Dictionary

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 Senten...

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 Senten...

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...

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...

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 s...

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 Sente...

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 Senten...

Definition:    a type of legal description of land Pronunciation:   Used in a Sentence:   The new subdivision used a lot and block map for us to choose a home site for building our new house.

Definition:   the relationship between the amount borrowed and either the appraised value or sale price (whichever is lower) of a property Pronunciation: Used in a Sentence:   The higher the LTV, t...