Vocab: M Flashcards
Market Comparison
An appraisal method used by an appraiser to arrive at a propertys value by a comparison of recent sales prices of similar properties, adjusted for differences in the properties
Mechanics Lien
A lien created by statute which exists against real property in favor of person who have performed work or furnished materials for the improvements of the real property
Mello- Roos
The Mello- Roos Facilitates Act of 1982 authorizes the formation of community facilities districts; the issuance of bonds and the levying of special taxes there under to finance designated public facilities
Metes and bounds
A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes: length or measurment, Bounds: boundaries. Descriptions are used when accuracy as to the exact location of the line is required
Mobilehome
Property designed to be used as a dwelling, classified as either personal or real property depending on the method of attachment to a parcel of real estate.
Mortgage
A security device by which real estate is hypothecated to secure the payment of a debt; In the event of default on the mortgage a notice procedure for foreclosure is established by statute
Mortgage Insurance Premium (MIP)
The cost for default insurance incurred by a borrower on an FHA insured mortgage set as a percent of the mortgage amount paid up front and an annual rate on the principal balance paid with monthly principle and interest for the life of the mortgage
Mortgagee
An investor who originates a mortgage with a borrower (mortgagor) to secure a loan the lender funds, a lender or creditor
Mortgagor
One who encumbers their property with a mortgage to secure a loan; a borrower
Multiple Listing Service (MLS)
An association of real estate agents pooling and publishing the availability of their listing properties.
Mutual Consent
A meeting of the minds between the parties to a transaction. One of the four essential elements of a contract
