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Ma Real Estate M-1

Terms & Definitions M-1

TermDefinition
Market Approach Appraisal technique that compares the subject property to similar properties, that have sold recently to establish value.
Market Value The most probable price property will bring in assuming a knowledgeable seller and buyer, a fair and open market, and a reasonable time to market.
Massachusetts Association of Real Estate Appraisers State Association of real estate appraisers, which set standards, regulates membership, and issues professional designations of accomplishment.
Massachusetts Commission Against Discrimination (MCAD) The state agency responsible for the administration of Mass Fair Housing Law. This includes receiving any complements in the state regarding fair housing.
Massachusetts Fair Housing (M. G. L chapter 151B) Mass state law that addresses discrimination in matters of housing. Covers similar areas as Federal Title VIII, but goes much further in who is protected under the law. More protected classes.
Master Deed The deed recorded when a condominium development is created as required by M. G. L chapter 183A.
Master Insurance Policy Insurance policy covering the overall condominium structure and common area. Names all unit owners and lenders as loss payees. Must be updated to reflect new owner and loss payee, when individual unit changes ownership.
Member Appraisal Institute (M A I) Professional designation issued to real estate appraisers, by the Appraisal Institute indicating competence, in appraisal of all types of real estate.
Meridian An imaginary line running North and South used by surveyors in the Government (rectangular) survey method of property description.
Metes and Bonds Method of Land Description, that “walks” the perimeter of the property and describes the distances, compass points, and boundaries. Most common method of land description in Mass.
M. G. I. C Mortgage Guaranty Insurance Corporation One of a number of Private Mortgage Insurance (P M I) companies that privately insure a portion of the mortgage risk, when a lending institution is not willing to assume it (typical with down payments of less than 20%).
M. G. L chapter 183A Mass General Law that regulates the formation, conversion, and management of condominiums, both commercial and residential.
Mill Rate Tax rates expressed as a tax per $1 of assessed value (a mill is one tenth of one cent).
Created by: sunaecm4