Your Online Legal Resource Center for Professional Property Management

MADE-LAND - Land that has been artificially created by movement of fill dirt.

MAGGIE MAE - Mortgage Guaranty Insurance Corporation. A mortgage insurer and secondary market for insured mortgages.

M.A.I. - Member Appraisal Institute. A designation given after training and examination by the American Institute of Real Estate Appraisers.

MAINTENANCE FEE - A monthly charge for caring for and repairing ht commonly owned areas in a condominium subdivision or planned unit development.

MAINTENANCE RESERVE - Funds set aside for replacement and repair of structures and facilities.

MAIN WATER SHUTOFF VALVE - The primary valve that halts the flow of water from the water meter into a home.

MAJOR PARTITION - The division of one parcel of land into 2 or 3 lots, including a provision for roads, during 1 calendar year. May vary in different areas.

MAKER - A borrower who signs a note.

MANAGED COMPETITION LOTS - Lots in which buyers choose between one of several builders.

MANAGEMENT AGREEMENT - An agreement between an owner of investment property and the firm or individual hired to oversee it. Also referred to as property management.

MANSARD ROOF - A roof with four sides that slope upward from the roof edge to the square peak.

MANTEL - The facing of stone, marble or other material around a fireplace..

MANUFACTURED HOUSING - Prefabricated homes that can range from simple trailers to larger dwellings.

MANUFACTURED LOT - A lot with utilities and streets provided for and which has been approved by the local regulating office.

MARGIN - The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent.

MARGINAL - An unstable investment; borderline between making money and losing it.

MARKETABILITY - Capable of being sold at current value

MARKETABLE TITLE - Title free and clear of known risks and problems, which can be easily transferred.

MARKET CONDITIONS - Factors affecting the sale and purchase of homes at a particular point in time

MARKET DATA APPROACH - An appraisal method in which similar properties are compared for size, price, location, etc. to arrive at price or value of the subject property. Also called Market Value Approach.

MARKET PRICE - Anticipated or actual sales price.

MARKET RENT - The open market rental value of a property as opposed to the actual rent.

MARKET VALUE - The worth of a property as established by the willingness of a buyer to purchase it and a seller to sell it under terms accepted by both, both being fully informed of market conditions.

MARKUP - A percentage of cost added to the original cost to arrive at a sales price.

MASONRY - The brick or stone work on a building.

MASS APPRAISING - An appraisal made of an entire area for the purpose of assessing property taxes.

MASTER DEED - The recorded main deed of a condominium subdivision granting title to common areas which automatically become part of the deed granted for an individual unit by reference to it.

MASTER LEASE - The main lease of a building which governs leases or subleases which follow it.

MASTER PLANNED COMMUNITY - A suburban plan that includes homes and commercial, work, educational and community facilities.

MATERIALMAN - A supplier of construction materials.

MATURITY - The date on which the final balance of a note, mortgage, etc., falls due.

MAXIMUM FINANCING - A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.

MAXIMUM RENT - Rent regulated by law.

MEANDER LINES - Surveying lines along rivers to measure curves.

MECHANICAL SYSTEMS - A home's plumbing, wiring, heating and cooling systems

MECHANIC'S LIEN - A lien attached to property by recording it, for materials or labor used in its improvement.

MEDIAN PRICE - The price of the house that falls in the middle of the total number of homes for sale in that area.

MEDITATION - A dispute-resolution process in which a neutral party works to resolve contract differences.

MEETING OF THE MINDS - Mutual agreement to the terms in a contract.

MERCURY SWITCH - A silent wall switch which makes electrical contact through mercury.

MERGE - Combining two entities into one.

MERGED CREDIT REPORT - A report that draws information from the Big Three credit-reporting companies: Equifax, Experian and Trans Union Corp.

MERGE LINE - A line, for appraisal purposes, which divides a lot having frontage on two streets, at a point which would give each lot its greatest value.

MERIDIAN - A surveying line circling the earth, spaced 24 miles apart at the equator and crossing at the poles.

METAMORPHIC ROCK - A major type of rock, created by changes in heat and pressure.

METES AND BOUNDS - A time-honored land surveying method of describing land in terms of shape and boundary dimensions.

M.G.I.C. - See Mortgage Guaranty Insurance Corporation.

MICRORELIEF - A farm appraisal term used for low-lying configurations of topography, such as dunes, channels, or mounds.

MILL CONSTRUCTION - The use of fire resistant materials in construction, such as masonry, heavy timbers, brick, etc.

MILLWORK - Manufactured portions of buildings, such as window sashes and doors.

MINERAL RIGHTS - Separate rights of ownership of ores, such as gold, silver and iron beneath the ground, apart from ownership of surface land.

MINERAL WOOL - Rock wool produced by the application of steam under pressure with molten rock; used for insulation.

MINIMUM LOT - The least amount of square footage required for a lot to be approved under zoning laws.

MINIMUM PROPERTY REQUIREMENTS - An FHA term for specifications that require a property to be well-built, well-located and livable before loan approval will be granted or underwritten.

MINIMUM RENTAL - The least amount of fixed rent to be paid under a lease agreement which may call for a percentage of the gross profit, etc.

MINOR PARTITION - The division of one parcel into 2 or 3 lots during one calendar year without providing for streets. May vary in different areas.

MINT CONDITION - Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible.

MISNOMER - A mistake in the use of a name.

MISPLACED IMPROVEMENTS - The division of one parcel into 2 or 3 lots during one calendar year without providing for streets. May vary in different areas.

MISREPRESENTATION - The direct or indirect representation of a fact, through statement or conduct, which is inaccurate; if it misleads a buyer into the purchase of property he might not otherwise buy, the misrepresentation may be a cause for a damage suit or the rescission of a contract.

MIXED-INCOME HOUSING - A neighborhood that contains houses of widely varying prices.

MIXED-USE DEVELOPMENT - A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations.

MOBILE HOME - Manufactured housing which may or may not be moved once it reaches a destination, depending on it size and portability.

MOBILE HOME PARK - An area where mobile home owners may rent space connected to public utilities to park their units.

MODEL HOME - Usually decorated sample home in a subdivision which is used to reflect the quality and style of building available for interested buyers.

MODERNIZATION - Bringing the exterior or interior of a structure up-to-date in design and function. Modernization A change in any of the terms of the loan agreement.

MODULAR HOUSE - A house whose components have been manufactured and assembled prior to being placed on a foundation.

MOISTURE BARRIER - The use of plastic sheeting or a coating to prevent the transfer of moisture from the ground into a structure; prohibits condensation.

MOLDING - Decorative trim elements applied to walls, ceilings, and window and door openings.

MONEY MARKET - The current availability of money for lending on short or long term financing projects.

MONEY MARKET ACCOUNT - Accounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions.

MONEY MARKET FUNDS - A mutual fund that pools the resources of individuals to invest in certain managed investments.

MONTH TO MONTH TENANCY - Occupation of a rental unit without benefit of a lease; the tenant and owner must each give one another 30 days notice prior to termination of occupancy.

MORATORIUM - A tool used by local governments to stop construction in an area until its effect on facilities can be fully studied.

MORTGAGE - A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral.

MORTGAGE ACCELERATION CLAUSE - A clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment.

MORTGAGE BANKER - A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.

MORTGAGE BROKER - A company that works as a real estate matchmaker, linking lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.

MORTGAGE DISCOUNT - Prepaid interest charged by a lender to a seller when FHA or VA financing is to be obtained; the actual rate charged the borrower is established by FHA-VA and does not allow a margin of profit to the lender when the mortgage is resold to a secondary lender. Discount points allow for a profit margin.

MORTGAGEE - A bank or other financial institution that lends money to the borrower. The borrower is considered the mortgagor.

MORTGAGEE'S POLICY - A title insurance policy for the benefit of the lender, insuring against defective title or loss or priority of the mortgage

MORTGAGE INSURANCE - Required by lenders in some loans to protect them from a possible default. All conventional loans with less than a 20 percent down payment require so-called private mortgage insurance, or PMI.

MORTGAGE INTEREST DEDUCTION - The tax write-off that the Internal Revenue Service allows most owners to claim for the annual interest payments they make on their real estate loans

MORTGAGE LIFE INSURANCE - A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired.

MORTGAGE SERVICING - Caring for the responsibilities of mortgage lending, such as collecting installment payments, releasing liens, initiating foreclosure upon default, etc. May be done by a service company hired by the original lender.

MORTGAGE WAREHOUSING - Caring for the responsibilities of mortgage lending, such as collecting installment payments, releasing liens, initiating foreclosure upon default, etc. May be done by a service company hired by the original lender.

MORTGAGOR - The person who borrows money to purchase a house. The lender is called the mortgagee.

MORTISE - Notches cut in wood for the purpose of joining two pieces together.

MOTIVATED BUYER - Any buyer with a strong incentive to make a purchase.

MOTIVATED SELLER - Any seller with a strong incentive to make a deal.

MOVE-IN CONDITION - A house that is ready for a new occupant.

MOVE-UP BUYER - A buyer who has purchased a home before and is looking for a bigger or more expensive home.

MUD ROOM - A small room or hallway near a back entrance where coats and boots are hung.

MULLION - A vertical dividing bar between window lights or panels.

MULTIDWELLING PROPERTY - A property that contains individual units for several households but carries only one mortgage.

MULTIFAMILY DWELLING - A structure which houses more than one family, such as an apartment house or duplex.

MULTIFAMILY MORTGAGE - A mortgage on a multifamily dwelling with more than four families, typically an apartment building.

MULTIPLE LISTING SERVICES - A business organization which a brokerage firm may join for a fee which disburses information on listing agreements over a large area to a number of brokerage firms for the purpose of exposing property for sale to a larger market.

MULTIPLE LISTING SERVICE - (MLS) The service combines the listings for all available homes in an area, except for For-Sale-By-Owner properties, in one directory or database.

MULTIPLE OFFERS - Multiple purchase offers occur in hot markets or hot neighborhoods.

MUNICIPAL HOUSING INSPECTOR - Inspectors employed by cities or counties to check all construction sites to verify that contractors are meeting building codes.

MUNIMENTS OF TITLE - An owner's written evidence of title.

MUTUAL MORTGAGE INSURANCE FUND - A source from which government insured loans are repaid to lenders, upon default by the borrower.

MUTUAL SAVINGS BANK - A bank owned by its depositors which loans it funds on a long-term basis.