- MAI
- A term that designates a person who is a memeber of the American Institute of Appraisers of the National Association of Realtors.
- MANDAMUS
- A court decree ordering a lower court judge, public official, or corporate officer to perform an act acquired of that office.
- MARGIN OF SECURITY
- The difference between the amount of secured loan(s) on a property and its appraised value.
- MARGINAL LAND
- Land which barely pays the cost of working or using it.
- MARKET DATA APPROACH
- (See Comparative Market Analysis.)
- MARKET PRICE
- The price paid regardless of pressures, motives, or intelligence.
- MARKET VALUE
- The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
- As defined by the courts, it is the highest price estimated in terms of money that a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser with knowledge of the property's use and capabilities for use.
- MARKETABLE TITLE
- Title free and clear of reasonable objections and doubts; also called merchantable title.
- MATERIAL FACT
- A fact that would be likely to affect a person's decision in determining whether to enter into a particular transaction. Any information thet will influence the judgement or decision of the customer.
- MECHANIC'S LIEN
- A lien given by statute to persons supplying labor, materials, or other services to improve real property. Whenever a contractor, laborer, or materialman provides labor or materials to improve real property and is not paid, that person is entitled to a lien against the property as a means of securing payment. Certain statutory steps must be taken to file, record, and foreclose the lien. Memo to set: A document filed in a lawsuit which asks to be placed on?the waiting list ("docket") for the next available court date.
- MENACE
- A threat to use duress. (See Duress.)
- MERCHANTABLE TITLE
- (See Marketable Title.)
- MERGER OF TITLE
- The combination of two estates. Also refers to the joining of one estate burdened by an encumbrance and another estate benefited by the encumbrance. Whenever a benefit and a burden are merged, the encumbrance is extinguished.
- MERIDIANS
- Imaginary north-south lines that intersect base lines to form a starting point for the measurement of land.
- METES AND BOUNDS
- Terms used to describe the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes means measurements Bounds means boundaries.
- MILLIONARES
- Ninety percent of all millionares become that way from owning property.
- MINOR
- A person under the age of majority.
- In California all persons under eighteen years of age - the age of majority in California. Someone under age 18.
- MINUS CASH FLOW
- An event that takes place when there is not enough cash to cover expenses and service the mortgage debt.
- MISREPRESENTATION
- An intentional or negligent suggestion or statement of a material fact in a false manner with the intent of deceiving someone into taking a course of action he would not otherwise normally pursue. A licensee may be disciplined for misrepresentetion even though the misrepresentation did not result in a loss to the principal.
- MITIGATION
- Facts or circumstances that tend to justify or excuse an act or course of conduct.
- MOBILE HOME
- A stationary, nonmotorized vehicle designed and equipped for human habitation. It may be transported to a homesite by special equipment.
- MOLDING
- Usually patterned strips used to provide ornamental variation of outline or contour, such as cornices, bases, window and door jambs.
- MONEY TO MAKE MONEY
- It takes money to make money in real estate is the general beleif.
- MONTH-TO-MONTH TENANCY
- A lease of property for a month at a time, under a periodic tenancy that continues for successive months until terminated by proper notice, usually 30 days.
- MONUMENT
- A fixed object and point established by surveyors or others to establish land locations.
- MORATORIUM
- The temporary suspension, usually by stature, of the enforcement of liability for debt.
- MORTGAGE
- An instrument by which property is hypothecated to secure the payment of a debt or obligation.
- MORTGAGE
- A contract by which property is hypothecated (pledged without delivery) for the repayment of a loan.
- MORTGAGE GUARANTY INSURANCE
- Insurance against financial loss available to mortgage lenders from the Mortgage Guaranty Insurance Corporation, a private company organized in 1956.
- MORTGAGE LOAN BROKER
- Is required to have a real estate license.
- MORTGAGEE
- One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation: the lender under a mortgage. (See Secured Party.) A creditor (lender) under a mortgage.
- MORTGAGOR
- One who gives a mortgage on his or her property to secure a loan or assure performance of an obligaton; the borrower under a mortgage. (See Debtor.) A borrower (property owner) of money under a mortgage.
- MULTIPLE LISTING
- A listing, usually an exclusive-right-to-sell, taken by a member of an organization composed of real etsate brokers with the provisions that all members will have the opportunity to find an interested client; a cooperative listing. A listing taken by a broker and shared with other brokers through a specialized distribution service, usually provided by the local real estate board. Generally, such listings are exclusive right to sell listings.
- MUNICIPAL COURT
- An inferior trial court having jurisdiction in cases involving up to $15,000 in money damges and in unlawfurl detainer actions in which the rental value is under $1,000 per month.
- MUTUAL ASSENT
- An agreement between the parties in a contract. The offer and acceptance of a contract.
- MUTUAL WATER COMPANY
- A water company organized by or for water-users in a given district, with the object of securing an ample water supply at a reasonable rate. Stock is issued to users.
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