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Google is as Google does. TBPR gets updated quarterly (at lest that' how often mine changes). As mentioned above "realtime" PR is updated on a daily, hourly and most likely by the second basis.
I was at first confused by why my search results would bring up a PR1 page above a PR4/5/6/whatever page but if you think about this logically, the toolbar PR for a page isn't necessarily relevant to the keyword you gave Google to look for. Could be that you searched for "London Mortgage advice" but Google has given your landing page PR based on other factors (inbounds or content being top of G's list).
I disagree that TBPR (Toolbar PR) is irrelevant. It's a "sniff" of what your site's PR really is. If you get a "no PageRank information available" your page is most likely in supplemental, or not in Google's index at all. This is a worrying thing to happen as it's bound to directly affect SERPS for your site.
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