Continue Real Estate Vocab Letter M

Front 1

Manufactured home

Back 1

a structure built on or after June 15, 1976, transportable in one or more sections, designed and equipped to contain no more than two dwelling units and to comply with HUD building sepcifications

Front 2

Marker

Back 2

See mets and bounds

natural or artificial object used to identify locations in a metes and bounds description. Also called monuments

Front 3

marketable title

Back 3

title that a reasonably prudent 谨慎地 慎重的 purchaser, acting with full knowldge of the facts and their legal significance, would be willing and ought to accept

a defensible title that a reasonably prudent purchaser would accpet

Front 4

master lease

Back 4

the original lease between the lessor and lessee when the lessee subleases the premises

Front 5

Market rent

Back 5

the rent that could be charged for property at the present time, based on demand and the number of available properties

Front 6

Market value

Back 6

the most probable price a property would bring in an arm’s length transaction under normal conditions on the open market see also arm’s length transaction

Front 7

Material fact

Back 7

a fact that would be likely to affect the judgment of a person to whom it is known, such as information concerning the poor phsical condition of a building that is for sale

Front 8

Maxims of jurisprudence

Back 8

rules of common law that have been codified into the Califronia Civil Code

Front 9

Masonry

Back 9

Brick and Stone Products used for exterior building finishing, fireplaces, and other applications

Front 10

Master plan

Back 10

the general plan, the comprehensive, long - term land-use plan for a jurisdiction

Front 11

Measuring life

Back 11

the person, usually the holder of a life estate, against whose life the duration of the life estate is determined

Front 12

Mechanic’s lien

Back 12

a statutory lien against real property in favor of persons who have performed work or furnished material for the improvement of the property

statutory liens by improvers of property for labor, material, and equipment

Front 13

Mello - roos community facilities act

Back 13

California law that requires property owners benefiting from public improvements financed by bond issues to repay the bonds; requires notification to a prospective purchaser of lien assessments on the property

improvement bonds that place offsite improvement costs on the home purchaser rather than on the developer

Front 14

Mello - roos community facilities act

Back 14

California law that requires property owners benefiting from public improvements financed by bond issues to repay the bonds; requires notification to a prospective purchaser of lien assessments on the property

improvement bonds that place offsite improvement costs on the home purchaser rather than on the developer

Front 15

Maridians

Back 15

Imaginary lines that run north to south and intersect base lines that run east to west to form the starting point for land measurement using the rectangular survey system of land description.

Front 16

Metes and bounds

Back 16

method of legal description of land using distances (called metes) measured from a point of beginning and using natural or artificial boundaries (called bounds), as well as single objects (called monuments or markers) as points of reference

Front 17

Metes and bounds

Back 17

method of legal description of land using distances (called metes) measured from a point of beginning and using natural or artificial boundaries (called bounds), as well as single objects (called monuments or markers) as points of reference

Front 18

Mineral rights

Back 18

right of the owner of real estate to explore for and remove solid, liquid, and gaseous substances from the porperty; can be transferred independently of the right to occupy the property’s surface

Front 19

Metes and bounds

Back 19

method of legal description of land using distances (called metes) measured from a point of beginning and using natural or artificial boundaries (called bounds), as well as single objects (called monuments or markers) as points of reference

Front 20

Mineral rights

Back 20

right of the owner of real estate to explore for and remove solid, liquid, and gaseous substances from the porperty; can be transferred independently of the right to occupy the property’s surface

Front 21

Minor

Back 21

a persobn younger than 18 years of age

Front 22

Minimum property requirements (MPRs)

Back 22

minimally acceptable property condition for FHA-insured or VA-guaranteed loans; usually determined by compliance with loan building codes

Front 23

Mediation

Back 23

a nonjudicial process for resolving disputes in which the third party mediator 调停者 works with the parties to reach an agreement

Front 24

Megan’s law

Back 24

A law requiring public availability of location of sex offenders

Front 25

Megan’s law

Back 25

A law requiring public availability of location of sex offenders

Front 26

menace 威胁

Back 26

threat of confinement of a person, detention of property, or injury to a person or property. Menace makes a contract voidable at the option of the injured party

Front 27

Mental capacity

Back 27

being of sound mind

Front 28

Merger

Back 28

the joining of a lesser right with a greater right so that the lesser right is lost. When a dominant tenement owner purchases the servient tenement, the easement is lost by merger. An owner would not have an easement over his own land

Front 29

Mineral lease

Back 29

lease of the right to extract minerals for the lease period (also oil and gas leases)

Front 30

Mineral, oil, and gas (MOG) broker

Back 30

a broker authorized to engage in trasactions involving mineral, oil, and gas rights; options; leases; exchanges; and properties

Front 31

Mineral, oil, and gas(MOG) permit

Back 31

a permit formerly issued to a broker who did not have a mineral, oil, and gas license to engage in a mineral, oil and gas transaction.

Front 32

Mineral, oil, and gas(MOG) permit

Back 32

a permit formerly issued to a broker who did not have a mineral, oil, and gas license to engage in a mineral, oil and gas transaction.

Front 33

Misrepresentation

Back 33

a false statement to induce another to act. Unlike fraud, misrepresentation does not require intent. It makes a contract voidable at the option of the injured party.

Front 34

mobile home

Back 34

a factory-built housing unit that is transported on its own chassis 底盘

a structure transportable in one or more sections, designed and equipped to contain no more two dwelling units, to be used with or without a foundation system; does not incude a recreational vehicle

Front 35

Mobile home park

Back 35

any area or tract of land where two or more mobil home lots are rented, leased, or held out for rent or lease

Front 36

Mobile home park

Back 36

any area or tract of land where two or more mobil home lots are rented, leased, or held out for rent or lease

Front 37

Mobilehome dealer

Back 37

agent who displays or offers for sale two or more registered morbilhomes at the agent’s place of business; requires licensure by the Califronia Department of Housing and Cummunity Development

Front 38

Mobilehome residency law (MRL)

Back 38

Portion of Califronia Civil Code that regulates manufacture (mobil) home rental agreements, charges, grounds for eviction, and eviction procedures.

Front 39

Mold

Back 39

naturally occurring organism, transmitted in the form of microscopic spores, that thrive in damp or humid conditions and can cause an allergic reasction in some ndividuals; certain types of mold are considered posionous.

Front 40

Monument

Back 40

natural or artificial object used to identify locations in a metes and bounds description. Also called markers

Front 41

Monument

Back 41

natural or artificial object used to identify locations in a metes and bounds description. Also called markers

Front 42

Morgan property taxpayers’ bill of rights

Back 42

California law effective January 1, 1994, to ensure that taxpayers are provided fair and understandable explanations of their rights and duties with respect to property taxation, prompt resolution of legitimate questions and appeals regarding their property taxes, and prompt corrections when errors have occured in property tax assessments

Front 43

Monument

Back 43

natural or artificial object used to identify locations in a metes and bounds description. Also called markers

Front 44

Morgan property taxpayers’ bill of rights

Back 44

California law effective January 1, 1994, to ensure that taxpayers are provided fair and understandable explanations of their rights and duties with respect to property taxation, prompt resolution of legitimate questions and appeals regarding their property taxes, and prompt corrections when errors have occured in property tax assessments

Front 45

Mortgage

Back 45

a legal instrument by which property is pleged by a borrower, the mortgagor,as security for the payment of a debt or an obligation owned to a lender, the morgagee

A two-party instrument that creates a lien on real estate. The mortgagor ( the borrower) gives a lien to the morgagee ( the lender)

Front 46

Morgage-backed securities

Back 46

debt instruments that consist of blocks or pools of mortgages on real estate

Front 47

Morgage-backed securities

Back 47

debt instruments that consist of blocks or pools of mortgages on real estate

Front 48

Mortgage bankers

Back 48

those who make mortgage loans and may also serve as mortgagee brokers; in Califronia, mortgage bankers are licensed by the Califronia Department of Business Oversight and subject to the Califronia Residential Mortgage Lending Act (CRMLA), found in the Califronia Financial Code

Front 49

Mortgagee

Back 49

lender to whom a property owner (mortgagor) gives a secruity interest in the property

The lender under a mortgage

Front 50

Morgage forgiveness debt relieft act of 2007

Back 50

provides that debt forgive ness will not be taxed as a gain to debtor for principal residence of debtor

Front 51

Mortgage loan disclosure statement

Back 51

california disclosure of loan terms by mortgage loan brokers

Front 52

Mortgage loan disclosure statement

Back 52

california disclosure of loan terms by mortgage loan brokers

Front 53

Mortgage loan originator (MLO)

Back 53

someone who, for compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residdential morgage loan

Front 54

Morgage insurance

Back 54

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 55

Morgage insurance

Back 55

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 56

Mortgage insurance premium

Back 56

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 57

Morgage insurance

Back 57

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 58

Mortgage insurance premium

Back 58

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 59

Mortgage loan brokerage

Back 59

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 60

Morgage insurance

Back 60

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 61

Mortgage insurance premium

Back 61

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 62

Mortgage loan brokerage

Back 62

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 63

Morgage loan disclosure statement

Back 63

The statement of a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan

Front 64

Morgage insurance

Back 64

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 65

Mortgage insurance premium

Back 65

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 66

Mortgage loan brokerage

Back 66

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 67

Morgage loan disclosure statement

Back 67

The statement of a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan

Front 68

Mortgage loan originator (MLO)

Back 68

real estate licensee who conducts mortgage loan origination activities and must register annually on the Nationwide Mortgage Licensing System & Registry(NMLS)

Front 69

Morgage insurance

Back 69

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 70

Mortgage insurance premium

Back 70

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 71

Mortgage loan brokerage

Back 71

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 72

Morgage loan disclosure statement

Back 72

The statement of a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan

Front 73

Mortgage loan originator (MLO)

Back 73

real estate licensee who conducts mortgage loan origination activities and must register annually on the Nationwide Mortgage Licensing System & Registry(NMLS)

Front 74

Mortgage revenue bonds

Back 74

method of financing community redevelopment projects through issuance of bonds that are repaid by property assessments.

Front 75

Morgage insurance

Back 75

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 76

Mortgage insurance premium

Back 76

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 77

Mortgage loan brokerage

Back 77

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 78

Morgage loan disclosure statement

Back 78

The statement of a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan

Front 79

Mortgage loan originator (MLO)

Back 79

real estate licensee who conducts mortgage loan origination activities and must register annually on the Nationwide Mortgage Licensing System & Registry(NMLS)

Front 80

Mortgage revenue bonds

Back 80

method of financing community redevelopment projects through issuance of bonds that are repaid by property assessments.

Front 81

Mortgagor

Back 81

property owner who gives secruity interest in the property to a lender (mortgagee) in exchange for a loan

The borrower under a mortgage. The mortgagor gives the lien to the Mortgagee

Front 82

Morgage insurance

Back 82

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 83

Mortgage insurance premium

Back 83

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 84

Mortgage loan brokerage

Back 84

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 85

Morgage loan disclosure statement

Back 85

The statement of a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan

Front 86

Mortgage loan originator (MLO)

Back 86

real estate licensee who conducts mortgage loan origination activities and must register annually on the Nationwide Mortgage Licensing System & Registry(NMLS)

Front 87

Mortgage revenue bonds

Back 87

method of financing community redevelopment projects through issuance of bonds that are repaid by property assessments.

Front 88

Mortgagor

Back 88

property owner who gives secruity interest in the property to a lender (mortgagee) in exchange for a loan

The borrower under a mortgage. The mortgagor gives the lien to the Mortgagee

Front 89

Multiple listing clause

Back 89

clause in a listing agreement , usually part of an exclusive authorization and right - to - sell listing, taken by a member of a mutiple listing service, providing that members of the multiple listing service will have the opportunity to find a ready, willing, and able buyer for the listed property

Front 90

Morgage insurance

Back 90

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 91

Mortgage insurance premium

Back 91

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 92

Mortgage loan brokerage

Back 92

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 93

Morgage loan disclosure statement

Back 93

The statement of a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan

Front 94

Mortgage loan originator (MLO)

Back 94

real estate licensee who conducts mortgage loan origination activities and must register annually on the Nationwide Mortgage Licensing System & Registry(NMLS)

Front 95

Mortgage revenue bonds

Back 95

method of financing community redevelopment projects through issuance of bonds that are repaid by property assessments.

Front 96

Mortgagor

Back 96

property owner who gives secruity interest in the property to a lender (mortgagee) in exchange for a loan

The borrower under a mortgage. The mortgagor gives the lien to the Mortgagee

Front 97

Multiple listing clause

Back 97

clause in a listing agreement , usually part of an exclusive authorization and right - to - sell listing, taken by a member of a mutiple listing service, providing that members of the multiple listing service will have the opportunity to find a ready, willing, and able buyer for the listed property

Front 98

Multiple listing service (MLS)

Back 98

an orgnization of real estate agents providing for a pooling of listings and the sharing of commissions on transactions involving more than one agent

Front 99

Morgage insurance

Back 99

private morgage insurance, required by lenders when morgage indebtedness exceeds 80% of property value; also refers to a term life insurance policy that may be purchased by a borrower in an amount equal to the remaining mortgage indebtedness

Front 100

Mortgage insurance premium

Back 100

fee paid by borrower in exchange for lender’s protection in the event of borrower’s default in payment of morgage debt

Front 101

Mortgage loan brokerage

Back 101

individual or company that brings borrowers and lenders together; in Califronia, a real estate broker’s license also includes authority to act as a mortgage broker. In Califronia, a real estate licensee who conducts mortgage loan origination(MLO) activities for residential property of one to four units must obtain an MLO license endorsement that is attached to the real estate license and renewed annually.

Front 102

Morgage loan disclosure statement

Back 102

The statement of a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan

Front 103

Mortgage loan originator (MLO)

Back 103

real estate licensee who conducts mortgage loan origination activities and must register annually on the Nationwide Mortgage Licensing System & Registry(NMLS)

Front 104

Mortgage revenue bonds

Back 104

method of financing community redevelopment projects through issuance of bonds that are repaid by property assessments.

Front 105

Mortgagor

Back 105

property owner who gives secruity interest in the property to a lender (mortgagee) in exchange for a loan

The borrower under a mortgage. The mortgagor gives the lien to the Mortgagee

Front 106

Multiple listing clause

Back 106

clause in a listing agreement , usually part of an exclusive authorization and right - to - sell listing, taken by a member of a mutiple listing service, providing that members of the multiple listing service will have the opportunity to find a ready, willing, and able buyer for the listed property

Front 107

Multiple listing service (MLS)

Back 107

an orgnization of real estate agents providing for a pooling of listings and the sharing of commissions on transactions involving more than one agent

Front 108

Mutual consent

Back 108

agreement of all parties to the specified terms; requirement for a valid contract

the meeting of the minds required for a binding contract

Front 109

Mutuality of contract

Back 109

agreement that imposes obligations on both parties

Front 110

Mutuality of contract

Back 110

agreement that imposes obligations on both parties

Front 111

Mutual mistake

Back 111

a mistake by both parties to an agreement. A mutual mistake as to fact allows a mistaken party to void the contract