Terms M Flashcards
Monthly payments by a shareholder to a cooperative corporation.
Maintenance
A contract between the owner of a property and someone who agrees to manage it.
Management Agreement
A document that sets forth the duties of the manager when employed by the owner.
Management Proposal
The amount of interest a bank charges on a loan over the base rate.
Margin
Indicated whether the person is married. The only possible answers are “married” or “single”.
Marital Status
An agreement between member of a trade to refrain from competition in specific market areas.
Market Allocation
The actual selling price of a property.
Market Price
The most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both the buyer and seller aware of current market condition, neither being under duress.
Merket Value
A title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer.
Marketable Title
A long-term planning document. It establishes the framework and key elements of a site reflecting a clear vision created and adopted in an open process. It synthesizes civic goals and the public’s aspirations for a project, give them form and organization, and defines a realistic plan for implementation, including subsequent approvals by public agencies.
Master Plan
A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.
Mechanic’s Lien
A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.
Metes and Bounds
A crime punishable by up to a year in prison and/or $1,000 fine.
Misdemeanor
Making an intentionally false statement to induce someone to contract.
Misrepresentation
A fungus that grows in the form of multicellular filaments called hyphae.
Mold
A temporary prohibition of an activity.
Moratorium
An instrument in writing, duly executed and delivered, that creates a lien upon real estate as security for the payment of a specified debt, which is usually in the form of a bond.
Mortgage
A company, individual or institution that originate mortgages. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages.
Mortgage Banker
An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A mortgage broker gathers paperwork form a borrower, and passes that paperwork along to a mortgage lender for underwriting and approval. The mortgage funds are then lent in the name of the mortgage lender. A mortgage broker collects an origination fee and/or yield spread premium from the lender as compensation for its services.
Mortgage Broker
A banking department form required when a person is acting as a mortgage broker and a real estate broker in the same transaction.
Mortgage Broker Dual Agency Disclosure Form
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
Mortgage Commitment
A clause in a contract that states a mortgage must be obtained in order for the contract to be binding.
Mortgage Contingency Clause
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the FHA or to a private mortgage insurance (MI) company.
Mortgage Insurance Premium (MIP)
The estimate worth of a particular asset which is established for the purposes of obtaining financing secured against that asset.
Mortgage Value
The lender or bank who provides a loan to the borrower or homeowner.
Mortgagee
The borrower, typically a home owner.
Mortgagor
A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other’s houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale.
Multiple Lisiting Service (MLS)
