United Country Guardian Real Estate - Dillon, Beaverhead Madison County Southwest Montana Real Estate for sale

Dictionary / Glossary / Directory
of Real Estate Terminology
Definitions & Commonly Used
Real Estate Terms

Confused & overwhelmed by the overwhelming number of real estate terms and words? Every person working in real estate or planning to buy or sell real estate can benefit by using this dictionary directory glossary of real estate terminology, definitions and commonly used terms.

Real Estate Terminology Definitions & Commonly Used Terms
In Alphabetical Order

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

    Manufactured Home:

  • A home that is mostly constructed in a factory and then transported to a permanent lot or site. A manufactured home is not a mobile home, which is entirely completed in a factory and transported to a site on its own wheels.
    • Marketable Title:

    • The condition of record title that a seller legally must convey to a buyer. If the title is defective (perhaps because there is a deed within the chain of title that contains an incorrect description), there is a cloud on title, and the title is not marketable. The seller must clear the title so that a marketable title is conveyed to the buyer. Title insurance does not insure against loss from defective title; rather the defect is listed as an exception from coverage. Generally, a marketable title is a good title with nothing showing that might effect the buyer’s use, enjoyment, and possession of the property. Thus, it is often referred to as good title. Basically, a marketable title is free from doubt, and enables the owner to enjoy the land free from the hazard of litigation.
      • Market Data Approach:

      • A method to estimate a property's market value by analyzing market data, that is, the sales prices of comparable properties. (Such sales prices of comparable properties are called sales of similar "comparable" properties in the general area, or comps.) Since perfect comparables are rare, adjustments must be made to account for differences in size, shape, the time and the terms of sales, etc.
        • Marketing Plan:

        • A marketing strategy or plan to sell real estate, usually proposed by a sales agent, which includes such matters as targeting the best class of buyers, setting advertising budgets, arranging for open houses, using multiple-listing services, and arranging for agent tours.
          • Market Value:

          • In appraisal, an estimate of the worth of real estate at a particular time. There are at least two concepts in appraisal, the highest price definition (HPD), and the most probable selling price definition (PSD). Loosely, many owners think of market value as the gross price they can obtain for their properties.
            • Market Value:

            • In appraisal, an estimate of the worth of real estate at a particular time. There are at least two concepts in appraisal, the highest price definition (HPD), and the most probable selling price definition (PSD). Loosely, many owners think of market value as the gross price they can obtain for their properties.
              • Misrepresentation:

                Synonym: Deceit, Fraud
              • A false statement made intentionally, knowing it is not true. A negligent misrepresentation is a false statement made carelessly. In real estate, misrepresentation may be a false statement made by an agent, which was relied on by the buyer in making a decision to purchase.
                • Megans Law:

                • The U.S. Congress has passed several laws that require states to implement sex offender and crimes against children registries: the Jacob Wetterling Crimes Against Children and Sexually Violent Offender Registration Act, the Pam Lychner Sexual Offender Tracking and Identification Act, and Megan's Law. On March 5, 2003, the United States Supreme Court ruled that information about potential predators may be publicly posted on the Internet. State and Federal Rules Regulations & Laws require Real Estate agents to supply prospective buyers with the locations (whether on-line or not) from which they can obtain the locations of local registered sex offenders that may live in the area of property which a prospective buyer may be interested in purchasing.
                  • Mobile Home:

                  • A manufactured single-family dwelling unit suitable for year-round occupancy and containing the same type of water supply, waste disposal, and electrical conveniences as standard housing does. The primary difference between a mobile home & a manufactured home is that a title to a mobile home generally transfers with a document similar in form & function to that of a vehicle title.
                    • Model Home:

                    • A completed and furnished home used by a subdivider or developer as a sales device. Prospective customers can compare floor plans, develop ideas about decorations, and make decisions on upgrades and options. Model homes often double as sales offices.
                      • Modular Home:

                      • A home that is completely manufactured in a factory in two or more sections, or modules. Modular homes are shipped by truck to their permanent sites, where the sections are attached.
                        • Mortgage:

                        • A security agreement. In some states, a “mortgage” is widely used, in others, a “deed of trust” is used. Even in deed of trust states, the term mortgage is used interchangeably with deed of trust, or trust deed.
                          Under a mortgage, the borrower is called the mortgagor, and the lender is called the mortgagee. (In a deed of trust, the borrower is called the trustor, the lender is called the beneficiary, and a third party who holds legal title is called the trustee.) Under both instruments, the lender has the power to cause a non-judicial foreclosure sale to take place as a basic remedy to secure repayment of the debt. Or, under both instruments, the lender may elect to pursue a judicial foreclosure, which involves court proceedings and a lingering right of redemption, in an attempt to obtain a deficiency judgment following the foreclosure sale.
                          • Mortgage Broker:


                            A licensed agent who brings together borrowers and lenders of mortgage funds. Also, a licensee who arranges mortgage loans for lenders. Mortgage brokers usually do not service mortgages (that is, they do not collect the mortgage payments). They receive commissions on the loans they generate.

                              Mortgagee in Possession:

                            • A mortgage lender who is obtaining the income (rent) from a property following default pending foreclosure. Mortgages and deeds of trust contain an assignment of rents clause that authorizes the taking of possession (rent) upon default by the debtor. The purpose is to protect the stream of income (rent) for the lender pending foreclosure.
                              • Multiple Listing Service ( MLS ):

                              • A service, often computerized, which provides information to its membership about residential properties listed by real estate agents who are members of the service. A prospective buyer is able to review in one agent's office all available properties listed for sale. In larger cities, a “book” of listings no longer is printed because agents rely upon computers for instant data retrieval.

                              • Real Estate Terminology Definitions & Commonly Used Terms
                                In Alphabetical Order

                                A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z


                                While great care has been undertaken to provide accurate explanations and definitions for real estate terms and words in our real estate terms dictionary glossary dirctory, no real estate vocabulary dictionary cannot be completely accurate in all jurisdictions. Any / all definitions are for general purposes only and should not be used for any legal purpose. By use of this dictionary glossary directory of real estate terms, you agree to hold United Country - Guardian Real Estate harmless for any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information.