Real Estate Dictionary

M

management agreement: a contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager's authority.

Mandatory Continuing Education (MCE): a requirement for most brokers and all salespersons to complete 15 classroom hours of education once every two years in order to renews a real estate license.

market: a place where goods can be bought and sold and a price established.

marketable title: good or clear title, reasonably free from the risk of litigation over possible defects.

market data approach to the value: See sales comparison approach

market price: the actually selling price of the property.

market value: the highest price a ready, willing, and able buyer would pay and the lowest price a seller would except.

mechanic's lien: a statutory lien created in favor of contractions, laborers, material men, and others who have performed work or furnished materials in the erection of a building.

metes-and-bounds description: a legal description of a parcel of land that begins at a well-marked point and follows the boundaries using direction and distances around the tract back to the place of beginning.

misrepresentation: a false statement, or concealment, of material fact with intention of inducing action of another.

mitigate damages: to take reasonable steps to reduce or eliminate the amount of damages to be incurred by another party.

monetary policy: governmental regulation of the amount of money in circulation through such institutions as the Federal Reserve Board.

money judgment: a court judgment ordering payment of money rather than specific performance of a certain action.

monument: a fixed natural or artificial object used to establish real estate boundaries.

mortgage: a conditional transfer or pledge of real estate as security for the payment of a debt.

mortgage backed securities: securities that are secured by pools of mortgages and are used to channel funds from securities markets to housing markets.

mortgage broker: a person who, for a fee, brings borrowers and lenders together but does not service the loans that have been arranged.

multiperil policies: a type of insurance that packages several types of coverage into one policy.

multiple listing: an exclusive listing with the additional authority and obligation on the part of the listing broker to distribute the listing to other brokers.