Terms M Flashcards
(27 cards)
Monthly payments by a shareholder to a cooperative corporation.
Maintenance
A contract between the owner of a property and someone who agrees to manage it.
Management Agreement
A document that sets forth the duties of the manager when employed by the owner.
Management Proposal
The amount of interest a bank charges on a loan over the base rate.
Margin
Indicated whether the person is married. The only possible answers are “married” or “single”.
Marital Status
An agreement between member of a trade to refrain from competition in specific market areas.
Market Allocation
The actual selling price of a property.
Market Price
The most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both the buyer and seller aware of current market condition, neither being under duress.
Merket Value
A title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer.
Marketable Title
A long-term planning document. It establishes the framework and key elements of a site reflecting a clear vision created and adopted in an open process. It synthesizes civic goals and the public’s aspirations for a project, give them form and organization, and defines a realistic plan for implementation, including subsequent approvals by public agencies.
Master Plan
A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.
Mechanic’s Lien
A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.
Metes and Bounds
A crime punishable by up to a year in prison and/or $1,000 fine.
Misdemeanor
Making an intentionally false statement to induce someone to contract.
Misrepresentation
A fungus that grows in the form of multicellular filaments called hyphae.
Mold
A temporary prohibition of an activity.
Moratorium
An instrument in writing, duly executed and delivered, that creates a lien upon real estate as security for the payment of a specified debt, which is usually in the form of a bond.
Mortgage
A company, individual or institution that originate mortgages. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages.
Mortgage Banker
An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A mortgage broker gathers paperwork form a borrower, and passes that paperwork along to a mortgage lender for underwriting and approval. The mortgage funds are then lent in the name of the mortgage lender. A mortgage broker collects an origination fee and/or yield spread premium from the lender as compensation for its services.
Mortgage Broker
A banking department form required when a person is acting as a mortgage broker and a real estate broker in the same transaction.
Mortgage Broker Dual Agency Disclosure Form
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
Mortgage Commitment
A clause in a contract that states a mortgage must be obtained in order for the contract to be binding.
Mortgage Contingency Clause
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the FHA or to a private mortgage insurance (MI) company.
Mortgage Insurance Premium (MIP)
The estimate worth of a particular asset which is established for the purposes of obtaining financing secured against that asset.
Mortgage Value
