M.A.1. - Designates a person who is a member of a professional appraisal organization.
Marginal Land - Land which barely pays the cost of working or using.
Marketable Title - Title free and clear of objectionable liens or encumbrances; title which is free from reasonable doubts or defects, which can be readily sold or mortgaged.
Market Value - The 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.
Material Fact - A fact is material if it is one which the agent should realize would he likely to affect the judgment of the principal in giving his or her consent to the agent to enter into the particular transaction on the specified terms.
Mechanic’s Lien - A 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 Title - The absorption of one estate into another.
Metes And Bounds - A 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.
Mile - A linear measurement of distance equal to 1,760 yards, 5,280 feet, or 1,608 meters.
Military Clause A clause inserted in some leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances.
Mill - One-tenth of one cent. Used in some states to compute property taxes.
Minor A person who is under the legal age of competence; one under 18 years of age.
Misrepresentation - A false statement of a material fact made with the intent to induce some action by another party.
Monument :A fixed object and point established by surveyors to establish land locations; includes not only artificial objects such as posts and fences, hut natural objects such as trees, mountains and water courses.
Mortgage - An instrument in writing which, when recorded, creates a lien upon property pledged as security for the repayment of a debt or obligation.
Mortgage Banker – A corporation or firm which makes, delivers and services mortgage loans.
Mortgage Broker - A person or firm which acts as an intermediary between borrower and lender.
Mortgagee - The party who lends money and accepts a mortgage to secure the payment of the debt.
Mortgagor - The party who borrows money and gives a mortgage on the properly as security for his obligation to repay the debt.
Mud Tunnel - Passageway for subterranean termites.
Multiple Listing Service (M.LS.) - An arrangement among brokers whereby they share their listings.