Tuesday, April 30, 2024, 1:44 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
M
M.I.P.The mortgage insurance premium collected by the FHA for insuring the mortgage. |
MANDATE - Civil Law TermA mandate, procuration, or letter of attorney is an act by which one person gives power to another to transact for him and in his name, one or several affairs. |
MARKET PRICEThe price a property brings in a given market. |
MARKET VALUEThe highest price a ready, willing and able buyer, not forced to buy, will pay to a ready, willing and able seller, not forced to sell, allowing a reasonable time for exposure in the open market. |
MARKETABLE TITLETitle free and clear of objectionable encumbrances; title which is free from reasonable doubts or defects, which can be readily sold or mortgaged. |
MECHANIC'S LIENA lien which exists against real property in favor of persons who have performed work or furnished materials for the improvement of real estate. |
MERGER OF TITLEThe absorption of one estate into another. |
METES AND BOUNDSA method of describing or locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning. |
MILEA linear measurement of distance equal to 1,760 yards, or 5,280 feet, or 1,608 meters. |
MILLOne-tenth of one cent. Used in some states to compute property taxes. |