Word | Definition |
Main water shut-off valve | The primary valve that halts the flow of water from the water meter into a home.
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Maintenance fee | The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas.
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Maintenance fee | The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas.
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Maker | A person who makes, executes or signs a legal instrument such as a promissory note.
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Maker | A person who makes, executes or signs a legal instrument such as a promissory note.
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Male | Any part, such as a bolt, designed to fit into another (female) part. External threads are male. |
Managed-competition lots | Lots in which buyers choose between one of several builders.
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Managed-competition lots | Lots in which buyers choose between one of several builders.
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Mansard roof | A roof with four sides that slope upward from the roof edge to the square peak.
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Mansard Roof | A roof which rises by inclined planes from all four sides of a building. The sloping roofs on all four sides have two pitches, the lower pitch usually very steep and the upper pitch less steep |
Mantel | The facing of stone, marble or other material around a fireplace.
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Mantel | The shelf above a fireplace opening. Also used in referring to the decorative trim around a fireplace opening. |
Manufactured housing | Prefabricated homes that can range from simple trailers to larger dwellings.
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Manufactured housing | Prefabricated homes that can range from simple trailers to larger dwellings.
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Manufactured wood | A wood product such as a truss, beam, gluelam, microlam or joist which is manufactured out of smaller wood pieces and glued or mechanically fastened to form a larger piece. Often used to create a stronger member which may use less wood. See also Oriented Strand Board. |
Manufacturer's specifications | The written installation and/or maintenance instructions which are developed by the manufacturer of a product and which may have to be followed in order to maintain the product warrantee. |
Margin | The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable-rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent.
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Margin | The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable-rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent.
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Market conditions | Factors affecting the sale and purchase of homes at a particular point in time.
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Market conditions | Factors affecting the sale and purchase of homes at a particular point in time.
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Market value | The price that a piece of property sells for at a particular point in time.
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Market value | The price that a piece of property sells for at a particular point in time.
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Masonry | The brick or stone work on a building.
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Masonry | Stone, brick, concrete, hollow-tile, concrete block, or other similar building units or materials. Normally bonded together with mortar to form a wall. |
Master-planned community | A suburban plan that includes homes and commercial, work, educational and community facilities.
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Master-planned community | A suburban plan that includes homes and commercial, work, educational and community facilities.
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Mastic | A pasty material used as a cement (as for setting tile) or a protective coating (as for thermal insulation or waterproofing) |
Maximum financing | A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.
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Maximum financing | A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.
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Mechanic's lien | Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment.
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Mechanic's lien | Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment.
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Mechanical systems | A home's plumbing, wiring, heating and cooling systems.
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Mechanical systems | A home's plumbing, wiring, heating and cooling systems.
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Mechanics lien | A lien on real property, created by statue in many years, in favor of persons supplying labor or materials for a building or structure, for the value of labor or materials supplied by them. In some jurisdictions, a mechanics lien also exists for the value of professional services. Clear title to the property cannot be obtained until the claim for the labor, materials, or professional services is settled. Timely filing is essential to support the encumbrance, and prescribed filing dates vary by jurisdiction. |
Median price | The price of the house that falls in the middle of the total number of homes for sale in that area.
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Median price | The price of the house that falls in the middle of the total number of homes for sale in that area.
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Mediation | A dispute-resolution process in which a neutral party works to resolve contract differences.
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Mediation | A dispute-resolution process in which a neutral party works to resolve contract differences.
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Melt Point | The temperature at which the solid asphalt becomes a liquid. |
Membrane | A generic term relating to a variety of sheet goods used for certain built-up roofing repairs and application. |
Merged credit report | A report that draws information from the Big Three credit-reporting companies: Equifax, Experian and TransUnion Corp.
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Merged credit report | A report that draws information from the Big Three credit-reporting companies: Equifax, Experian and TransUnion Corp.
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Metal Edge | Brake metal or metal extrusions which are secured at the perimeter of the roof to form a weathertight seal. |
Metal lath | Sheets of metal that are slit to form openings within the lath. Used as a plaster base for walls and ceilings and as reinforcing over other forms of plaster base. |
Metes and bounds | A time-honored land surveying method of describing land in terms of shape and boundary dimensions.
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Metes and bounds | A time-honored land surveying method of describing land in terms of shape and boundary dimensions.
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Microlam | A manufactured structural wood beam. It is constructed of pressure and adhesive bonded wood strands of wood. They have a higher strength rating than solid sawn lumber. Normally comes in l ½" thickness' and 9 ½", 11 ½" and 14" widths |
Milar (mylar) | Plastic, transparent copies of a blueprint. |
Millwork | Generally all building materials made of finished wood and manufactured in millwork plants. Includes all doors, window and door frames, blinds, mantels, panelwork, stairway components (ballusters, rail, etc.), moldings, and interior trim. Does not include flooring, ceiling, or siding. |
Mint condition | Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible.
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Mint condition | Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible.
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Miter joint | The joint of two pieces at an angle that bisects the joining angle. For example, the miter joint at the side and head casing at a door opening is made at a 45° angle. |
Mixed-income housing | A neighborhood that contains houses of widely varying prices.
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Mixed-income housing | A neighborhood that contains houses of widely varying prices.
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Mixed-use development | A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations.
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Mixed-use development | A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations.
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Modification | A change in any of the terms of the loan agreement.
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Modification | A change in any of the terms of the loan agreement.
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Molding | Decorative trim elements applied to walls, ceilings, and window and door openings.
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Molding | A wood strip having an engraved, decorative surface. |
Money market account | Accounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions.
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Money market account | Accounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions.
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Money market funds | A mutual fund that pools the resources of individuals to invest in certain managed investments.
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Money market funds | A mutual fund that pools the resources of individuals to invest in certain managed investments.
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Monitor | A large structure rising above the surrounding roof planes, designed to give light and/or ventilation to the building interior. |
Monopost | Adjustable metal column used to support a beam or bearing point. Normally 11 gauge or Schedule 40 metal, and determined by the structural engineer |
Mopping | In roofing, a layer of hot bitumen mopped between plies of roofing felt. Full mopping is the application of bitumen by mopping in such a manner that the surface being mopped is entirely coated with a reasonably uniform coating. Spot Mopping is the procedure of applying hot bitumen in a random fashion of small daubs, as compared to full mopping. Sprinkle mopping is a special application of installing insulation to the decks. It is done by dipping a roof mop into hot bitumen and sprinkling the material onto the deck. Strip Mopping is the application of bitumen in parallel bands. |
Mortar | A mixture of cement (or lime) with sand and water used in masonry work. |
Mortgage | A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral.
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Mortgage | A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral.
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Mortgage acceleration clause | A clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment.
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Mortgage acceleration clause | A clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment.
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Mortgage banker | A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.
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Mortgage banker | A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae.
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Mortgage broker | A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.
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Mortgage broker | A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services.
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Mortgage insurance | Required by lenders in some loans to protect them from a possible default . All conventional loans with less than a 20 percent down payments require private mortgage insurance, or PMI.
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Mortgage insurance | Required by lenders in some loans to protect them from a possible default . All conventional loans with less than a 20 percent down payments require private mortgage insurance, or PMI.
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Mortgage life insurance | A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired.
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Mortgage life insurance | A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired.
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Mortgage-interest deduction | The tax write-off that the Internal Revenue Service allows most owners to claim for the annual interest payments they make on their real estate loans.
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Mortgage-interest deduction | The tax write-off that the Internal Revenue Service allows most owners to claim for the annual interest payments they make on their real estate loans.
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Mortgagee | A bank or other financial institution that lends money to the borrower. The borrower is considered the mortgagor.
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Mortgagee | A bank or other financial institution that lends money to the borrower. The borrower is considered the mortgagor.
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Mortgagor | The person who borrows money to purchase a house. The lender is called the mortgagee.
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Mortgagor | The person who borrows money to purchase a house. The lender is called the mortgagee.
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Mortise | A slot cut into a board, plank, or timber, usually edgewise, to receive the tenon (or tongue) of another board, plank, or timber to form a joint. |
Motivated buyer | Any buyer with a strong incentive to make a purchase.
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Motivated buyer | Any buyer with a strong incentive to make a purchase.
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Motivated seller | Any seller with a strong incentive to make a deal.
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Motivated seller | Any seller with a strong incentive to make a deal.
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Move-in condition | A house that is ready for a new occupant. |
Move-in condition | A house that is ready for a new occupant. |
Move-up buyer | A buyer who has purchased a home before and is looking for a bigger or more expensive home.
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Move-up buyer | A buyer who has purchased a home before and is looking for a bigger or more expensive home.
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Mud Cracks | Cracks developing from the normal shrinkage of an emulsion coating when applied too heavily. |
Mudsill | Bottom horizontal member of an exterior wall frame which rests on top a foundation, sometimes called sill plate. Also sole plate, bottom member of interior wall frame. |
Mullion | A vertical dividing bar between window lights or panels.
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Mullion | A vertical dividing bar between window lights or panels.
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Multidwelling property | A property that contains individual units for several households but carries only one mortgage.
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Multidwelling property | A property that contains individual units for several households but carries only one mortgage.
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Multifamily mortgage | A mortgage on a multifamily dwelling with more than four families, typically an apartment building.
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Multifamily mortgage | A mortgage on a multifamily dwelling with more than four families, typically an apartment building.
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Multiple Listing Service (MLS) | A service providing members of Real Estate Associations with information about properties listed for sale or lease.
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Multiple Listing Service (MLS) | A service providing members of Real Estate Associations with information about properties listed for sale or lease.
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Multiple offers | Multiple purchase offers occur in hot markets or hot neighborhoods.
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Multiple offers | Multiple purchase offers occur in hot markets or hot neighborhoods.
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Municipal housing inspector | Inspectors employed by cities or counties to check all construction sites and verify that contractors are meeting building codes.
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Municipal housing inspector | Inspectors employed by cities or counties to check all construction sites and verify that contractors are meeting building codes.
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Muntin | A small member which divides the glass or openings of sash or doors. |
Muriatic acid | Commonly used as a brick cleaner after masonry work is completed. |
Mushroom | The unacceptable occurrence when the top of a caisson concrete pier spreads out and hardens to become wider than the foundation wall thickness. |
