|
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
M
management agreement: a contract between the owner of income property and a management firm
or an individual property manager that outlines the scope of the manager’s
authority.
Mandatory Continuing
Education (MCE): a requirement for
most brokers and all salespersons to complete 15 classroom hours of education
once every two years in order to renews a real estate license.
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 to
the value: See sales comparison
approach
market price:
the actually selling price of the property.
market value:
the highest price a ready, willing, and able buyer would pay and the lowest
price a seller would except.
mechanic’s lien:
a statutory lien created in favor of contractions, laborers, material men, and
others who have performed work or furnished materials in the erection of a
building.
metes-and-bounds
description: a legal description of a
parcel of land that begins at a well-marked point and follows the boundaries
using direction and distances around the tract back to the place of beginning.
misrepresentation: a false statement, or concealment, of material fact with intention of
inducing action of another.
mitigate damages: to take reasonable steps to reduce or eliminate the amount of damages
to be incurred by another party.
monetary policy:
governmental regulation of the amount of money in circulation through such
institutions as the Federal Reserve Board.
money judgment:
a court judgment ordering payment of money rather than specific performance of
a certain action.
monument:
a fixed natural or artificial object used to establish real estate boundaries.
mortgage:
a conditional transfer or pledge of real estate as security for the payment of a
debt.
mortgage backed
securities: securities that are
secured by pools of mortgages and are used to channel funds from securities
markets to housing markets.
mortgage broker:
a person who, for a fee, brings borrowers and lenders together but does not
service the loans that have been arranged.
multiperil policies: a type of insurance that packages several types of coverage into one
policy.
multiple listing: an exclusive listing with the additional authority and obligation on
the part of the listing broker to distribute the listing to other brokers.
Add a Definition |