Real Estate Terms M

# 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

Major Deficiency - A deficiency in the property that may be costly to repair or that effects the usability or habitability.

Manufactured Housing - Commonly referred to as a mobile home, its any structure that has been assembled off site and then relocated to a piece of real property.

Marginal Land - A piece of property whose value has gone down as a result of either external factors or an internal defect.  Usually it is most costly to fix it than the property is worth.

Market Price - The price paid for a piece of property at a specific time period and under current market conditions for that date.

Market Value - The price a piece of property will sell for when compared to other similar sold properties in the area and current demand.

Misrepresentation - The intentional ommission or active concealment of information by one party to another.  For example, a seller knowingly omitting the fact that house had a small leak in the plumbing to the buyer.

Master planned communities - (also known as Planned Unit Developments) are large new home communities that typically feature parks, recreational areas, schools and community shopping. Generally  these communities are at least 1,000 acres in size and its development and construction are governed by a set of architectural and landscaping design standards and/or land use restrictions.

multiple listing serviceMultiple Listing Service (MLS) -   A database based on locality of all property for sale that is maintained by the local REALTORS® association.

Real Estate Glossary