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Athens GA Homes and Condos
Athens Real Estate | Abbreviations, Terms and Phrases
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mandatory
continuing education (MCE)
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The State of Texas requires that its licensed
real estate brokers, and salesmen (who have met their SAE requirement),
attend at least 15 hours of certified real estate education courses before
each license renewal (every two years). At least six of the 15 hours
must be in legal topics.
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manufactured home
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A structure built in a factory, that is later
shipped to, and placed on, the homesite. The term can apply to both
mobile homes and pre-fab homes.
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margin
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An amount, usually a percentage, which is
added to the index to determine the interest rate for adjustable rate mortgages.
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marginal land
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Property which is barely profitable to use.
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market approach to value
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An estimate of value based on the actual sales
prices of comparable properties. Contrast with cost
approach to value and income
approach to value.
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market value
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The price that a willing buyer and a willing
seller, both given full information, and neither under pressure to act,
would agree upon. Also known as Fair Market Value.
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master-planned community
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A large scale, mixed use, real estate development
that follows a long term, comprehensive plan. Master-planned communities
typically blend different price ranges of residential neighborhoods with
some commercial properties designed to serve the residents' needs.
Residential properties may include patio homes, townhouses, condominiums
and apartment complexes in addition to neighborhoods of single-family homes.
Likewise, multiple home builders are included in the construction of the
various neighborhoods. Commercial development can consist of retail
strip centers ans shopping malls, restaurants, entertainment venues and
office buildings.
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In addition, master-planned communities usually
offer amenities such as public recreation areas and parks, neighborhood
schools and extensive landscaping. Recreation areas may include public
swimming pools, tennis courts, children's play grounds and sports fields.
Many offer large water features and public or private golf courses.
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The term "master-planned" has become somewhat
of an overused buzzword in the current market place. True master-planned
communities require a a multi-year commitment from the developer and contain
thousands of homes.
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MCE
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See mandatory
continuing education.
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mechanic's lien
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A legal claim placed on real estate by someone
who is owed money for labor, services or supplies contributed to the property
for the purpose of improving it. Typical lien claimants are general contractors,
subcontractors and suppliers of building materials. A mechanics' lien claimant
can sue to have the real estate sold at auction and recover the debt from
the proceeds. Because property with a lien on it cannot be easily sold
until the lien is satisfied (paid off), owners have a great incentive to
pay their bills.
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mediation
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A dispute resolution method designed to help
warring parties resolve their own dispute without going to court. In mediation,
a neutral third party (the mediator) meets with the opposing sides to help
them find a mutually satisfactory solution. Unlike a judge in her courtroom
or an arbitrator conducting a binding arbitration, the mediator has no
power to impose a solution. No formal rules of evidence or procedure control
mediation; the mediator and the parties usually agree on their own informal
ways to proceed.
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metes and bounds
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A system of land description using distance
(metes) and angles/compass directions (bounds), beginning and ending at
the same point. Contrast with government
survey and recorded plat method.
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mid-rise
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A 4-story to 8-story tall building that contains
residential apartment or condominium units. While not offering the
panoramic views of a high-rise,
mid-rise buildings can offer comparable levels of amenities and services.
Building features may include 24-hour concierge service, swimming pools,
spas, saunas, tennis courts, exercise areas, and party rooms. Security
is enhanced at these buildings by the manned entry desks and limited access,
covered parking garages.
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mineral rights
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An ownership interest in the minerals contained
in a particular parcel of land, with or without ownership of the surface
of the land. The owner of mineral rights is usually entitled to either
take the minerals from the land himself or receive a royalty from the party
that actually extracts the minerals.
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minimum payment
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The minimum amount that you must pay, usually
monthly, on a home equity loan or line of credit. In some plans, the minimum
payment may be "interest only," (simple interest). In other plans, the
minimum payment may include principal and interest (amortized).
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minority
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As defined in the Civil Rights Act of 1968
as part of the Fair Housing Laws "'minority' means any group, or any member
of a group, that can be identified either: (1) by race, color, religion,
sex, disability, or national origin; or (2) by any other characteristic
(such as familial status) on the basis of which discrimination is prohibited
by a federal, state, or local fair housing law.
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misrepresentation
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A false statement, or concealment, of material
fact with the intention of inducing action of another.
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mobile home
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A type of manufactured home, that is transported
to the home site using wheels attached to the structure. Mobile homes
come in various widths and lengths, and maybe composed of one to three
pieces. A one piece home is called a "single-wide", while a house
that is joined together from two halves is called a "double-wide".
Recently, "triple-wides" have appeared, and become as the largest mobile
homes available. Most sections are between 14 and 16 feet wide, and
54 to 80 feet in length. Mobile homes do not require any foundation
or substructure. They sit up off the ground, with skirting used around
the base to hide the wheel and jacks. While it is possible to tie
down a mobile home to a piece of land, using straps and screw-in anchors,
the structures are very susceptible to high winds and tornados.
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month-to-month tenancy
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A rental agreement that provides for a one-month
tenancy that is automatically renewed each month unless either tenant or
landlord gives the other the proper amount of written notice (usually 30
days) to terminate the agreement. Some landlords prefer to use month-to-month
tenancies because it gives them the right to raise the rent after giving
proper notice. This type of rental also provides a landlord with an easy
way to get rid of troublesome tenants, because in most states month-to-month
tenancies can be terminated for any reason. It is also common for
leases to revert to month-to-month tenancies at the end of the original
lease period, if another lease has not been signed.
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monument
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A fixed object or point, either natural or
man-made, used in making a survey.
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mortgage
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A contract providing security for the repayment
of a loan, registered against property, with stated rights and remedies
in the event of default. Lenders consider both the property (security)
and financial worth of the borrower (covenant) in deciding on a mortgage
loan.
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mortgage banker
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Originates mortgage loans, loaning you their
funds and closing the loan in their name.
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mortgage broker
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A person or company having contacts with financial
institutions or individuals wishing to invest in mortgages.
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mortgage loan
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A loan which utilizes real estate as security
or collateral to provide for repayment should you default on the terms
of your loan. The mortgage or deed of trust
is your agreement to pledge your home or other real estate as security.
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mortgagee
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The lender in a mortgage loan transaction.
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mortgagor
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The borrower in a mortgage loan transaction.
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MUD
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See Municipal
Utility District.
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Multiple Listing Service (MLS)
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A system by which a number of real estate
firms share information about homes that are for sale. Membership
usually provides a monthly book and/or computer service that provides Realtors®
with detailed listings of most homes currently on the market.
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Municipal
Utility District (MUD)
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Municipal Utility Districts are authorized
under the Texas Constitution, Article III, Section 52, or Article XVI,
Section 59. They are local political subdivisions of the State, governed
by a board of directors. After the terrible floods in Texas during
1912-14, people across the state realized there was a real need to confirm
the State's duty to not only prevent floods but, also through the storage
of flood waters, to conserve the water for beneficial usages. This
was the genesis for the passage of Section 59 of Article XVI in 1917, which
allowed water districts to operate with unlimited bonded indebtedness.
In 1925, legislation was passed which authorized the creation of Water
Control and Improvement Districts -- WCIDs -- with the same bonded indebtedness
and taxing authority.
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To create a new water district, a developer
files an application through the Office of the State Attorney General to
the TNRCC.
The application outlines the developer's plans for providing various services
such as water, sewer and drainage to areas where municipal services are
not already in place. A Board of Directors is established, which
is assisted by qualified professionals who provide services on a fee basis.
Not all water districts are created equal. Some are established under
General Law by theTexas
Natural Resource Conservation Commission (TNRCC); some by Commissioners
Court; and others are created by the governing board of a city. Special
law districts are created by an act of the State Legislature. All
water districts, however, must comply with the laws contained in
the Texas Water Code.
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Water districts are generally empowered to
incur debt and levy taxes. If voters approve unlimited tax bonds,
a debt service tax to pay the bonds is also approved. Each year,
the water district board is obligated to levy a property tax adequate to
cover the debt. This tax is levied on all property in the district
based on appraised value, regardless of services received, and must comply
with the Property Tax Code. The tax rate must be published each year and
public hearings held if the effective tax rate increases more than three
percent over the previous year. District voters may also approve
a maintenance tax. Water districts must comply with the Texas Open
Meetings Act and the Texas Open Records Act and have an annual audit performed
by an independent auditing firm. Water districts are generally empowered
to:
Athens GA Homes and Condos
Athens Real Estate | Abbreviations, Terms and Phrases
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