Dictionary

Mutual Assent

Definition:   A meeting of the minds; a mutual assent of the parties to the formation of the contract Pronunciation:   \ˈmyü-chə-wəl\ \ə-ˈsent, a-\ Used in a Sentence:    The buyer and seller...

Mutual Recognition Agreement

Definition:  a transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education. Pronunciation:   \ˈmyü-chə-wəl\ \ˌre-kig-ˈni-shən\ \ə-ˈgrē-mənt\ Used in a Sentence:   Florida...

Multiple Listing Service (mls)

Definition:   a service arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained...

Multiple Licenses

Definition:   licenses held by a broker in two or more real estate brokerage firms Pronunciation:   \ˈməl-tə-pəl\\ˈlī-sən(t)s\ Used in a Sentence:   Because Jane was the broker for two separate brokerage entities...

Mortgagor

Definition:   a person who borrows money for buying property; a person who takes out a mortgage in order to buy property Pronunciation:   \ˌmȯr-gi-ˈjȯr\ Used in a Sentence:   The mortgagor gave...

Mortgage Insurance Premium (mip)

Definition:   fee paid by FHA borrowers to obtain a loan (up front and annual) Pronunciation:  \ˈmȯr-gij\ \in-ˈshu̇r-ən(t)s\ \ˈprē-mē-əm\ Used in a Sentence:   The MIP payment was calculated into our monthly mortgage payments.