MAI:  Member of Appraisal Institute

MAKER:  One who executes (signs) a note in the capacity of the maker (borrower).

MARKET INDICATORS:  Statistical measures of construction and real estate activity, including issued permits, indices of building costs, deeds recorded, and homes for sale.

MARKET PRICE:  The price a property brings in a given market. Commonly used interchangeably with market value, although not truly the same.  (See also Market Value.)

MARKET RENT:  The rental income that a property would most probably command on the open market based on current rents paid for on the open market for comparable space.  (See also Economic Rent.)

MARKET STUDY:  A forecast of future demand for a type of project along with recommendations as to quantity to be sold or leased and prices to be charged.  Also known as Marketability Study.

MARKETABLE TITLE:  Title to real property that can be readily marketed (sold) to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances.

MARKET VALUE:  The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.  Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

  1. Buyer and seller are equally motivated;
  2. Both parties are well informed or well advised and acting in what they consider their own best interests;
  3. A reasonable time is allowed for exposure in the open market;
  4. Payment is made in cash or in financial arrangements comparable thereto; and
  5. The price represents the normal consideration for the property sold unaffected by special or creative financial or sales concessions granted by anyone associated with the sale.

MASTER LEASE:  A primary lease that controls subsequent leases and which may cover more property than subsequent leases.

MASTER PLAN:  (1) A zoning plan for an entire governmental subdivision (a city).  A comprehensive plan to allow a city to grow in an orderly manner, both economically and ecologically.  (2) A developer’s plan for a multi-phase office park or mixed-use development that takes into account all proposed or projected uses, improvements, and amenities.

MECHANIC’S LIEN:  A claim created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair or improvements to land and which attaches to the land as well as to the improvements.

METES AND BOUNDS:  The boundary lines of land described in accordance with their terminal points and angles. Originally, metes referred to distance and bounds referred to direction.  Today the words have no individual meaning of practical significance.

MIXED-USE:  Space within a building or project provided for more than one use (an apartment building with office space, a hotel with office space, or a retail establishment with apartments).

MORTGAGE:  The instrument that evidences an interest in real estate and created to provide a pledge as security for the performance or repayment of a loan.  The borrower (mortgager) retains possession and use of the property.

MORTGAGEE:  The party that lends the money and receives the mortgage.

MORTGAGOR: The party that borrows the money and gives the mortgage on the property.

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