Glossary M

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MAINTENANCE CLAUSE
A provision in a mortgage agreement that requires mortgagors (borrowers) to maintain mortgaged property in good condition.
MAJORITY
A person having attained 18 years of age, or having married or by a court order; no longer a minor; a number greater than one half the total.
MALFEASANCE
The committing of an unlawful act, especially by a public official.
MANDAMUS, WRIT OF
An order of a superior court directing a lower court body to do some specified act.
MANDATE
Directive from a higher authority to a lower body.
MARKETABLE TITLE (MERCHANTABLE TITLE)
Rights to real property that are so clear that a buyer may have peaceful and quiet enjoyment of the property free of litigation.
MARKET VALUE
The most profitable price a property will bring from a fully informed buyer, willing but not compelled to buy, and the lowest price a fully informed seller will accept if not compelled to sell.
MASTER IN CHANCERY
An appointed assistant to a court.
MECHANIC's LIEN
(SEE CONSTRUCTION LIEN)
A claim based on the principle of ?unjust enrichment?; favors parties who have performed labor or delivered materials or supplies for the repair of building of an improvement to real property.
MEDIATION
The act of having a 3rd party attempt to reconcile a dispute between two parties.
MEETING OF THE MINDS
The point when two people, thinking of the same thing reach an arrangement through an offer of acceptance.
MERIDIAN
Any of the imaginary lines of longitude on the earth's surface; in land description, and the vertical lines running in a North-South direction parallel to the principle-(prime) meridian and separating the various ranges.
METES and BOUNDS
A type of land description (?metes? means measurements and ?bounds? means boundaries.)
MIDDLEMAN
An intermediary who merely brings two parties together.
MILL
A unit of money used to specify a property tax rate ($1 for each $1,000 of taxable value.)
MILLAGE
A tax rate, expressed as the number of mills to be applied.
MISDEMEANOR
Any crime punishable by fine or imprisonment other than in a penitentiary.
MISFEASANCE
A lawful act done in a negligent or unlawful manner.
MISREPRESENTATION
A false or misleading statement of material fact, concealment of a material fact.
MONUMENT
Man made or natural object used to establish boundaries of land.
MORAL TURPITUDE
An act of corruption, vileness, or moral depravity; a disgraceful action or deed.
MORTGAGE
A written agreement that pledges property as security for payment of a debt.
MORTGAGE BANKER
One who makes mortgage loans with the expectation of reselling them to an institutional lender. (See also mortgage company.)
MORTGAGE BROKER
One who finds a mortgage lender for a potential borrower, and vice versa.
MORTGAGE COMPANY
A mortgage loan company that originates, services, and sells loans to investors.
MORTGAGEE
A lender who holds a mortgage on specific property as security for the money loaned to the borrower.
MORTGAGE INSURANCE PREMIUMS (MIPs)
Fees paid by FHA borrowers to obtain a loan (up front and annual).
MORTGAGOR
A borrower who gives a mortgage on his or her property in order to obtain a loan from a lender.
MULTIPLE LICENSES
Licenses held by a broker in two or more real estate brokerage firms.
MULTIPLE LISTING SERVICE (MLS)
An arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result.