Real Estate Agent Dictionary
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MAJOR CONCESSION A commercial concession entirely on project land with gross fixed assets or annual gross income over $150,000. See also, COMMERCIAL CONCESSION, MINOR CONCESSION, MIXED CONCESSION.
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.
MARKETABLE OR MERCHANTABLE TITLE A title which is free from reasonable doubt of defect which can be readily sold or mortgaged to a reasonably prudent purchaser or mortgagee; a title free from material defects or grave doubts and reasonably free from possible litigation.
MEAN SEA LEVEL Average sea level position, midway between average high and average low water. Used as a standard for measurement of heights in the past; now replaced by the National Geodetic Vertical Datum (NGVD) in most of the country.
MECHANICS LIEN A statutory lien to secure payment to materialmen and mechanics for materials and services used to repair, improve, or maintain real property.
MEETING OF MINDS A mutual intention of two persons to enter into a contract affecting their legal status based on agreed-upon terms. One of the essential elements of a contract whereby the parties consent to be bound by the exact terms of the contract.
METES AND BOUNDS A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.
MINERAL RIGHTS The right to extract minerals from land. Does not include right to use the surface of the land to conduct mineral extraction. This must be obtained from the surface owner.
MINOR CONCESSION A commercial concession entirely on project land with gross fixed assets or annual gross income under $150,000. See also, COMMERCIAL CONCESSION, MAJOR CONCESSION, MIXED CONCESSION.
MIXED CONCESSION A commercial concession on project and private land. See also, COMMERCIAL CONCESSION,
MAJOR CONCESSION, MINOR CONCESSION.
MONUMENT A natural or manmade fixed object used as a permanent reference point for surveying or to mark land ownership boundaries.
MONUMENTS DESCRIPTION A method of describing property by referring to objects (monuments) on the boundaries.
MORTGAGE A legal instrument pledging a described property for repayment of a loan under certain terms.
MORTGAGE BROKER An individual or firm that makes mortgage loans on its own behalf, with its own funds, usually expecting to re-sell the loans to lenders at a profit.
MORTGAGEE one to whom a mortgage is made; the lender.
MORTGAGOR One who makes a mortgage, the borrower.
MULTIPLE USE Integrated management of all natural resources to achieve optimum use and enjoyment, while balancing environmental qualities, ecological relationships, and esthetic values.