Maintenance – an expenditure on a fixed asset that increases or trends to preserve the asset’s value but that, under accepted accounting procedure, is not reflected in an increase in its book value.

Map – a conventional representation, usually on a plan surface and at an established scale of the physical features of a part or the whole of the earth’s surface.

Map, Lot, and Block – a map of an urban area showing the division of land into lots and blocks, with dimensions.

Map Book and Page System – a system for parcel identification in which a code is used to identify each parcel, each code containing four elements: the volume or book of maps in which the parcel is to be found, the block and the individual parcel on the block.

Market – (1) the topical area of common interest in which buyers and sellers interact (2) the collective body of buyers and sellers for a particular product.

Marketability – the salability of a property at a specific time, price and terms.

Market Adjustment Factors – reflect supply and demand preferences and are often required to adjust values obtained from the cost approach to the market.

Market Analysis – a study of real estate market conditions for a specific type of property.

Market Approach – valuation procedure intended to produce an estimate of market value that incorporates market derived data.

Market Price – the price a particular buyer and seller agree to in a particular transaction; the amount actually paid.

Market Rate of Return – the typical return on an investment in a given type of property in a given market.

Market Rent – the rent currently prevailing in the market for properties comparable to the subject property. Market rent is capitalized into an estimate of value in the income approach.

Market Value – the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus.

Mass Appraisal – the process of valuing a group of properties as of a given date, using standard methods, employing common data and allowing for statistical testing.

Metes and Bounds – measurement of angles and distances; a description of a parcel of land accomplished by beginning at a known reference point, proceeding to a point on the perimeter of the property being described and then tracing the boundaries until one returns to the first point on the perimeter usually a corner. The angles are described by reference to points of the compass and the distances are described in feet or chains.

Mineral Rights – the right to extract ore, petroleum, or other minerals from a property.

Mortgage – a contract under the terms of which the legal, but not the equitable, title to a specific property of one person (the mortgagor) is conditionally conveyed to a second person (the mortgagee) as security for the payment of a debt or performance of some other act.

Mortgage, Equitable – a written agreement which is a lien against real property and is considered a mortgage but does not follow usual mortgage wording.

Mortgage, First – the mortgage that has the highest priority for repayment over all other liens on a property.

Mortgage, Insured – a mortgage insured by a party other than the borrower that satisfies the balance in the event of default by the mortgagor.

Mortgage, Junior – a lien on a property that is subordinate to any other prior mortgage claims.

Mortgage, Open-End – a mortgage that permits the mortgagor to borrow additional money, with certain conditions, under the same mortgage.

Mortgage, Package – a mortgage that covers both personal and real property.

Mortgage, Real – a mortgage where the security is real property.

Mortgage, Second – a mortgage that ranks after a first mortgage in precedence.

Mortgage, Wrap-Around – a junior or second mortgage that has a face value of both the amount it secures and the balance due under a first mortgage.

Mortgagee – the person who lends money in a mortgage transaction.

Mortgaged Fee Interest – the borrower’s ownership interest in a mortgaged property.

Mortgagor – the person who borrows money in a mortgage transaction.

MVS – Marshall Valuation Service published by Marshall & Swift.