Dictionary
M
- management survey
A study of a property and the factors which affect it. The survey includes an analysis of the region, the market, the neighbourhood, and the property and also presents a study of the economics of alternatives, a financial analysis, and a management plan.
- managing broker
The licensee responsible for a brokerage, and who is responsible for exercising the rights conferred on the brokerage as well as for the performance of the duties imposed on the brokerage by its licence. In addition, the managing broker is responsible for the control and conduct of the brokerage's real estate business, including the supervision of its related licensees. Sometimes also meaning the human representative of a corporate real estate brokerage. See the Real Estate Services Act, sections 5 and 6.
- market method
See Comparative Method.
- market rate
The prevailing interest rate, at any given point in time, at which financing or refinancing can be expected.
- market value (of a property)
In appraisal, the expected or forecasted sales price.
- market value (of an offer)
The amount of cash which would have to be received today that equals the downpayment plus the present value of the mortgage loan discounted at the market rate.
- matching principle
A generally accepted accounting principle which states that expenses should be recognized in the same period as the revenues with which they are associated.
- maturity
The date on which the balance owing on a mortgage becomes due; the final day of the term of a mortgage.
- metes and bounds
A system of land description whereby all boundary lines are set forth by use of terminal points, directors, and angles - mete referring to a limit or limiting mark, the bounds referring to boundary lines.
- misrepresentation
A false assertion of fact which, if accepted, leads one to an incorrect belief about a given situation.
- mistake
A legal term which describes the situation where a person, under some erroneous conviction of law or fact, does, or omits to do, some act which but for the erroneous conviction, he would not have done or omitted doing.
- mitigate
The legal doctrine of "mitigation" imposes upon an injured party a duty to exercise reasonable diligence and ordinary care in attempting to minimize his damages after injury has been inflicted.
- mortgage
A document evidencing a debt owed by the borrower (mortgagor) to the lender (mortgagee). Registration of the mortgage in the Land Title Office transfers the mortgagor's interest in land to the mortgagee as security for the repayment of the debt.
- mortgagee
The lender.
- mortgagor
The borrower.