Glossary

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MACHINE SHED – A farm building used for the storage of farm machinery. It generally has an open wall on one side.

MAINTENANCE – The act of keeping, or the expenditure required to keep a property in condition to perform efficiently the service for which it is used.

MAISONETTES – There does not seem to be an absolute definition, but a usual one is two semi-detached dwellings, normally of single story construction.

MANAGING AGENT – A real estate agent authorised to manage the business affairs in connection with the property of another.

MARKET PRICE – The price actually paid, or to be paid, for a property.

MEZZANINE – A low storey between two floors of a building, especially the first two floors; an intermediary floor. In a theatre, a shallow balcony between the main floor and the first balcony.

MOBILE HOME – A complete, liveable dwelling unit equipped with wheels so that it may be towed from place to place.

MODE – The most commonly occurring data value is called the mode. All of

MORTGAGE – A written contract giving the lender certain rights over the specific property for example, the house being bought by the borrower, as security for the loan.

MORTGAGE GUARANTEE INSURANCE – Paid by the borrower to protect the lender against failure by the borrower to keep up mortgage repayments or to pay back the loan in full when it is due.

MORTGAGEE – The source of funds for a mortgage loan and in whose favour the property serving as security is mortgaged, i.e. the person who lends money on the mortgage against some security normally real property or goods.

MORTGAGOR – The owner of property who borrows money and mortgages the property as security for the loan.

MULTIPLE LISTING – A method of exchanging exclusive entries for the sale of properties between real estate agents who are members of the same organisation.