MAI - A member of the American Institute of Appraisers qualified to specified requirements.

Marginal Land - Land in use which barely pays the cost of working it.

Market Approach - The process of property appraisal by comparing it to sales of equivalent properties.

Market Alue - The highest price which property would be expected to bring in the open market under normal conditions.

Meander - To follow a winding course.

Meandered - Area such as a lake on which taxes are not paid.

Meander Line - The approximate border of a natural body of water.

Mechanic's Lien - A lien which can be filed by mechanics or material men who supply labor or materials for property improvement to secure payment.

Meridian - Map lines running north and south to locate land under the governmental survey system.

Metes and Bounds - A method of legal description by use of measurements, boundaries and directions.

Mineral Rights - A legal interest in minerals in land, which includes the right to take minerals from land.

Minor - A person not of legal age.

Modernization - Replacement of outmoded fixture, equipment, and other features of an improvement with modern features.

Monument - A fixed object, either natural or artificial, which surveyors use to measure.

Mortgage - A written instrument in which real estate is used as security for repayment of a debt or obligation.

Mortgage - The party who lends money for a mortgage.

Mortgager - The party who borrows money with his property as security.

Multiple Listing - A listing agreement whereby other brokers in an organization are allowed to sell a listed property.