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Real Estate Terms Glossary
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Real Estate Terms Beggining with the Letter m
MAI
 
A term that designates a person who is a member of the American Institute of Appraisers of the National Association of Realtors.
   
Mandamus
 
A court decree ordering a lower court judge public official or corporate officer to perform an act acquired of that office.
   
Margin of Security
 
The difference between the amount of secured loan(s) on a property and its appraised value.
   
Marginal Land
 
Land which barely pays the cost of working or using it.
   
Market Data Approach
 
One of three methods in the appraisal process. A means of comparing similar type properties which have recently sold to the subject property.
   
Market Price
 
The price paid regardless of pressures motives or intelligence.
   
Market Value
 
The highest price in terms of money which a property will bring on the open market and under all conditions required for a fair sale i.e. the buyer and seller acting prudently knowledgeably and neither affected by undue pressures.
   
Marketable Title
 
Title free and clear of reasonable objections and doubts; also called merchantable title.
   
Material Fact
 
A fact is material if it is one which the agent should realize would be likely to affect the judgment of the principal in giving his or her consent to the agent to enter into a particular transaction on the specified terms.
   
Mechanic's Lien
 
A lien given by statute to persons supplying labor materials or other services to improve real property. Whenever a contractor laborer or materialman provides labor or materials to improve real property and is not paid that person is entitled to a lien against the property as a means of securing payment. Certain statutory steps must be taken to file record
   
Menace
 
A threat to use duress. (See Duress.)
   
Merchantable Title
 
Title free and clear of reasonable objections and doubts; also called merchantable title.
   
Merger of Title
 
The combination of two estates. Also refers to the joining of one estate burdened by an encumbrance and another estate benefited by the encumbrance. Whenever a benefit and a burden are merged the encumbrance is extinguished.
   
Meridians
 
Imaginary north-south lines that intersect base lines to form a starting point for the measurement of land.
   
Metes and Bounds
 
Terms used to describe the boundary lines of land setting forth all the boundary lines together with their terminal points and angles. Metes means measurements Bounds means boundaries.
   
Minor
 
A person under the age of majority. Someone under age 18.
   
Minus Cash Flow
 
An event that takes place when there is not enough cash to cover expenses and service the mortgage debt.
   
Misrepresentation
 
An intentional or negligent suggestion or statement of a material fact in a false manner with the intent of deceiving someone into taking a course of action he would not otherwise normally pursue.
   
Mitigation
 
Facts or circumstances that tend to justify or excuse an act or course of conduct.
   
Mobile Home
 
A stationary nonmotorized vehicle designed and equipped for human habitation. It may be transported to a homesite by special equipment.
   
Molding
 
Usually patterned strips used to provide ornamental variation of outline or contour such as cornices bases window and door jambs.
   
Month-To-Month Tenancy
 
A lease of property for a month at a time under a periodic tenancy that continues for successive months until terminated by proper notice usually 30 days.
   
Monument
 
A fixed object and point established by surveyors or others to establish land locations.
   
Moratorium
 
The temporary suspension usually by stature of the enforcement of liability for debt.
   
Mortgage
 
An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; a procedure for foreclosure in the event of default as established by statute.
   
Mortgage Guaranty Insurance
 
Insurance against financial loss available to mortgage lenders from the Mortgage Guaranty Insurance Corporation a private company organized in 1956.
   
Mortgagee
 
One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation: the lender under a mortgage. (See Secured Party.) A creditor (lender) under a mortgage.
   
Mortgagor
 
One who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; the borrower under a mortgage. (See Debtor.) A borrower (property owner) of money under a mortgage.
   
Multiple Listing Service
 
An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.
   
Municipal Court
 
An inferior trial court having jurisdiction in cases involving up to $15000 in money damages and in unlawful detainer actions in which the rental value is under $1000 per month.
   
Mutual Assent
 
An agreement between the parties in a contract. The offer and acceptance of a contract.
   
Mutual Water Company
 
A water company organized by or for water-users in a given district with the object of securing an ample water supply at a reasonable rate. Stock is issued to users.
   

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