Real Estate Glossary "M"
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
management agreement - A contract by which a property owner employs a property manager. management plan - A document developed by a property manager that outlines the owner's objectives and how the manager intends to meet them. marketable title - Title that is free from major defects that would deter potential buyers of the property. market data approach - See sales comparison approach. market price - The actual sales price of a property, usually different from the market value. market segmentation - Dividing real estate markets into submarkets. market value - The most probable price a property should bring if payment is made in cash and the buyer and seller are unrelated, well informed and acting without pressure. mechanic's lien - A claim against real property by suppliers of goods and services to the real estate. Member of the Appraisal Institute (MAI) - The highest designation awarded by the Appraisal Institute. metes and bounds - One of the common methods of describing real estate. The description starts at a point of beginning (FOB) and describes the circumference of the property, ending at the FOB. mill - An amount equal to one tenth of a cent ($.001). Sometimes used to express a real estate tax rate. misrepresentation - A false statement or concealment of a material fact. modification - The economic characteristic of real estate meaning that a change in one property affects the value of neighboring properties, either favorably or unfavorably. monuments - Monuments are fixed objects used in the metes-and-bounds method of describing real estate. mortgage - A contract between a borrower and a lender that provides security for the loan by creating a lien on the property. mortgage banking company - Originates loans and packages them to investors, who may use their own money or money borrowed from other lenders. They also service loans. mortgage bond financing - The process of selling tax-exempt bonds by municipalities to raise money for low-rate loans to first-time home buyers. mortgage broker - One who arranges a loan between a lender (mortgagee) and borrower (mortgagor) for a fee. mortgagee - The lender or obligee, who receives a pledge from a borrower to repay a loan. mortgage insurance premium - An insurance fee paid by the borrower either to the FHA or to a private mortgage insurer to protect the lender against default. mortgagor - The borrower or obligor, who gives the lender a pledge to repay a loan. multiple listing - A method of sharing listing information among brokers. multiple-listing service (MLS) - An organization composed of member brokers who agree to share their listing information with the intention of more quickly finding buyers for a property. mutual savings banks - Similar to savings banks, they use most of their funds for residential real estate loans. |
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