Mandatory
A requirement that must be conformed to as specified in any written document.
Market Price
The actual selling or leasing price of a property.
Market Value
The expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants.
Meeting of the Minds
When all individuals to a contract agree to the substance and terms of that contract.
Minor
A person under a legal age, usually under 18 years old.
Multiple Listing
An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker's listings to the attention of the other members so that if a lease results, the commission is divided between the broker bringing the listing and the broker making the lease.
