to wallpaper, usually wide.

Paste Filler
Wood filler, doughy in substance, which fills in gouges, cracks, etc. in woodwork joints and which can be sanded smooth when dried so that it blends into the surrounding surface.

Pastel
Light tint of a color.

Patch
To repair.

Patchal Stick
Trade name of a putty stick that is rubbed across a scratch or dent in wood, filling in and patching the defect.

Patent
Exclusive right granted by he government to a company or person to use, manufacture and sell a product or process for a 17 year period without interference or infringement by other parties.

Patent Defect
Visible deficiency in a piece of property such as a sagging porch, etc.

Patio
Backyard area, either paved with concrete pavers, brick, flagstone, etc., used for relaxation.

Patio Door
A door, usually glass-paned, used as for a rear or side entrance to a house. Usually refers to a sliding glass door with two sections moving on a track - one side slides open and the other remains stationary.

Pattern
1. Template for reproducing a design onto another surface, in exact detail.
2. A model or design.

Patterned Glass
Sheet glass used in decorative doors, windows, lighting fixtures, etc. and can be created by etching, sandblasting or pressing, on one or both sides.

Pavers
Pieces of masonry units that are joined together to be installed as decorative paving material.

Pavilion
1. Ornamented part of a building jutting out from the main building.
2. Large tent, often with a peaked top.
3. Building or part of a building, sometimes partly open and ornamented, used for entertainment purposes.
4. Any of the separate or connected parts of a group of related buildings.

Pavilion Roof
Hip roof with the length of both hips being equal.

Pavement
Surface of a parking lot or road, intended to be tough and resistant yet smooth. Normally there is a wear surface of asphaltic concrete, which is a mixture of asphalt and gravel, over aggregate sub-base of gravel over compacted soil.

Paving Brick
Clay or shale brick, which is used for outdoor areas. They're often burned hard so that they are glazed and fired to be more wear resistant.

Paving Brick Base, Flexible
Paving brick base of compacted sand or gravel, which moves easily and is used to provide good drainage and to prevent moisture from filtering up from the soil, when brick is installed without mortar.

Paving Brick Base, Rigid
Reinforced concrete slab or other non-moving base.

Paving Brick Base, Semi-rigid
Asphalt paving for semi-flexibility, used with brick laid without mortar.

Paving Machine
Machine with either tires or movable tracks that spreads and levels asphalt to a chosen depth.

Pawl
Device which, when used on a winch, contains the ratchet so that it doesn't turn, to keep the load from pulling the cable back off the spool where it is wound. The pawl moves from one ratchet tooth to the next, when the cable is turned.

Payback Period
The amount of time required for cumulative estimated future income from an investment to equal the amount initially invested. It is used to compare alternative investment opportunities.

Payment Bonds
Security that a contractors bills will be paid from the money given by the client, so that the client is not held liable.

Payment Cap
Legal limit on the amount of increase that can be made on an adjustable rate mortgage.