188 Hwy 50
Zephyr Cove, NV 89448
water shut-off valve
The primary valve that halts the flow of water from the
water meter into a home.
Maintenance fee The monthly assessment
members of a homeowners' association pay for the repair
and maintenance of common areas.
Managed-competition lots Lots in which
buyers choose between one of several builders.
Mansard roof A roof with four sides that
slope upward from the roof edge to the square peak.
Mantel The facing of stone, marble or
other material around a fireplace.
Manufactured housing Prefabricated homes that
can range from simple trailers to larger dwellings.
Margin The lender's "retail markup"
on the mortgage. For example, if the index rate for an
adjustable-rate mortgage is 5 percent but the lender has
a 2.5 percentage-point margin, the rate the borrower will
pay is 7.5 percent.
Market conditions Factors affecting the
sale and purchase of homes at a particular point in time.
Market value The price that a piece of property
sells for at a particular point in time.
Masonry The brick or stone work on a building.
Master-planned community A suburban plan
that includes homes and commercial, work, educational
and community facilities.
Maximum financing A loan amount within
5 percent of the highest loan-to-value ratio allowed for
Mechanic's lien Subcontractors or suppliers
sometimes will file an encumbrance, or mechanic's lien,
against a property to seek payment.
Mechanical systems A home's plumbing, wiring,
heating and cooling systems.
Median price The price of the house that
falls in the middle of the total number of homes for sale
in that area.
Mediation A dispute-resolution process
in which a neutral party works to resolve contract differences.
Merged credit report A report that draws
information from the Big Three credit-reporting companies:
Equifax, Experian and TransUnion Corp.
Metes and bounds A time-honored land
surveying method of describing land in terms of shape
and boundary dimensions.
Mint condition Mint condition, or blue-ribbon
condition, refers to a house that looks as close to new
Mixed-income housing A neighborhood that
contains houses of widely varying prices.
Mixed-use development A project that
combines several different functions, such as residential
space above a commercial establishment or an entire development
combining commercial, residential and public accommodations.
Modification A change in any of the terms
of the loan agreement.
Molding Decorative trim elements applied
to walls, ceilings, and window and door openings.
Money market account Accounts that work
like money market funds and allow individual investors
to participate in certain managed investments and withdraw
funds under most conditions.
Money market funds A mutual fund that
pools the resources of individuals to invest in certain
Mortgage A legal document specifying
a certain amount of money to purchase a home at a certain
interest rate, and using the property as collateral.
Mortgage acceleration clause A clause
which allows a lender to demand that the entire balance
of the loan be repaid in a lump sum under certain circumstances.
The acceleration clause is usually triggered if the home
is sold, title to the property is changed, the loan is
refinanced or the borrower defaults on a scheduled payment.
Mortgage banker A company that provides
home loans using its own money. The loans are usually
sold to investors such as insurance companies and Fannie
Mortgage broker A company that matches
lenders with prospective borrowers who meet the lender's
criteria. The mortgage broker does not make the loan,
but receives payment from the lender for services.
Mortgage insurance Required by lenders
in some loans to protect them from a possible default
. All conventional loans with less than a 20 percent down
payments require private mortgage insurance, or PMI.
Mortgage life insurance A special type
of insurance that will pay off a mortgage if the borrower
dies before the debt is retired.
Mortgage-interest deduction The tax write-off
that the Internal Revenue Service allows most owners to
claim for the annual interest payments they make on their
real estate loans.
Mortgagee A bank or other financial institution
that lends money to the borrower. The borrower is considered
Mortgagor The person who borrows money
to purchase a house. The lender is called the mortgagee.
Motivated buyer Any buyer with a strong
incentive to make a purchase.
Motivated seller Any seller with a strong
incentive to make a deal.
Move-in condition A house that is ready
for a new occupant.
Move-up buyer A buyer who has purchased
a home before and is looking for a bigger or more expensive
Mullion A vertical dividing bar between
window lights or panels.
Multidwelling property A property that
contains individual units for several households but carries
only one mortgage.
Multifamily mortgage A mortgage on a
multifamily dwelling with more than four families, typically
an apartment building.
Multiple listing service (MLS) The service
combines the listings for all available homes in an area,
except For-Sale-By-Owner (FSBO) properties, in one directory
Multiple offers Multiple purchase offers
occur in hot markets or hot neighborhoods.
Municipal housing inspector Inspectors
employed by cities or counties to check all construction
sites and verify that contractors are meeting building