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Welcome > Resources > Real Estate Dictionary - A
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Majority |
The age at which an individual is legally
entitled to handle his or her own affairs |
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Margin |
The amount added to the index on an
adjustable-rate mortgage (ARM) that establishes the adjusted interest rate at a
given time |
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Market value, or Fair market
value |
The most likely price that a piece of property
or home can realistically be sold for, and is dependent on the selling price of
similar real estate in the area |
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Marketable title |
A clear, unencumbered title, reasonably
acceptable without the threat of the risk of litigation |
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Maturity |
The date on which the principal balance of a
loan, bond, or other financial commitment is due and payable |
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Mechanic's lien |
A lien created by statute to allow unpaid
contractors, laborers or suppliers who have performed work on or furnished
materials for the construction of a building to recover the value of their
work |
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Metes and Bounds |
Means for describing property by a set of
directions and distances, when there isn't identification based on a surveyed
lot number |
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Minor |
An individual below the age at which he or she
is legally entitled to handle his or her own affairs |
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Monument of Survey |
le indications made on natural or man-made
objects that indicate the boundaries of a survey |
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Mortgage |
A legal document that pledges a property to the
lender as security for the payment of a loan or debt |
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Mortgage broker |
An individual or company that acts as an agent
between borrowers and lenders for the purpose of arranging and negotiating
mortgage contracts; who is paid a fee for such service |
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Mortgage insurance |
A contract that guarantees the lender against
loss caused by a mortgagor's default on a government or conventional mortgage;
such insurance can be issued by a private company or by a government agency,
and covers either only a percentage, or the total, of the mortgage
loan |
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Mortgagee |
The lender in a mortgage
transaction |
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Mortgagor |
The borrower in a mortgage
transaction |
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Multiple-listing service
(MLS) |
An organization of brokers who share their
listing agreements with one another in order to find buyers for their
properties more effectively than they could individually |
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 In the history of the real estate industry, there has been a single approach to working with a real estate agent. If you wanted to purchase a home, an agent showed you properties on behalf of the sellers of those homes. As a buyer, you were not represented by anyone other than yourself. Negotiation over price and terms were entirely your responsibility.
Now there is another way to handle buying property. With buyer agency, your real estate sales associate acts on your behalf in all negotiations. That agent is committed to being your advocate in finding and purchasing your next home, and at no cost to you.
In many cities across the United States, buyer agency is used in the majority of home purchases. With buyer agency, all fiduciary duties are owed to the buyer, not to the seller. The buyer has the freedom to discuss personal finances, negotiating strategies and the value of properties with their buyer agent. The buyer can ask for the opinion of the buyer agent regarding the condition of the property, the effect of improvements, the seller's motivation for selling and a variety of other information thar the seller's agent cannot provide.
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| Q |
What Newport, Rhode Island mansion was built as a birthday present and incorporates 500,000 cubic feet of white marble?
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| A |
The Vanderbilt Marble House was constructed by railroad baron William K. Vanderbilt for his wife Alva, who later divorced him, remarried and moved into a mansion down the street. |
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- NUMBER1EXPERT 
