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 between the owner of income property and a management firm or individual property manager that outlines the scope of the manager’s authority.
Market – A place where goods can be bought and sold and a price established.
Marketable title – Good or clear title, reasonably free from the risk of litigation over possible defects.
Market data approach – Also known as the sales comparison approach. An estimate of value obtained by comparing property being appraised with recently sold comparable properties.
Market value – The most probable price property would bring in an arm’s-length transaction under normal conditions on the open market.
Master plan – A comprehensive plan to guide the long-term physical development of a particular area.
Mechanic’s lien – A statutory lien created in favor of contractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of a building.
Megan’s Law – Federal legislation that promotes the establishment of state registration systems to maintain residential information on every person who kidnaps children, commits sexual crimes against children, or commits sexually violent crimes.
Meridian – One of a set of imaginary lines running north and south and crossing a base line at a definite point, used in the rectangular (government) survey system of property description.
Metes-and-bounds description – A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using directions and distances around the tract, back to the place of beginning.
Mill – One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property.
Minor – Someone who has not reached the age of majority and therefore does not have legal capacity to transfer title to real property.
Mold – Can be found almost anywhere and can grow on almost any organic substance, so long as oxygen and moisture are present. Can cause serious health problems.
Monetary policy – Governmental regulation of the amount of money in circulation through such institutions as the Federal Reserve Board.
Month-to-month tenancy – A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written) a tenancy is generally considered to be month to month.
Monument – A fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description.
Mortgage – A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.
Mortgage banker – Mortgage loan companies that originate, service, and sell loans to investors.
Mortgage broker – An agent of a lender who brings the lender and borrower together. The broker receives a fee for this service.
Mortgagee – A lender in a mortgage loan transaction.
Mortgage lien – A lien or charge on the property of a mortgagor that secures the underlying debt obligations.
Mortgagor – A borrower in a mortgage loan transaction.
Multiperil policies – Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty.
Multiple-listing clause – A provision in an exclusive listing for the authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization.
Multiple-listing service (MLS) – A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on their own. Most multiple-listing services accept exclusive-right-to-sell or exclusive-agency listings from their member brokers.
