Definition: a provision in a mortgage agreement that requires borrowers to maintain mortgaged property in good condition Pronunciation: \ˈmānt-nən(t)s, ˈmān-tə-nən(t)s\ \ˈklȯz\ Used in a Sentence: When the homeowner did not keep his property in good condition he violated the maintenance clause in his mortgage ..
Category : M
Definition: the age at which a person is no longer a minor and is thus able to enter freely into contracts, in most states the age is 18. Pronunciation: \mə-ˈjȯr-ə-tē, -ˈjär-\ Used in a Sentence: The majority age to enter into a contract in Flor..
Definition: the fixed component that is added to the index to calculate the interest rate in an adjustable rate mortgage. Pronunciation: \ˈmär-jən\ Used in a Sentence: Generally, the margin stays constant during the life of..
Definition: real and personal property that is acquired during a marriage Pronunciation: \ˈmer-ə-təl, ˈma-rə-\ \ˈa-ˌset also -sət\ Used in a Sentence: The house and all the furnishings were considered marital assets of t..
Definition: an agreement between brokers to divide up competitive market areas among themselves and not complete in each other’s areas Pronunciation: \ˈmär-kət\\ˌa-lə-ˈkā-shən\ Used in a Sentence: The various brokers decided to create a market allocation so they would not compete with each other for..
Definition: the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale Pronunciation: \ˈmär-kət\\ˈval-(ˌ)yü\ Used in a Sentence: The appraiser determined that the market value for the property was..
Definition: good or clear title that is reasonably free from risk of litigation over possible defects; also referred to as merchantable title Pronunciation: \ˈmär-kə-tə-bəl\ \ˈtī-təl\ Used in a Sentence: A marketable title is one that is free from plausible or reasonable o..
Definition: the stone, brick or concrete used to build things Pronunciation: \ˈmā-sən-rē\ Used in a Sentence: The house had a masonry foundation for added ..
Definition: any fact that affects the value of real property and is relevant to a person making a decision about that property Pronunciation: \mə-ˈtir-ē-əl\ \ˈfakt\ Used in a Sentence: Real estate licensees must disclose all material facts to thei..
Definition: intervention between conflicting parties to promote reconciliation, settlement or compromise Pronunciation: \ˌmē-dē-ˈā-shən\ Used in a Sentence: When the buyer and seller made conflicting demands regarding the escrowed property the broker implemented a mediation process to help settle th..