Real Estate Glossary

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M

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, the buyer and seller, each acting prudently, 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:

buyer and seller are typically motivated;
both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest;
a reasonable time is allowed for exposure in the open market;
payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

marketable title

is subject to judicial interpretation but generally means that the property title is free from reasonable doubt as to who the true owner is; free from the probable claims of others; and that it is capable of being insured at standard title insurance rates.

mechanic's lien

A statutory lien created in favor of contractor's, laborer, and materialmen who have performed work or furnished materials in the erection or repair of a building.

meridian

One of a set of imaginary lines running north and south and crossing a base line at a definite point, used in the rectangular (government) survey system.

metes and bounds

means distances and directions. This is a way of describing a parcel of land by describing its boundaries. A metes and bounds description always has a starting point, called the point of beginning, and always ends at the same point of beginning.

metes-and-bounds description

A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using directions and distances around the tract, back to the place of beginning.

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minimum level of service

some states are requiring licensees perform some minimum level of service to clients.

mistake

is a narrowly defined tool in contact law that recognizes parties have not reached mutual agreement or meeting of the minds if they are mistaken about a material aspect of the transaction. The mistake must be unintentional and not due to negligence or ignorance. A contract based on mistake would be void. A party cannot claim "mistake" to get out of a contract he or she signed.

Example: A seller has a piece of land for sale. A potential buyer visits the area but views the wrong lot. After entering into the contract the mistake is discovered and the contract is considered void. Neither party could be forced to perform as there was no ‘meeting of the minds’.

modified straight line

is used to estimate accrued depreciation for a single component or an entire structure and provides some improvement in accuracy over the straight line method as it allows a separate calculation for curable physical items and curable functional obsolescence.

In this method, the curable physical depreciation and the curable functional obsolescence is calculated first and then deducted from the cost new of the improvements before the applying the percentage of depreciation to the cost of the remaining incurable improvements. This method assumes that there is generally a uniform decline in value with time.

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monuments

A fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description.

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