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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 1.5 percentage-point margin, the rate the borrower will pay is 6.5 percent.

Market area

A geographical area in which supply and demand operate to influence the course of industrial and commercial activities.

Market conditions

Factors affecting the sale and purchase of properties at a particular point in time.

Market data

Information collected and displayed for a given market or by market area.

Market value

The most probable price that a property would bring in a competitive and open market under fair market sale conditions.

Master Lease

A lease controlling subsequent leases.

Master-planned community

A suburban plan that includes homes and commercial, work, educational and community facilities.

Mechanic's lien

An encumbrance filed by subcontractors or suppliers against a property to seek payment.

Metes and bounds

A surveying method that describes land in terms of shape and boundary dimensions.

Metropolitan Statistical Area (MSA)

The area in and around a major city. The Office of Management and Budget defines an MSA as a city with a population of at least 50,000 or an urbanized area with a population of at least 50,000 within a total metropolitan population of 100,000.

Mid-rise

An office building that the Building Owners and Managers Association defines as between seven and twenty-five stories above ground.

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.

Mortgage

The legal document that secures property for the repayment of funds borrowed to purchase real estate.

Mortgage banker

A company that provides loans using its own money.

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. Most conventional loans with less than a 20 percent down payments require private mortgage insurance (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.

Mortgagor

The person who borrows money to purchase a property.

Multi-family housing

Housing units that accommodate more than one family or household.

Multidwelling units

A property that contains individual units for several households but carries only one mortgage.

Municipal housing inspector

Inspectors employed by cities or counties to check all construction sites and verify that contractors are meeting building codes.

Some definitions come from the Certified Commercial Investment Member Institute (CCIM).