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Real Estate Terms - M

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MAI (Member, Appraisal Institute)

A designation issued to a member of the American Institute of Real Estate Appraisers who has met specific qualifications.

 

Fri Dec 21 2007

Maintenance Reserve

Money held in reserve to cover anticipated maintenance expenses.

 

Fri Dec 21 2007
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Margin

For lending purposes, that amount added to a certain index rate, which results in the interest rate charged the borrower.

 

Fri Dec 21 2007

Market Value

The price a buyer will pay and a seller will accept, both being fully informed of market conditions.

 

Fri Dec 21 2007
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Market-Data Approach

An appraisal method to determine value by comparing similar properties to the subject property.

 

Fri Dec 21 2007

Marketable Title

A salable title free of objectionable liens or encumbrances.

 

Fri Dec 21 2007

Master Plan

A comprehensive zoning plan to allow a city to grow in an orderly manner.

 

Fri Dec 21 2007

Mechanic's Lien

A lien created by statute on a specific property for labor or materials contributed to an improvement on that property.

 

Fri Dec 21 2007

Metes and Bounds

A legal description used in describing boundary lines.

 

Fri Dec 21 2007

Mineral Rights

Ownership of the minerals beneath the ground. The owner of mineral rights doesn't necessarily own the surface land.

 

Fri Dec 21 2007


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