In real estate and construction, modular refers to a building system in which dwellings or other improvements are created through the on site assembly of prefabricated component parts, known as modules. These modules are mass produced in a factory setting away from...

In real estate, misrepresentation refers to a false or misleading statement or assertion made in connection with a property or transaction. It may involve incorrect information about a material fact or the omission of information in a way that creates a deceptive...

In real estate finance, M.I.P., or mortgage insurance premium, refers to the cost paid for insurance that protects a mortgage lender against losses resulting from borrower default. This insurance reduces the lender’s risk and makes it possible to approve loans with a...

In real estate and land surveying, metes and bounds is a method of describing land by detailing its boundary lines, terminal points, and angles. This system uses directions and distances, often beginning at a known point of reference, to trace the perimeter of a...

In real estate and land surveying, meridians are imaginary north south lines used as reference points in the measurement and description of land. They intersect with base lines to establish a framework for identifying and locating parcels of real property. Meridians...

In real estate finance, maturity refers to the date or period at which a promissory note comes to an end and the remaining balance of the loan becomes due. It marks the termination of the note and the borrower’s obligation to repay the debt according to its terms. At...

In real estate transactions, a material fact is a fact that an agent should recognize as likely to influence the judgment or decision of a principal. It is information that could affect whether the principal would consent to entering into a particular transaction or...

In real estate finance, a master policy is an insurance policy issued to a lender that provides coverage for properties located in more than one location. Rather than insuring each property under separate individual policies, the master policy consolidates coverage...

In real estate and land use planning, a master plan is a comprehensive zoning and development framework adopted by a governmental entity to guide the long term growth and use of land within its jurisdiction. It outlines policies and objectives related to land use,...

In real estate, a master lease is a primary lease agreement that governs or controls subsequent leases related to the same property. It establishes the fundamental terms and conditions under which the property is leased, serving as the overarching agreement between...