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Real Estate Dictionary



MAINTENANCE FEE - As applied to condominiums and planned developments, the amount charged each unit owner to maintain the common areas. Usually a monthly fee paid as part of the budget.
MAKER - One who executes (signs) as the maker (borrower) of a note.
MANUFACTURED LOT - A lot upon which construction of a building may begin. Having all off-site improvements and approvals of government agencies. 
MARKETABILITY - Salability. The probability of selling property within a period of time, within a price range, for specific terms. 
MARKETABLE TITLE - Title which can be readily marketed (sold) to a reasonably prudent buyer aware of the facts and their legal meaning concerning liens and encumbrances.  
MARKET VALUE - The highest price that a buyer is willing to pay and the lowest price that a seller is willing to accept for real estate.
MARKET VALUE APPROACH - Appraising the value of property by comparing the price of similar properties (comparables) recently sold. The degree of similarity of the properties and circumstances of the sale are important considerations in determining value.
MASTER PLAN - A zoning plan for an entire governmental subdivision, such as a city. A comprehensive plan to allow a city to grow n an orderly and sound manner, both economically and ecologically. 
MATERIAL FACT - A fact upon which an agreement is based, and without which said agreement would bet be made.
MECHANIC'S LIEN - A lien created by stature for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements. 
METES AND BOUNDS - Description of land by boundary lines, with their terminal points and angles. Originally meets referred to distance, bounds to direction; modernly, the words have no individual meaning of practical significance. 
MINERAL RIGHTS - The ownership of minerals (coal, gold, iron, etc) under the ground, with or without ownership of the surface of the land. 
MINIMUM LOT -  The smallest allowable lot size for development, as stipulated by local zoning laws. 
MISREPRESENTATION - A statement or conduct by a person which represents to another a fact which is not true. A seller, broker, or builder may have a duty to disclose certain defects n property to a buyer or tenant. Failure to disclose is also misrepresentation The misrepresentation may be innocent( reasonably believed to be true), deliberate (known to be wrong), or negligent (should have known). Depending on the facts and extent of misrepresentation, there may be a suit for damages, rescission of a contract, punitive action against the broker (loss of license), etc..
MORTGAGE - A guarantee of real estate from a borrower as security for the payment of a loan to a lender.
MORTGAGE INSURANCE - Insures the lender against non-payment of a government or conventional loan.
MORTGAGEE - The lender for a home loan.
MORTGAGOR - The borrower in a home loan.
MULTIPLE LISTING - An exclusive listing, submitted to all members of a real estate association, so that each member may have an opportunity to sell a property. 
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