Vocabulary M

Question 1

Market Data Approach Appraisal

Answer 1

Method of appraising real estate, which analyzes comparable property sales to determine market value

Question 2

Market price

Answer 2

An estimate for the most probable price that particular real estate will bring in cash, in an open and market value

Question 3

Marketable title

Answer 3

Title that is reasonably free of defects

Question 4

Material facts

Answer 4

Information that is sufficiently relevant to influence a decision

Question 5

Mechanical lien

Answer 5

Specific, statutory, involuntary lien against real property by material men or mechanic (laborers) for the value of materials or labor improvements, repairs or maintenance of real property

Question 6

Metes and bounds

Answer 6

Identifying the outer edges of a parcel by establishing a well marked starting point (POB or point of beginning) the man describing in which direction and how far the the property boundaries run from the POB

Question 7

Minister acts

Answer 7

Routine acts that do not involve discretion or the exercise of a significant independent judgement

Question 8

Multiple Listing Service (MLS)

Answer 8

Organization of brokers who formally exchange listing information about real estate