MANAGEMENT AGREEMENT
A contract between the owner of income property and a management firm or individual property manager with an interest in the land to secure its protection or enhancement after accepting periodic payments for acting as supervisor of the affairs of the property.
MARKET The world of commercial activity where goods and services are bought and sold and a price established. Without competition there can’t be any market.
MARKETABLE TITLE Good or clear title is free of objectionable liens that enables an owner to sell his property freely to others and that others will accept without objection. Also known as a merchantable title.
MARKET VALUE The highest price that a buyer would pay and the lowest price a seller would accept on sale of property. It forms most probable sale price of a property in terms of money in a competitive and open market and may be different from the price a property could actually be sold for at a given time.
MANAGEMENT AGREEMENT MASTER PLAN A comprehensive plan to guide the long-term physical development of a particular area.
MECHANIC'S LIEN A statutory lien created by law in favor of contractors, laborers and material men for the purpose of securing priority of payment of the price or value of work performed and materials furnished in building or repairing a structure or personal property.
MERIDIAN One of a set of imaginary lines running north and south and crossing a base line at a definite point, used in the rectangular (government) survey system of property description.
METES-AND-BOUNDS DESCRIPTION A legal description of a parcel of land using distance (metes) and angles/compass directions (bounds), beginning and ending at the same point. It is often used in connection with the Government Survey System.
MILL One-tenth of one cent. In many jurisdictions mill rate is used to assess real estate taxes. For example, a rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property.
MINOR Someone who has not reached the age of majority and therefore does not have legal capacity to transfer title to real property.
MONETARY POLICY Actions by the Federal Reserve System to influence the economy by affecting interest rates with the goals of stimulating economic growth, full employment, price stability and balanced trade with other countries. Tools of monetary policy include open market operations, discount policy and reserve requirements.
MONTH-TO-MONTH TENANCY A periodic tenancy in which no written lease is involved, rent being paid monthly. It is automatically renewed each month on the same terms unless either tenant or landlord gives the other the proper amount of notice (usually 30 days) to terminate the agreement. Such a lease may be written or oral.
MONUMENT A permanently placed survey marker such as a stone shaft sunk into the ground to establish real estate boundaries for a metes-and-bounds description.
MORTGAGE A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.
MORTGAGE BANKER Mortgage loan companies that directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. It also originate mortgages exclusively for resale in the secondary market.
MORTGAGE BROKER An intermediary between the lender and borrower. The intermediary is a broker or an agent of the lender and receives a fee for this service. A broker arranges financing for borrowers with a variety of lenders.
MORTGAGEE A lender in a mortgage loan transaction.
MORTGAGE LIEN A lien or charge on the property of a mortgagor that secures the underlying debt obligations. It is the unpaid balance on the mortgage loan.
MORTGAGOR A borrower in a mortgage loan transaction.
MULTIPERIL POLICIES Insurance policies that that provides coverage against several potential perils, such as those of a fire, hazard, public liability and casualty.
MULTIPLE-LISTING CLAUSE A provision in an exclusive listing for the authority and obligation on the part of the listing broker to invite participation of members of multiple-listing organization. It is found in most residential listing agreements. It is commonly a two-way contract, in that the listing agent is both authorized and required to post the listed property in the multiple listing service.
MULTIPLE LISTING SERVICE (MLS) A marketing organization run by real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own. The MLS also deals with commission splitting and other relations between brokers and agents. Most multiple-listing services accept exclusive-right-to-sell or exclusive agency listings from their member brokers.
MARKET The world of commercial activity where goods and services are bought and sold and a price established. Without competition there can’t be any market.
MARKETABLE TITLE Good or clear title is free of objectionable liens that enables an owner to sell his property freely to others and that others will accept without objection. Also known as a merchantable title.
MARKET VALUE The highest price that a buyer would pay and the lowest price a seller would accept on sale of property. It forms most probable sale price of a property in terms of money in a competitive and open market and may be different from the price a property could actually be sold for at a given time.
MANAGEMENT AGREEMENT MASTER PLAN A comprehensive plan to guide the long-term physical development of a particular area.
MECHANIC'S LIEN A statutory lien created by law in favor of contractors, laborers and material men for the purpose of securing priority of payment of the price or value of work performed and materials furnished in building or repairing a structure or personal property.
MERIDIAN One of a set of imaginary lines running north and south and crossing a base line at a definite point, used in the rectangular (government) survey system of property description.
METES-AND-BOUNDS DESCRIPTION A legal description of a parcel of land using distance (metes) and angles/compass directions (bounds), beginning and ending at the same point. It is often used in connection with the Government Survey System.
MILL One-tenth of one cent. In many jurisdictions mill rate is used to assess real estate taxes. For example, a rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property.
MINOR Someone who has not reached the age of majority and therefore does not have legal capacity to transfer title to real property.
MONETARY POLICY Actions by the Federal Reserve System to influence the economy by affecting interest rates with the goals of stimulating economic growth, full employment, price stability and balanced trade with other countries. Tools of monetary policy include open market operations, discount policy and reserve requirements.
MONTH-TO-MONTH TENANCY A periodic tenancy in which no written lease is involved, rent being paid monthly. It is automatically renewed each month on the same terms unless either tenant or landlord gives the other the proper amount of notice (usually 30 days) to terminate the agreement. Such a lease may be written or oral.
MONUMENT A permanently placed survey marker such as a stone shaft sunk into the ground to establish real estate boundaries for a metes-and-bounds description.
MORTGAGE A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.
MORTGAGE BANKER Mortgage loan companies that directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. It also originate mortgages exclusively for resale in the secondary market.
MORTGAGE BROKER An intermediary between the lender and borrower. The intermediary is a broker or an agent of the lender and receives a fee for this service. A broker arranges financing for borrowers with a variety of lenders.
MORTGAGEE A lender in a mortgage loan transaction.
MORTGAGE LIEN A lien or charge on the property of a mortgagor that secures the underlying debt obligations. It is the unpaid balance on the mortgage loan.
MORTGAGOR A borrower in a mortgage loan transaction.
MULTIPERIL POLICIES Insurance policies that that provides coverage against several potential perils, such as those of a fire, hazard, public liability and casualty.
MULTIPLE-LISTING CLAUSE A provision in an exclusive listing for the authority and obligation on the part of the listing broker to invite participation of members of multiple-listing organization. It is found in most residential listing agreements. It is commonly a two-way contract, in that the listing agent is both authorized and required to post the listed property in the multiple listing service.
MULTIPLE LISTING SERVICE (MLS) A marketing organization run by real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own. The MLS also deals with commission splitting and other relations between brokers and agents. Most multiple-listing services accept exclusive-right-to-sell or exclusive agency listings from their member brokers.