REAL ESTATE GLOSSARY # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z Manufactured Home: A structure built in a factory, that is later shipped to, and placed on, the home site.  The term can apply to both mobile homes and pre-fab homes. Margin: An amount, usually a percentage, which is added to the index to determine the interest rate for adjustable rate mortgages. Marginal Land: Property which is barely profitable to use. Market Approach: An estimate of value based on the actual sales prices of comparable properties. Contrast with cost approach to value and income approach to value. Market Value: The price that a willing buyer and a willing seller, both given full information, and neither under pressure to act, would agree upon. Also known as Fair Market Value. Master-Planned Community: A large scale, mixed use, real estate development that follows a long term, comprehensive plan.  Master-planned communities typically blend different price ranges of residential neighborhoods with some commercial properties designed to serve the residents' needs.  Residential properties may include patio homes, townhouses, condominiums and apartment complexes in addition to neighborhoods of single-family homes.  Likewise, multiple home builders are included in the construction of the various neighborhoods.  Commercial development can consist of retail strip centers and shopping malls, restaurants, entertainment venues and office buildings. In addition, master-planned communities usually offer amenities such as public recreation areas and parks, neighborhood schools and extensive landscaping.  Recreation areas may include public swimming pools, tennis courts, children's play grounds and sports fields.  Many offer large water features and public or private golf courses. The term "master-planned" has become somewhat of an overused buzzword in the current market place.  True master-planned communities require a a multi-year commitment from the developer and contain thousands of homes. Mechanic's Lien: 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. Typical lien claimants are general contractors, subcontractors and suppliers of building materials. A mechanics' lien claimant can sue to have the real estate sold at auction and recover the debt from the proceeds. Because property with a lien on it cannot be easily sold until the lien is satisfied (paid off), owners have a great incentive to pay their bills. Metes and Bounds: A system of land description using distance (metes) and angles/compass directions (bounds), beginning and ending at the same point. Contrast with government survey and recorded plat method. Mid-Rise: A 4-story to 8-story tall building that contains residential apartment or condominium units.  While not offering the panoramic views of a high-rise, mid-rise buildings can offer comparable levels of amenities and services.  Building features may include 24-hour concierge service, swimming pools, spas, saunas, tennis courts, exercise areas, and party rooms.  Security is enhanced at these buildings by the manned entry desks and limited access, covered parking garages. Mineral Rights: An ownership interest in the minerals contained in a particular parcel of land, with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals. Minimum Payment: The minimum amount that you must pay, usually monthly, on a home equity loan or line of credit. In some plans, the minimum payment may be "interest only," (simple interest). In other plans, the minimum payment may include principal and interest (amortized). MLS (Multiple Listing Service): A means by which agents are informed of the properties offered for sale by other agents. Mobile Home: A type of manufactured home, that is transported to the home site using wheels attached to the structure.  Mobile homes come in various widths and lengths, and maybe composed of one to three pieces.  A one piece home is called a "single-wide", while a house that is joined together from two halves is called a "double-wide".  Recently, "triple-wides" have appeared, and become the largest mobile homes available. Month-to-Month Tenancy: A rental agreement that provides for a one-month tenancy that is automatically renewed each month unless either tenant or landlord gives the other the proper amount of written notice (usually 30 days) to terminate the agreement. Mortgage: A legal document by which real property is pledged as security for the repayment of a loan, with stated rights and remedies in the event of default. Lenders typically consider both the property (security) and financial worth of the borrower (covenant) in deciding on a mortgage loan. Mortgage Banker: An individual or company that originates and/or services mortgage loans, loaning you their funds and closing the loan in their name. Mortgage Broker: An individual or company that arranges financing for borrowers using contacts with financial institutions or individuals wishing to invest in mortgages. Mortgage Insurance: An insurance plan that protects the lender if the borrower does not repay a loan. Mortgage insurance is required when a home buyer makes less than a 20% down payment at the time of purchase. Private mortgage insurance (PMI) covers conventional (fixed-year, fixed-rate) loans. The Federal Housing Administration charges a mortgage insurance premium (MIP) on FHA loans. Mortgage Loan: A loan for which real estate serves as collateral to provide for repayment in case of default. Mortgage Note: Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument. Mortgagee: The lender in a mortgage loan transaction. Mortgagor: The borrower in a mortgage loan transaction. Multiple Listing Service: (MLS) A system by which a number of real estate firms share information about homes that are for sale.  Membership usually provides a monthly book and/or computer service that provides Realtors® with detailed listings of most homes currently on the market. # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z