Market Risk
Uncertainty in the value of real estate due to market, economic, political or other conditions.

Market Segmentation
The process of defining the socio-economic characteristics of the demand for a specific property.

Market Study
Study of real estate activities including demand, price, locational influence and current trends.

Market Value
Independently appraised value of real estate in a free competitive market.

Markup
The additional amount added to a bid or price and which contain overhead, profit, excess costs, etc.

Master Deed
Deed filed by the developer or converter of a condominium for the purposes of recording all of the individual condominium units owned within a condominium complex.

Master Lease
A controlling lease in an apartment or office building that controls subleases.

Master Plan
Document that describes, in narrative and with maps, an overall development concept including both present property uses as well as future land development plans.

Master Planned Community
Development built according to a plan that includes commercial buildings, educational facilities, homes and community facilities.

Material Defect
Problem in a specific property that could affect the property's value or salability.

Maximum Financing
Loan amount within 5 percent of the highest loan-to-value ratio allowable.

Metropolitan Area
Urbanized area in and around a major city.

Mineral Rights
Ownership rights to the minerals or other precious resources, in one's property. The privilege of gaining income from the sale of oil, gas, and other valuable resources found on land.

Minimum Lot Area
The smallest lot area required or allowed for building under the municipal zoning code.

Minimum Rated
Risk In insurance, charging the lowest rate accorded an insurance policy covering a minimum risk classification situation.