Dictionary
M
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 reached mutual assent on the sale/purchase of the property and were able to execute a contract.
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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 and Connecticut have a mutual recognition agreement for real estate licensing.
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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 and a greater chance of a sale will result.
Pronunciation: \ˈməl-tə-pəl\
Used in a Sentence: Our realtor used the MLS to find several houses for us to look at over the weekend.
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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 she was required to have multiple licenses.
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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.
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Mortgage Loan Originator (mlo)
Definition: person who solicits or offers to solicit mortgage loans, accepts or offers to accept mortgage loan applications, negotiates the terms or conditions of new or existing loans, processes loan applications or negotiates the sale of existing loans to noninstitutional investors
Pronunciation: \ˈmȯr-gij\\-ˈri-jə-ˌnā-tər\
Used in a Sentence: The mortgage loan originator negotiated the terms of our new loan.
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Mortgage Lender
Definition: a business entity that originates, sells and then services mortgage loans. They are not depository institutions. They originate loans and then package the loans together and sell the entire package.
Pronunciation: \ˈmȯr-gij\
Used in a Sentence: Mortgage lenders are the largest originators of residential real estate loans.