Letter M Vocab

Question 1

What is the formula for Market Value?

Answer 1

GRM (X) Annual Income

Question 2

This term is used to describe something that has a
direct effect on the value of a property” OR “Known flaws or defects that would affect the
outcome of sale”

Answer 2

Material Defect

Question 3

This term is used to describe something that most competent people would find a need to know before making an offer to purchase or listing a home for sale OR Items that if known would have changed the outcome.

Answer 3

Material Fact

Question 4

This term is used to describe a lien filed for the non-payment of labor already performed on a property OR for job site materials that were used during the construction of the property.

Answer 4

Mechanic’s Lien

Question 5

This term is used to describe the state registration systems to maintain a database of registered sex offenders.

Answer 5

Megan’s Law

Question 6

This term is used to describe the term used to measure distance and direction

Answer 6

Metes

Question 7

What does he acronym M.I.P. mean?

Answer 7

Mortgage Insurance Premium ALWAYS carried on FHA insured loans

Question 8

This term is used to describe false statements made without the desire to harm or deceive.

Answer 8

Misrepresentation

Question 9

This term is used to describe the unintentional concealment of a material fact.

Answer 9

Misrepresentation

Question 10

What does the acronym M.L.S. mean?

Answer 10

Multiple Listing Service

Question 11

This term is used to describe a material defect caused by the excessive build-up of moisture in an enclosed location like an attic or inside walls without proper ventilation.

Answer 11

Mold

Question 12

This term is used to describe money that will affect title to the property involved.

Answer 12

Monetary Encumbrances

Question 13

This term is used to describe penalties that are assessed to agents, brokers or firms who are found guilty of discrimination.

Answer 13

Monetary Penalty

Question 14

This term is used to describe the most commonly used Reference Points Term.

Answer 14

Monuments

Question 15

This term is used to describe employees who in the loan department of larger financial institutions like banks,
savings and loan association or credit unions.

Answer 15

Mortgage Banker

Question 16

This term is used to describe an employee who has no direct ties to any one institution and can shop loan programs.

Answer 16

Mortgage Broker

Question 17

This term is used to describe the Lender AKA the Receiv-ee of the Monthly payments.

Answer 17

Mortgagee

Question 18

This term is used to describe the Borrower AKA Giv-or of the Monthly Payments

Answer 18

Mortgagor