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 reached mutual assent on the sale/purchase of the property and were able to execute a contract. Read more...
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. Read more...
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. Read more...
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. Read more...
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 the mortgage as security along with a note as a promise to repay the loan. Read more...
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. Read more...
Mortgagee
Definition:    a lender who holds a mortgage on specific property as security for the money loaned to the borrower Pronunciation:   \ˌmȯr-gi-ˈjē\ Used in a Sentence:    We used our local bank as the mortgagee for our home loan. Read more...
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. Read more...
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. Read more...
Mortgage Broker
Definition:   a person or firm that acts as an intermediary between borrower and lender: one who , for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service  the loans Pronunciation:   \ˈmȯr-gij\\ˈbrō-kər\ Used in a Sentence:    We used a mortgage broker to negotiate the best loan for our purchase. Read more...
Mortgage
Definition:    a legal agreement in which a person borrows money to buy property and pays back the money over a period of years Pronunciation:   \ˈmȯr-gij\ Used in a Sentence:    We applied for a 30 year mortgage when we bought our house. Read more...
Moral Turpitude
Definition:   an act or behavior that gravely violates the sentiment or accepted standard of the community Pronunciation:    \-ˈtər-pə-ˌtüd, -ˌtyüd Used in a Sentence:   State licensing authorities may refuse to issue a license to any person convicted of a crime involving moral turpitude.   Read more...
Monument
Definition:   a visible marker, either a natural or artificial object, set by the government or surveyors, used to establish the lines and boundaries of a survey Pronunciation:   \ˈmän-yə-mənt\ Used in a Sentence:    The surveyor identifies each corner of the property with a visible marker called a monument. Read more...
Monetary Policy
Definition:   the actions undertaken by the Fed to influence the availability and cost of money and credit Pronunciation:   \ˈmä-nə-ˌter-ē also ˈmə-\ \ˈpä-lə-sē\ Used in a Sentence:   The Federal Reserve is charged with the action of setting monetary policy. Read more...
Misrepresentation
Definition:  a false statement or concealment of a material fact made with the intention of inducing some action by another party Pronunciation:   \(ˌ)mis-ˌre-pri-ˌzen-ˈtā-shən, -zən-\ Used in a Sentence:    Misrepresentation can be an affirmative statement such as, “This house does not have termites.” Read more...
Misdemeanor
Definition:   a crime that carries a less severe punishment than a felony; specifically: a crime punishable by a fine and by a term of imprisonment not to be served in a penitentiary and not to exceed one year Pronunciation:    \ˌmis-di-ˈmē-nər\ Used in a Sentence:    Failure to provide accurate and current rental information for a fee is a first-degree misdemeanor. Read more...
Ministerial Duties
Definition:   the duties of the Division of Real Estate that involve recordkeeping Pronunciation:   \ˌmi-nə-ˈstir-ē-əl\\ˈdü-tē\ Used in a Sentence:   All of the recordkeeping done by the Division of Real Estate is part of their ministrial duties. Read more...
Millage
Definition:   a tax rate, expressed as the number of mills to be applied Pronunciation:   \ˈmi-lij\ Used in a Sentence:    The millage rate for the school district is 5 mills.   Read more...
Mill
Definition:   a unit of money used to specify a property tax rate; one-tenth of one cent Pronunciation:   \ˈmil\ Used in a Sentence:   The mill rate used to determine the property  taxes was 52. Read more...
Metes-and-bounds Description
Definition:    a common method of legal description that identifies a property by specifying the shape and boundary dimensions of the parcel.   A metes-and-bound description starts a the point of beginning and follows the boundaries of the land by compass direction and linear measurements and returns to the point of beginning. Pronunciation:    \ˈmēt\ \ˈbau̇nd\ \di-ˈskrip-shən\ Used in a Sentence:    The metes-and-bounds description is the oldest survey method. Read more...
Meridian
Definition:   any of the imaginary lines running north and south used by surveyors for reference in locating and describing land under the government survey method of property description Pronunciation:    \mə-ˈri-dē-ən\ Used in a Sentence:    The Tallahassee principal meridian and base line are the reference lines that govern surveys in Florida. Read more...
Meeting Of The Minds
Definition:   the point when two people, thinking of the same thing, reach an agreement through an offer and acceptance Pronunciation: Used in a Sentence:   Once the buyer and seller came to a meeting of the minds the contract was able to be signed. Read more...
Mediation
Definition:   intervention between conflicting parties to promote reconciliation, settlement or compromise Pronunciation:  \ˌmē-dē-ˈā-shən\ Used in a Sentence:   When the buyer and seller made conflicting demands regarding the escrowed property the broker implemented a mediation process to help settle the dispute. Read more...
Material Fact
Definition:  any fact that affects the value of real property and is relevant to a person making a decision about that property Pronunciation:   \mə-ˈtir-ē-əl\ \ˈfakt\ Used in a Sentence:   Real estate licensees must disclose all material facts to their clients. Read more...
Masonry
Definition:    the stone, brick or concrete used to build things Pronunciation:   \ˈmā-sən-rē\ Used in a Sentence:    The house had a masonry foundation for added stability. Read more...
Market Value
Definition:   the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale Pronunciation:   \ˈmär-kət\\ˈval-(ˌ)yü\ Used in a Sentence:   The appraiser determined that the market value for the property was $375,000. Read more...
Market Allocation
Definition:   an agreement between brokers to divide up competitive market areas among themselves and not complete in each other’s areas Pronunciation:   \ˈmär-kət\\ˌa-lə-ˈkā-shən\ Used in a Sentence:   The various brokers decided to create a market allocation so they would not compete with each other for business. Read more...
Marketable Title
Definition:   good or clear title that is reasonably free from risk of litigation over possible defects; also referred to as merchantable title Pronunciation:   \ˈmär-kə-tə-bəl\ \ˈtī-təl\ Used in a Sentence:    A marketable title is one that is free from plausible or reasonable objections. Read more...
Marital Assets
Definition:   real and personal property that is acquired during a marriage Pronunciation:    \ˈmer-ə-təl, ˈma-rə-\ \ˈa-ˌset also -sət\ Used in a Sentence:    The house and all the furnishings were considered marital assets of the couple. Read more...
Margin
Definition:   the fixed component that is added to the index to calculate the interest rate in an adjustable rate mortgage. Pronunciation:   \ˈmär-jən\ Used in a Sentence:   Generally, the margin stays constant during the life of the loan. Read more...
Majority
Definition:   the age at which a person is no longer a minor and is thus able to enter freely into contracts,  in most states the age is 18. Pronunciation:   \mə-ˈjȯr-ə-tē, -ˈjär-\ Used in a Sentence:    The majority age to enter into a contract in Florida is 18. Read more...
Maintenance Clause
Definition:  a provision in a mortgage agreement that requires borrowers to maintain mortgaged property in good condition Pronunciation:   \ˈmānt-nən(t)s, ˈmān-tə-nən(t)s\ \ˈklȯz\ Used in a Sentence:   When the homeowner did not keep his property in good condition he violated the maintenance clause in his mortgage agreement. Read more...