M.A.I.:
Member of the Appraisal Institute.  Designates a person who is a member of the American Institute of Real Estate Appraisers of the National Association of Realtors.

MAINTENANCE COSTS:
The expense of keeping a property in a good state of repair.

MAINTENANCE FEE:
Charge to a unit holder in a condominium or cooperative complex for that person's share of costs of keeping the common-use portions of the complex in a good state of repair.

MAJORITY:
1. More than 50%.
2. The age of majority is the age in years at which a community considers a human being capable of handling his own affairs and legally liable for his actions.

MALL:
Commonly used to refer to the entire shopping complex but properly a reference to the pedestrian area of the mall that connects shopping areas.

MANAGEMENT AGREEMENT:
A contract between an owner of a property and a property management firm in which the firm accepts periodic payments for acting as supervisor of the affairs of the property.

MANAGEMENT FEE:
The property manager's compensation.

MANAGEMENT PLAN:
A written document in which the property manager sets out its goals and the approaches it will use to accomplish those goals in a given period of time for the property.

MANDATORY DELIVERY COMMITMENT:
A lender's written promise to deliver certain funds at specified dates upon terms set out in the commitment.

MANUFACTURED HOUSING:
Known as "pre-fab" housing, any dwelling that is assembled out of components (i.e. walls, floors, roof) constructed off-site and then brought to the building lot.

MARGIN:
The difference or the added amount. In mortgages, the difference between the index interest rate and the interest rate charged on the variable or adjustable rate mortgage. Expressed in the contract as a percentage (i.e. "prime plus three per cent").

MARGIN OF SECURITY:
The difference between the amount of the mortgage loan(s) and the appraised value of the property.

MARGINAL LAND:
Land which barely pays the cost of working or using.

MARINA:
A facility located on a body of water which provides docking, storage, maintenance and other facilities for boats.

MARKET DATA APPROACH:
One of the three methods in the appraisal process.  A means of comparing similar type residential properties, which have recently sold, to the subject property.

MARKET PRICE:
The price paid, regardless of pressures, motives or intelligence.

MARKET RENT:
The rental income that a property would command on the open market with a landlord and a tenant ready and willing to consummate a lease in the ordinary course of business; indicated by the rents that landlords are willing to accept and tenants are willing to pay in recent lease transactions for comparable space.  Also known as economic rent, the amount the owner could charge and obtain for the lease of a property in the current economic circumstances.

MARKET RENTAL RISK:
The possibility that the market rent for a property will change due to changing market forces, making a long-term, fixed rent lease more or less desirable.

MARKET SEGMENTATION:
Analyzing sub-markets within a greater market.

MARKET STUDY:
An analysis of the reaction of the market to influences such as location, demand, extra-market economic events, etc.

MARKET VALUE:
1. The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
2. As defined by the courts, is the highest price estimated in terms of money which a property will bring if exposed for sale in the open market allowing a reasonable time to find a purchaser with knowledge of property's use and capabilities for use.

MARKETABLE TITLE:
Merchantable title; title free and clear of objectionable liens or encumbrances.

MARKETING PLAN:
A written description of how a salesperson intends to advertise a given property to obtain the best price within a reasonable time.

MARKUP:
A percentage of the cost of an item added to the cost to compute the selling price.   Includes expenses and profit.

MASTER ASSOCIATION:
An organization of homeowners in a large condominium or planned unit development (PUD) which includes representatives from other, smaller homeowner organizations.

MASTER LEASE:
The dominant lease in a property, under which one or more sub-leases may exist.

MASTER PLAN:
General plan for the future development of a community.

MATERIAL BREACH:
A contravention of the terms of a contract by one of the parties that is so large that it changes the very nature of the agreement between the parties and allows the innocent party to treat the contract as being at an end and pursue legal remedies (recision, damages, specific performance) from the contravening party.

MATERIAL FACT:
A fact is material if it is one which the agent should realize would be likely to affect the judgment of the principal in giving his consent to the agent to enter into a particular transaction on the specified terms.

MATURITY DATE:
The date upon which a mortgage loan comes due and payable.

MEAN HIGH TIDE:
The level to which the water rose on an average day over a previous period of time (years or decades).

MEANDER LINES:
A vivid description of the measurement used in surveying to set out the boundary of a water course (i.e. a stream or river).

MECHANIC'S LIENS:
A legal claim placed on real estate by someone who is owed money for labor, services or supplies contributed to the property for the purpose of improving it.  Liens placed on property by laborers and material suppliers who have contributed to the work of improvement.

MEETING OF THE MINDS:
In order for a contract to be enforceable, the parties to it must come to a common understanding of the terms of their agreement. If no such common understanding has occurred with regard to a material clause in the contract, the contract may be voidable. This common understanding is referred to at common law as a "meeting of the minds".

MEGALOPOLIS:
A large geographical area composed of a group of adjacent cities.

MENACE:
A threat to commit duress.

MERGER:
The combining of two or more independent bodies into a single body.

MERIDIANS:
Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.

METER:
Also known as metre. The metric system's basic unit for linear measurement, equal to 39.37 inches. 1/10th of a meter is a decimeter; 1/100th is a centimeter; 1/100th is a millimeter.

METES AND BOUNDS:
A system of land description using distance (metes) and angles/compass directions (bounds) beginning and ending at the same point.  A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles.

METROPOLITAN AREA:
The land which is located in a city and in the surrounding areas which can be said to be still part of the economic or political sphere of the city.

MIDDLEMAN:
A slang description for a person who acts to bring together the parties to a transaction.

MILE:
5280 lineal feet.

MILITARY CLAUSE:
A term of a residential lease which allows a tenant who is a member of the military to terminate the lease upon being transferred to another place without suffering any penalty.

MILL:
10 per cent of a penny. In many jurisdictions, property tax assessments are based on a mill rate.

MINERAL DEED:
An instrument which transfers to the purchaser only an interest in the subsurface portion of the property, while retaining to the vendor the surface and air rights.

MINERAL LEASE:
A contract between the owner of a property and another party allowing the other party to explore and exploit any mineral deposits found on the property for a limited period of time in return for a periodic payment.

MINERAL RIGHTS:
The legal interest in the valuable items found below the surface of a property.

MINIMUM DOWNPAYMENT:
The least amount of money a purchaser can provide toward the purchase price of a house under a mortgage loan program.

MINIMUM LOT SIZE:
The smallest size allowable for an independent parcel of property under a zoning by-law or ordinance provision.

MINIMUM PAYMENT:
The lowest amount a borrower is allowed to pay toward a loan, line of credit or other debt in a given period of time.

MINIMUM PROPERTY STANDARDS:
The bare essentials in the way of construction and lot location required by the Federal Housing Administration (FHA) before it will underwrite a mortgage on a residential property.

MINIMUM RENT:
The lowest amount the landlord will accept under a lease contract with a variable rent.

MINIMUM-GUARANTEED PERCENTAGE LEASE:
A lease whereby the landlord is paid periodic rent as a percentage of the gross (or net) sales of the tenant of the premises but where the tenant agrees that the rental payments shall not drop below a specified amount.

MINOR:
All persons under the age of majority, usually 18.

MISNOMER:
An error regarding a name.

MISPLACED IMPROVEMENTS:
Improvements on land which do not conform to the most profitable use of the site.

MISREPRESENTATION:
A statement of a fact that turns out to be false. May be innocent, negligent or fraudulent.

MISTAKE:
An innocent error. If a mistake is made by all parties to a contract about a material fact, the contract may be voidable.

MIXED-USE COMMERCIAL PROJECT:
A development which is designed to mix two or more "uses" of land together (i.e. a shopping center which offers office space for dentists, etc.)

MOBILE HOME:
A dwelling that sits on wheels and may be moved, often under its own power.

MOBILE HOME PARK:
An area specifically designed to allow for permanent or semi-permanent stationing of mobile homes.

MODEL HOME:
A dwelling built first by a developer to allow potential purchasers to see what the finished product will look like once the other homes in the development are completed.

MODIFICATION:
A change to the terms of a contract.

MODULAR HOUSING:
See manufactured housing.

MONUMENT:
A fixed object and point established by surveyors to establish land locations.

MONTHLY DEBT SERVICE:
The periodic payments required to remain current on all outstanding loans.

MONTHLY FIXED INSTALLMENT:
Periodic payment that is applied toward accumulated interest and reduction of principal.

MONTHLY HOUSING EXPENSE:
The total of the costs of maintaining a home per month, including financing, realty taxes and house insurance.

MONTHLY TOTAL EXPENSES:
The total when monthly housing expense is added to monthly debt service.

MORATORIUM:
The temporary suspension, usually by statute, of the enforcement of liability for debt.

MORE OR LESS:
A term used in metes and bounds descriptions and in Agreements between Vendors and Purchasers of land to indicate that the measurement given may not be exact.

MORTGAGE:
A contract providing security for repayment of a loan, registered against property with stated rights and remedies in the event of default.  An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; procedure for foreclosure, in event of default, is established by statute.

MORTGAGE BACK:
Also known as a vendor take-back mortgage. Financing of a purchase of property whereby the vendor accepts only a portion of the purchase price up front and accepts a mortgage (with periodic payments and interest chargeable) for the remainder.

MORTGAGE BANKER:
A firm that offers mortgages for property purchases but, at times, may require financial support from larger institutions to help cover the outlay of cash.

MORTGAGE BROKER:
A middleman who serves to bring borrowers together with lenders. Offers the service of doing the shopping for the borrower while often collecting a fee from the chosen lender rather than from the borrower.

MORTGAGE COMMITMENT:
See COMMITMENT LETTER.


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MORTGAGE CORRESPONDENT:
An authorized agent of a lender for a geographic area.

MORTGAGE DISABILITY INSURANCE:
A policy of insurance which promises to pay periodic mortgage payments for the borrower during any future period that borrower may be disabled from working and, therefore, incapable of making the payments himself.

MORTGAGE GUARANTY INSURANCE:
Insurance against financial loss available to mortgage lenders from a private company.

MORTGAGE INSURANCE:
A policy of insurance which promises to pay out the amount owing in the event that the borrower defaults.

MORTGAGE INTEREST DEDUCTION:
A tax break for people who pay mortgage interest on their homes.

MORTGAGE LIFE INSURANCE:
A policy of insurance which promises to pay out the remaining balance owing on a mortgage should the borrower die. The amount payable by the insurer declines as the mortgage is paid down and the policy ends upon the paying out of the mortgage.

MORTGAGE LOAN CORRESPONDENT:
A person or company who negotiates and services loans for others.

MORTGAGE LOAN SERVICING:
The lender's actions in collecting mortgage payments, allocating payments to principal, interest and escrow accounts, paying out property taxes and insurance over the life of the loan.

MORTGAGE LOAN UNDERWRITING:
The action of reviewing an application for a loan and then advising the lender as to the risk factor in making the loan.

MORTGAGE PROGRAM:
The bundle of features of a particular kind of mortgage offered to the public.

MORTGAGE VALUE:
The estimate worth of a particular asset which is established for the purposes of obtaining financing secured against that asset.

MORTGAGEE:
One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation; a lender.

MORTGAGEE IN POSSESSION:
A lender that has taken over control and occupancy of a property upon default of the borrower to collect income from the property and prepare for foreclosure and sale.

MORTGAGOR:
One who gives a mortgage on his property to secure a loan or assure performance of an obligation;a borrower.

MOST PROBABLE SELLING PRICE:
An estimation of the price a property is most likely to realize in a given market.


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MULTI-DWELLING UNITS:
A property which may have one owner but offers a number of homes for separate people or families.

MULTIFAMILY HOUSING:
Similar to multi-dwelling units, a building which features two or more family dwellings within the same structure. May require special zoning.

MULTIPLE DWELLING:
Also known as multi-dwelling unit.

MULTIPLE LISTING SERVICE (MLS) OR MULTIPLE LISTING:
A listing, usually an exclusive right to sell, taken by a member of an organization composed of real estate brokers, with the provision that all members will have the opportunity to find an interested client; a cooperative listing.

MUNICIPAL ADDRESS:
The city, street and number on the street by which a property is known. Also known as "mailing address" but not the same as "legal description".

MUNICIPAL ORDINANCE:
A rule set down by a local government.

MUNICIPALITY:
A generic name for any organized local government (a city, town, etc.).

MUNIMENTS OF TITLE:
Written documents which may be used to prove an owner's title to a property.

MUTUAL ASSENT:
A shared acceptance by two or more parties.

MUTUAL CONSENT:
Agreement.  Usually evidenced by an offer and an acceptance. One of four essential elements of a contract.

MUTUAL RESCISSION:
The act of ending a contract by obtaining the agreement of all parties to the contract to treat the contract as being at an end.

MUTUAL SAVINGS BANK:
A bank owned by the savers. Located primarily in the Northeastern states.

MUTUAL WATER COMPANY:
A water company organized by or for water users in a given district with the object of securing an ample water supply at a reasonable rate; stock is issued to users.