GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Realty Terms

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local taxesDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
lock up garage (LUG)Acronym
lot size (LSZ)Acronym (Abbreviation)
  ➥  Usually in square feet.
low ball offerDefinition (Real-estate)
A way-below-market bid a buyer makes on a property or item.
Mainland Commerce Real Estate (MCRE)Company Est.1977, Winnipeg, Manitoba, Canada
maintenance feeDefinition (Real-estate)
A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
management (Mgmt)Abbreviation (Abbreviation)
Manitoba New Home Warranty Program (MNHWP)Manitoba, Canada
Provides a standardized package of warranty protections and services for use by home builders in Manitoba.
Manitoba Real Estate Association (MREA)Company, Manitoba, Canada
manufactured housingDefinition (Real-estate)
Factory-built home that can be placed temporarily or permanently upon land. Styles vary from modest trailers to dwellings that look like site-built houses.
market (mkt)Abbreviation (Abbreviation)
  ➥  As in fair market value.
market conditionsDefinition (Investments, Real-estate, Financial-banking)
Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
market value (MV)Definition (Real-estate, Insurance, Financial-banking)
Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
market value appraiser (MVA)Acronym
market value assessment (MVA)Acronym
marsh (mrsh)Abbreviation (Abbreviation)
masonry (msn)Abbreviation (Abbreviation)
Master of Real Estate Development (MRED)Acronym
Program offered at graduate level schools generally focusing on the four main elements of real estate development: design, finance, investment, and policy.
master planned community (MPC)Acronym
mechanical systemsDefinition (Real-estate)
A house's heating, cooling, plumbing and electrical apparatus.
median priceDefinition (Real-estate, Financial-banking)
In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
Member of the Real Estate Institute of British Columbia (RI, RIBC)British Columbia, Canada
  ➥  More commonly known as just RI.
metes and boundsDefinition (Real-estate)
A surveyor's legal description of a parcel of land, defined by measurements and angles.
mill rateDefinition (Real-estate, Taxation)
A unit of taxation that is a set ratio made by the city or municipality in reference to property taxes.
mint conditionDefinition (Automotive, Real-estate, Financial-banking)
A term describing a building or item that's just like new.
mis-sellingDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
Mississauga Real Estate Board (MREB)Company Est.1954, Canada
mixed-income housingDefinition (Real-estate, Financial-banking)
A neighbourhood whose residents earn widely varying wages and salaries.
monetary valueDefinition (Real-estate, Insurance, Financial-banking)
A property's monetary value is its worth if sold at this moment in time.
mortgage (mtg)Definition (Mortgages, Abbreviation)
A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
mortgage assumptionDefinition (Mortgages, Real-estate)
Taking over the payment and responsibility for an existing property loan.
motivated buyerDefinition (Real-estate)
A prospective buyer who has a strong reason to buy, and quickly.
motivated sellerDefinition (Real-estate)
A home seller who has a strong reason to sell quickly, possibly because of an upcoming relocation or an impending default on a loan.
move-in condition (MIC)Definition (Real-estate)
A house that is ready for a new occupant.
move-up buyerDefinition (Real-estate)
One who is selling a house to buy a more expensive house.
moving expensesDefinition (Real-estate, Taxation)
Expenses incurred when you moved in connection with your job and are deductible if they are the reasonable costs of moving yourself, your family and your possessions. You can no longer deduct the cost of meals while moving.
multi-dwelling unit (MDU)Acronym
  ➥  An apartment or condominium complex.
multi-family (MF, mfam)Definition (Real-estate, Abbreviation)
A building with more than four residential units.
multi-level (mlti)Abbreviation (Abbreviation)
multiple listing information service (MLIS)Acronym
Multiple Listing Service (MLS)Canada
A database that lists all properties in an area that are for sale or lease by Realtors.
multiple-tenant income property (MTIP)Acronym
National Association of Real Estate Appraisers (NAREA)Company Est.1966, United States
  ➥  A US appraisal organisation.
National Association of Realtors (NAR)Company, United States
National Real Estate Investor (NREI)United States
  ➥  US commercial real estate magazine.
neighborhood (nbd)Abbreviation (Abbreviation)
net lease (N lease)Abbreviation (Abbreviation)
A net lease is a lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all or a portion of the property expenses in addition to periodic rent. It is called a net lease because the rent paid is "net" to the lessor.
New Brunswick Association of Real Estate Appraisers (NBAREA)Company Est.1995, New Brunswick, Canada
New Brunswick Real Estate Association (NBREA)Company, New Brunswick, Canada
new home warranty program (NHWP)Est. 1976
Provides a standardized package of warranty protections and services for use by home builders.
Previous Page
Inspection RequiredLocal Improvement Charge
 
Currently Displayed — Page 10
Local Taxes — New Home Warranty Program
  Next Page
Newfoundland Association...Price Related...

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Index of Realty Terms

Page 1: Abandonment
Architectural Fees
Page 2: Architectural Significance
Book Value
Page 3: Boot
Caravan
Page 4: Carport
Commercial Property...
Page 5: Commercial Property Manager
Covenantor
Page 6: Credit Repository
Electric or Electricity
Page 7: Elevator
Flood Plain
Page 8: Floor Plan
Inspection Report
Page 9: Inspection Required
Local Improvement Charge
Page 10: Local Taxes
New Home Warranty Program
Page 11: Newfoundland Association of...
Price Related Differential
Page 12: Prince Edward Island Real...
Real Estate Investor
Page 13: Real Estate Magazine
Second Home Mortgage
Page 14: Security
Title Defect
Page 15: Title Insurance
Yukon Real Estate...
Page 16: Zero
Zoning

Notable Terms

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