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Ever had that moment when a real estate definition leaves you with more questions than answers, causing a wave of irritation? Yeah... us too.

Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

Manufactured Housing
Manufactured Housing refers to homes that are built in a factory and then transported to a specific location for installation. These homes are designed to be movable and can be placed on a permanent foundation or set up in a mobile home park.... (Read more)
Market Area
A market area is a geographic area or political jurisdiction where properties similar to the subject property compete with it for potential buyers or users. It's the area where people might look for properties that are similar to the one they... (Read more)
Market Equilibrium
Market Equilibrium is a term that describes a state of balance or stability, where opposing forces or factors are evenly matched, and there is no change happening. In real estate, equilibrium can refer to the balance between supply and demand,... (Read more)
Market Price
The market price is the price that someone actually pays for a product or service in a specific market or area. In the context of real estate, it refers to the price that a buyer actually pays for a property that generates income, such as... (Read more)
Market rent
Market rent, or economic rent, is the amount of money someone would likely pay to rent a property, like a house or an apartment, if it were empty and available for rent in the open market. Think of it like the going rate for a place to live.... (Read more)
Market Time
"Market time" refers to the amount of time it takes for a particular property to sell in a given market. It is a measure of how long a property is available for sale before it is sold at a... (Read more)
Market Value
"Market value" refers to the estimated price that a property is likely to sell for in the current real estate market, assuming that both buyers and sellers are well-informed about the property and are acting in their own best interests. It's... (Read more)
Marketable Title
"Marketable title" refers to the legal status of a property's title, which means that there are no outstanding legal claims, liens, or other encumbrances that could prevent the property from being sold or transferred. It's like having a clean... (Read more)
Marketing Plan
A marketing plan is like a roadmap that a real estate agent creates to help them find customers for... (Read more)
Masonry is a type of construction where you use bricks, stones, or concrete blocks to build structures like walls, floors, and chimneys. Masonry is a popular building method because it's durable and can last for a... (Read more)
Mass Appraisal
Mass appraisal is a way to estimate the value of many properties at once. It's a method that's often used by governments to assess the value of properties for tax purposes. Instead of individually appraising each property, mass appraisal... (Read more)
Master Deed
A Master Deed is a legal document that outlines the rules and regulations for a condominium or cooperative property. It's a document that's created by the developer of the property and it's used to govern how the property is managed... (Read more)
Master Plan
A Master Plan is a long-term vision for the development of a particular area, such as a town or city. It's a plan that outlines how the area will grow and change over time, taking into account things like population growth, economic development,... (Read more)
Matched Pair Analysis
Matched Pair Analysis is a method used by real estate appraisers to determine the value of a property by comparing it to other similar properties in the same area. Appraisers use this method to ensure that their valuation is accurate... (Read more)
Materialman's Lien
A mechanic's lien, also known as a materialman's lien, is a type of legal claim that property builders, suppliers, and contractors can use to get paid for work they have done on a property. It's a way to make sure they get paid for the materials... (Read more)
The Mean is a term used in statistics to describe the average value of a set of data. To find the mean, you add up all of the values in the data set and then divide by the total number... (Read more)
Mechanic's Lien
A mechanic's lien, also known as a materialman's lien, is a type of legal claim that property builders, suppliers, and contractors can use to get paid for work they have done on a property. It's a way to make sure they get paid for the materials... (Read more)
The Median is a term used in statistics to describe the middle value in a set of data. To find the median, you arrange the data from smallest to largest and then identify the middle value. If there are an even number of values, then the median... (Read more)
Meeting of the Minds
Meeting of the Minds is a legal term that refers to the agreement between two parties to a contract. It means that both parties have the same understanding of the terms of the agreement and have reached a mutual understanding. Essentially, it... (Read more)
Meridian, in simple terms, is an imaginary line running from the North Pole to the South Pole, used in mapping and surveying land. Think of it like a vertical line on a globe that helps divide the Earth into sections, making it easier to measure... (Read more)
Metes and Bounds
Metes and Bounds is a method used to describe the boundaries of a piece of land. It involves using distances (metes) and directions (bounds) from a starting point, following a series of lines to create a shape that outlines the property. This... (Read more)
In real estate, a "mill" is a way of expressing the amount of property tax that is owed on a piece of real estate. One mill is equal to one-tenth of a penny, or 0.001 dollars. So if you own a property that is assessed at $100,000 and the tax rate... (Read more)
Millage Rate
"millage rate" is the amount of tax that is assessed on each $1,000 of a property's assessed value. It's usually expressed in mills, or thousandths of a dollar. For example, if the millage rate is 20 mills, it means that you'll pay $20 in taxes... (Read more)
Mineral Rights
"Mineral rights" are the legal rights that give someone the ability to extract and sell the valuable minerals and resources that are beneath the surface of a piece of land. When someone owns mineral rights, they have the legal right to... (Read more)
Misrepresentation refers to presenting false or misleading information about a property or a transaction, with the intention of deceiving or... (Read more)
Mode is a statistical measure that represents the most frequently occurring value in a set of data. In other words, it's the number that appears the most in a list... (Read more)
A monument in real estate refers to a fixed object or structure that is used to mark the boundaries of a property. Monuments can include things like walls, fences, stakes, or natural features like trees... (Read more)
Mortgage (various types)
A mortgage is a loan used to purchase a property, where the property itself serves as collateral for the loan. The borrower agrees to make regular payments to the lender, typically over a period of several years, until the loan is fully... (Read more)
Mortgage Constant (Rm)
Mortgage constant is a measure used to determine the amount of money that needs to be paid each period (typically monthly) to cover both the principal and interest of a mortgage loan (also known as the loan constant or mortgage loan constant). ... (Read more)
Mortgage Constant Ratio (MCR)
Mortgage constant ratio is a number that helps you figure out how much money you have to pay each month for your home loan. It includes both the amount you borrowed and the interest you have to pay on that loan. To find this number, divide... (Read more)
Mortgage Financing
Mortgage financing refers to the process of obtaining a loan from a bank or other financial institution to help pay for the purchase of a property, typically a home or other real estate. This loan is secured by the property being purchased, and... (Read more)
A mortgagee is the person or organization that lends money to someone who wants to buy a house or property. They receive a special promise called a mortgage from the person borrowing the money, which allows them to take the house or property if... (Read more)
A mortgagor is a person who borrows money to buy a house or property. They promise to pay back the money by giving the lender a special kind of promise called a mortgage. If they don't pay back the money, the lender can take the house or... (Read more)
Multiple Listing Service (MLS)
A Multiple Listing Service (MLS) is like a big, shared database where real estate agents list houses and properties for sale. By putting all the available homes in one place, it makes it easier for buyers and their agents to find the perfect... (Read more)
Mutual Consent
Mutual consent is when all the main people involved in an agreement, like a contract, agree to all the parts of that agreement. It means that everyone understands and accepts the terms and conditions, and what's required for the agreement to... (Read more)