Business / Real Estate Glossary

Master Deed: The principal conveyance document used by the owners of land on which condominiums are located.

Master Plan: A comprehensive plan to guide the long-term physical development of a particular area.

Material Fact: Any fact that is relevant to a person making a decision. Agents must also disclose to buyers material facts about the condition of the property, such as known structural defects, building co . . . View Full Definition

Mean: The average of all items included within a group, calculated by dividing the sum of the individual items, or variates, by the number of variates.

Mechanics Lien: A statutory lien in favor of a building contractor (architects and designers in some states) to secure payment for materials supplied and services rendered in the improvement, repair or main . . . View Full Definition

Median: The middle figure in a set of numbers.

Mediation: A process where a neutral third party intervenes between the disputing parties to reach a satisfactory solution.

Mello-Roos Bonds: Based on passage of the Mello-Roos Community Facilities Act of 1982, certain housing tracts may be within what are called community facilities districts where special taxes are assessed to f . . . View Full Definition

Mentor Program: A training program in a real estate office wherein newly-hired agents assist successful, knowledgeable salespersons for a period of time.

Merger: The joining of a lesser right with a greater right so that the lesser right is lost.

Meridian: One of a set of imaginary lines running north and south used by surveyors for reference in locating and describing land under the government survey method of property description.

Metes-And-Bounds Description: A legal description of a parcel of land that begins at a well marked point and follows the boundaries, using directions and distances around the tract, back to the place of beginning.

Military Ordinance Location: Certain military bases contain live ammunition for various reasons. A seller of residential property located within one mile of such a hazard must give the buyer written notice as soon as pr . . . View Full Definition

Mill: One-tenth of one cent. Some states use a mill rate to compute real estate taxes, for example, a rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property.

Mineral Rights: Rights to subsurface land and profits. Nornally, when real property is conveyed, it includes everything above and below the surface of the land, except where specified by the grantor.

Minor: Someone who has not reached the age of majority and therefore does not have legal capacity to transfer title to real property.

Misdemeanor: Offenses less serious than felonies and generally punishable by a fine or imprisonment less than one year.

Misrepresentation: A false statement or concealment of a material fact made with the intention of inducing some action by another party.

Mistake: An error or misunderstanding. A contract is voidable if there is a mistake that is mutual, material, unintentional and free from negligence, such as both parties honestly contracting for a d . . . View Full Definition

Mitigation: Measures taken to reduce adverse impacts on the environment. To make less severe, as in the mitigation of enviromental hazards.

Mixed-Use Developments (MUDS): MUDs combine office space, stores, theaters and apartment units in a single community. MUDs usually contain and offer laundry facilities, restaurants, food stores, valet shops, beauty parlor . . . View Full Definition

Mobile-Home: Prefabricated trailer-type housing units that are semipermanently attached to land, which is either the owners fee land or a leasehold, such as in a mobile-home park. Mobile homes are usuall . . . View Full Definition

Mobile-Home Loan: A mortgage loan on a large mobile-home, usually drawn for a shorter term than conventional mortgages.

Mobile-Home Park: An area zoned and set up to accommodate mobile homes by providing water hookups and sewage disposal for each home. The mobile-home park contains all utilities, streets, parking and amenities . . . View Full Definition

Mode: The most frequently occurring variate.

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