Glossary Index | Categories | Tagged Terms

Terms with Tag Realty

Lakefront -
Live Open House

Mortgage Assumption -
North Bay Real Estate Board

Local Taxes — Definition,
- Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
Lock Up Garage (LUG) — Acronym,
Lot Size (LSZ) — Acronym,
➥ Usually in square feet.
Low Ball Offer — Definition,
- A way-below-market bid a buyer makes on a property or item.
Mainland Commerce Real Estate (MCRE) — Company Est. 1977, Winnipeg, Manitoba, Canada,
Maintenance Fee — Definition,
- A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
Management (Mgmt) — Abbreviation,
Manitoba New Home Warranty Program (MNHWP) — Acronym, Manitoba, Canada,
- Provides a standardized package of warranty protections and services for use by home builders in Manitoba.
Manitoba Real Estate Association (MREA) — Company, Manitoba, Canada,
Manufactured Housing — Definition,
- Factory-built home that can be placed temporarily or permanently upon land. Styles vary from modest trailers to dwellings that look like site-built houses.
Market (mkt) — Abbreviation,
➥ As in fair market value.
Market Conditions — Definition,
- Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
Market Value (MV) — Acronym, Important,
- Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
Market Value Appraiser (MVA) — Acronym,
Market Value Assessment (MVA) — Acronym,
Marsh (mrsh) — Abbreviation,
Masonry (msn) — Abbreviation,
Master of Real Estate Development (MRED) — Acronym,
- Program offered at graduate level schools generally focusing on the four main elements of real estate development: design, finance, investment, and policy.
Master Planned Community (MPC) — Acronym,
Mechanical Systems — Definition,
- A house's heating, cooling, plumbing and electrical apparatus.
Median Price — Definition,
- In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
Member of the Real Estate Institute of British Columbia (RIBC, RI) — Acronym, British Columbia, Canada,
➥ More commonly known as just RI.
Metes and Bounds — Definition,
- A surveyor's legal description of a parcel of land, defined by measurements and angles.
Mill Rate — Definition,
- A unit of taxation that is a set ratio made by the city or municipality in reference to property taxes.
Mint Condition — Definition,
- A term describing a building or item that's just like new.
Mis-selling — Definition,
- The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
Mississauga Real Estate Board (MREB) — Company Est. 1954, Canada,
Mixed-income Housing — Definition,
- A neighbourhood whose residents earn widely varying wages and salaries.
Monetary Value — Definition,
- A property's monetary value is its worth if sold at this moment in time.
Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.