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M
MAI Member, Appraisal Institute. A professional designation awarded by the
Appraisal Institute to persons who have met minimum education, experience, and
demonstration requirements in the areas of valuation and appraisal.
MAINTENANCE The act of keeping a building in general repair. Lack of proper
maintenance will result in a loss in value.
MAINTENANCE COSTS The expenditure necessary to keep a building and grounds in
general repair. Such costs appear on an income statement as an operating expense and are
the responsibility of the property manager. While maintenance costs vary greatly from
property to property, there is some degree of uniformity with like-like properties. As
such, investors and lenders often examine the history of maintenance costs as an
indication of how a specific property has been maintained.
MAINTENANCE FEE Payment made by the unit owner of a condominium to the homeowner's
association for expenses incurred in the maintenance and upkeep of the common areas. The
fee is ordinarily collected monthly and failure to pay can lead to liens being placed on
the individual unit, attachment, and foreclosure.
MALL Part of a retail shopping area set aside for pedestrian traffic.
MANAGEMENT AGREEMENT An employment contract between the owner of real estate and a
property management firm that agrees to oversee the management of the property. As is true
in any business agreement, the property manager or management firm and the owner of the
property should enter into a formal contract. The management contract should include the
responsibilities specified in the employment agreement, the term and period of the
contract, the management policies to be followed, the power and authority of the property
manager, and the compensation for the management services. Normally, a property manager's
compensation is an agreed-upon percentage of gross income. The range can vary from a very
small amount, perhaps one percent on a large structure, to as much as ten or fifteen
percent on a single-unit house.
MANAGEMENT FEE The agreed-upon compensation paid to a property management company
for managing a real estate project. The fee is usually based on a percentage of effective
gross income.
MANAGEMENT PLAN A written report of what the property management company hopes to
accomplish and how it intends to do so. Before assuming the management of a piece of
property, a long-range plan should be developed. However, before the plan can be
developed, an analysis has to be made of the owner's objectives. Certainly, the property
manager has to be confident that these objectives can be met. A physical inspection of the
property itself has to be made, and the property manager needs to understand existing
market conditions regarding competition, rental structures and operating expenses.
MANUFACTURED HOUSING A housing unit primarily constructed in a plant or factory
prior to transporting it to the lot where it is set. Manufactured housing can be delivered
in various stages of production which offers the purchaser the flexibility of buying the
"shell" up to and including purchase of a completely finished unit. Cost per
square foot for manufactured housing is normally considerably less than comparable costs
for stickbuilt structures.
MANUFACTURED HOUSING INSTITUTE This trade organization represents the manufacturers
and dealers of mobile and modular homes throughout the United States. The institute's
headquarters is 1745 Jefferson Davis Highway, Arlington, Virginia 22301; (703) 979-6620.
MARGINAL LAND Land which for one or more reasons is incapable of producing much
income given the costs that would be incurred to produce the income. Examples of
deficiencies would include poor access, steep terrain, inadequate drainage, and oddshaped
lots.
MARGINAL TAX BRACKET The rate of federal income tax that will apply to the next
increment of taxable income.
MARGINAL UTILITY The addition to total utility of the last unit of a resource.
MARINA A docking and servicing for boats and equipped to provide repair service,
gasing, and supplies.
MARKET The economic function of bringing buyers and sellers together through the
price mechanism.
MARKETABLE TITLE Title to property which is free from reasonable doubts or
objections and which the courts would compel a purchaser to accept under the terms of a
sales contract.
MARKETING PLAN A report detailing the means by which a parcel(s) of real estate
will be sold. The plan, if developed properly, will identify the target market, establish
how and when the property will be shown and, generally, cover the total marketing of the
property. Such a plan, while it may be used for a single parcel such as a home, is very
commonly used in association with timesharing and second home sites. The marketing plan
should be developed prior to the property being available for purchase.
MARKET PRICE The amount of money actually paid in a transaction.
MARKET RENT The rental income that a property is likely to command in the current
market. Market rent, also referred to as economic rent, may be either higher or lower than
what the property is actually renting for under the terms of a lease.
MARKET RENTAL RISK The probability that market rental rates will change, affecting
the value of a property that is subject to fixed rent.
MARKET SEGMENTATION The identification and analysis of submarkets within a larger
market.
MARKET STUDY An analysis of activities in a market in regard to such influences as
location, demand, and competition which may or may not affect the value of property.
MARKET VALUE The price in terms of cash or its equivalent upon which a willing
buyer and a willing seller will agree, where neither is under any undue pressure and both
are typically motivated, have adequate knowledge, and are acting in their own best
interest. This concept of value assumes that there is sufficient activity in the
marketplace to generate enough buyers and sellers so that no one of them controls the
price. Each party is also acting in his or her best interest and is fully informed as to
market conditions. Finally, individual financing and taxation consequences are not
considered, the property is exposed on the market for a reasonable period of time, and the
seller is capable of conveying marketable title. Market value is an ideal standard which
is very seldom achieved in real-world real estate markets; nevertheless, this is
ordinarily the objective of most appraisals.
MASS APPRAISING Simultaneously appraising a large number of parcels of real estate.
Such a technique is sometimes done by appraisal firms employed by a local government to
reappraise property for the purpose of estimating assessment values for property tax
purposes.
MASTER AND SERVANT RELATIONSHIP A relationship between two people in which the
employer is liable for actions or wrongdoings on the part of the employee. In a
principal-agent relationship, the test to determine if a principal will be liable for the
actions of an agent is whether the agent is a servant or an independent contractor. If the
principal and agent are in a master-servant relationship, the law will impose vicarious
liability on the master for torts committed by the servant while in the scope of the
master's employment.
MASTER LEASE The dominant or main lease in a building or development in which a
sublease exists.
MASTER PLAN A program for the future development of a community which serves as the
guidelines for capital expenditures.
MASTER POLICY An insurance policy that covers a number of parcels of real estate
rather than one parcel, as is normally covered with an insurance policy.
MATERIAL BREACH A violation of a contract of such nature or importance that the
innocent party may rescind the contract as well as recover damages.
MATERIAL FACT Any fact which, if known, would affect the judgment of one or more of
the parties to a transaction.
MATURITY The date when a note or negotiable instrument is due and payable.
MAXIMUM LOAN AMOUNT The largest dollar figure in terms of how much money can be
borrowed under a specific government program, such as a subsidized housing program or an
project.
MEANDER LINES A measurement used in surveying to denote the boundary line of a
stream showing the natural course of the stream.
MEAN HIGH TIDE The average of all the high tides as calculated over a long period
of time.
MEAN SEA LEVEL A frame of reference assumed to be at zero elevation used in the
surveying of land. Elevations above zero elevation are positive and those below zero
elevation are negative.
MECHANIC'S AND MATERIALMAN'S LIENS Statutory liens levied on property by persons
who are not compensated after Providing labor (mechanic) or material (materialman) for the
improvements to the property. Both types of liens are commonly referred' to as mechanic's
liens. The mechanic's lien is justified on the equitable theory that work or materials
provided by contractors add to the value of the improvements and increase the value of the
land. Because of this theory, work and materials must become permanently attached or
incorporated into the land or improvements.
MEETING OF THE MINDS A mutual agreement or assent between the parties as to the
terms and conditions of a contract. To form a contract there must be a 'meeting of the
minds."
MEGALOPOLIS A heavily populated urban area that runs continuously through numerous
cities. An example would be the Eastern Seaboard of the United States starting with
Washington, D. C., and continuing through Baltimore, Philadelphia, New Y, Boston.
MENACE A threat of force or improper action against a person or property in order
to induce a party to act.
MERGER The absorption of one thing into another.
MERIDIANS Imaginary lines running north-south which intersect with base lines to
form the reference points in the government survey method of land descriptions.
METER The basic unit of measuring length in the metric system. A meter equals 39.37
inches.
METES AND BOUNDS A method of land description in which the dimensions of the
property are measured by distance and direction. This method is the primary means of
legally describing land in some twenty states. To correctly use this method there must be
a definite starting point. This starting point must be one that can be located by future
surveyors, thus it is necessary that it be as precise as possible. Physical evidence of
this point, referred to as a monument, is often an iron pipe set in concrete which in turn
can be and often is referenced to a permanent reference point such as a bench mark. Bench
marks are bronze discs permanently placed and precisely identified by government survey
teams. Monuments, both natural and artificial, also include fences, rivers and streams,
trees, wooden stakes and road intersections. However, none of these is as precise as bench
marks. Once the point of beginning (POB) on the property has been established, boundary
lines are identified and described until the land being surveyed has been "completely
enclosed." Boundary lines measure distance and direction. Where two boundary lines
cross, referred to as a comer, a monument is often used to identify the intersection.
Distance is stated in terms of feet, normally to the nearest hundredth (for example,
212.65 ). Direction is given by its bearing, which shows the direction of one object with
respect to another object. The bearing of a boundary line is the acute angle (an angle of
less than 90 degrees) the line makes with a meridian (an imaginary line running north to
south extending from the North Pole to the South Pole). In land description, the bearings
are identified with reference to the quadrants on a compass and are expressed in terms of
degrees, minutes, and seconds. A circle contains 360 degrees, 1 degree contains 60
minutes, and each minute contains 60 seconds. The circle is divided into four quadrants,
each containing 90 degrees. The quadrants are identified by their boundary lines, namely
Northeast (NE), Northwest (NW), Southeast (SE), and Southwest (SW). For each boundary line
set in a metes and bounds description, the distance of the line, the direction of the
line, and the monument used to mark the end of the distance should be clearly and
precisely stated in the legal description.
METROPOLITAN AREA The land in and around a city. The area may cross both county and
state lines, as for example, Washington, D. C., which includes parts of Virginia and
Maryland.
METROPOLITAN STATISTICAL AREA (MSA) A reference to a geographic area which contains
at least 50,000 residents within a total metropolitan population of at least 100,000.
Historically, such an area has been referred to as a Standard Metropolitan Statistical
Area (SMSA).
MIDDLEMAN A person who brings parties together for the purpose of entering into a
contract such as the borrowing of money to finance a real estate project. Normally, the
middleman is paid a fee, often referred to as a finders fee, if and when the parties enter
into an agreement.
MILE A measure of length equaling 5,280 feet, 1,760 yards, 1,609 kilometers, or 8
furlongs. Such a measurement is a statute mile, whereas a nautical mile contains 6,080
feet.
MILITARY CLAUSE A clause included in a lease of residential property which allows
the tenant to terminate the lease without penalty if and when the tenant is transferred to
another location.
MILL One-tenth of one cent. Property taxes in many jurisdictions are stated in
mills.
MILLAGE RATE A tax rate stated in tenths of a cent.
M!NERAL DEED A conveyance by an owner of the subsurface rights to his or her
property while reserving the surface and air rights to the property.
MINERAL LEASE An agreement entered into by an owner permitting another party to
explore for and, if found, extract minerals in consideration of the payment of a rent or
royalty.
MINERAL RIGHTS The right to share in the sale of minerals that may be extracted
from one's land.
MINIMALL A shopping area consisting of small specialty stores and absent of any
anchor tenants, such as one of the national retailers.
MINIMUM-GUARANTEED PERCENTAGE LEASE A type of percentage lease that provides the
lessor (landlord) a minimum rent regardless of the amount of sales. The minimum guarantee
is referred to as a 'floor," referring to the fact that the rent cannot fall below
that amount.
MINIMUM LOT SIZE A provision of a zoning ordinance stipulating the minimum
dimensions of a lot necessary for the construction of a building, for example, two-acre
lots for each residence.
MINIMUM PROPERTY STANDARDS Minimum construction and location requirements that must
be met before the Federal Housing Administration (FIL4) will underwrite a loan for
residential property.
MINIMUM RENT The least amount of rent due from a tenant under a lease with a
varying rental schedule.
MINIWAREHOUSE A one-story structure partitioned into individual units for use by
individuals and businesses to store personal belongings. Individual units are normally
rented on a month-to-month basis with the rent charged varying with the unit size. Units
vary in size from 50 or 60 square feet up to 500 square feet.
MINOR An infant or person who has not attained the age of majority and thus does
not have the legal capacity to be bound by most contracts. Most contracts entered into by
a minor are voidable at the minor's option. However, a minor may choose to ratify a
contract after achieving the age of majority. A minor or infant is bound to pay the
reasonable value of necessities. Necessities include food, shelter, and clothing which are
appropriate for a person in the minor's station of life.
MISDEMEANOR An offense or crime lower or less than a felony.
MISNOMER Mistake in name. Normally, when a mistake in name occurs in a deed a
correction deed, also known as a deed of confirmation, is used to correct the error.
MISREPRESENTATION An innocent or negligent misstatement of a material fact
detrimentally relied upon by an innocent party. If a person makes a misrepresentation and
later learns of the mistake, a duty then arises to inform the person who is detrimentally
relying on the misrepresentation. Failure to do so is fraud
MISTAKE An unintentional error or misunderstanding. Certain kinds of mistakes are
grounds for rescinding a contract; others are not. Mistakes are classified as unilateral
or mutual. A unilateral mistake is a mistake of a material fact involving a contract made
by just one of the parties. If only one of the parties is mistaken as to a material fact,
the mistake is not a defense unless the other party is chargeable with knowledge of the
mistake. Whether or not the mistake is chargeable is judged by a "reasonable
man" standard; that is, whether a reasonable person would believe that the other
party made a mistake.
MIXED-USE COMMERCIAL PROJECT A real estate development that contains two or more
different uses all intended to be harmonious and complementary. An example would include a
high-rise building with retail shops on the first two floors, office space on floors three
through ten, apartments on the next ten floors, and a restaurant on the top floor.
MOBILE HOME A manufactured unit constructed on a chassis and wheels and designed
for permanent or semi-attachment to land.
MOBILE HOME LOAN A loan acquired for the purchase of a mobile home. Certain
lenders, although not all, make loans on mobile homes. Typically, the amount financed is
for much less than the average residential loan, and the amortization period is much
shorter, perhaps seven to ten years, even though longer terms are available under both FHA
and VA financing. The amortization period is usually shorter since, unlike a permanent
home, a mobile home normally depreciates in value, and thus, the lender wants to be repaid
over a shorter period of time. A fear of some lenders is that since mobile homes are not
permanently affixed to the land, the security for the loan, the mobile home, can be moved
by a dishonest borrower. Thus, not all lenders make mobile home loans.
MOBILE HOME PARK A parcel of land zoned and developed for use by occupants of
mobile homes.
MODEL HOME A house built and used by a builder to demonstrate quality of
construction, floor plans, styles, and amenities that are to be available in other homes
available for sale by the builder. Quite often a builder will construct one or more model
homes at the entrance to a subdivision. Once the other homes have been built and sold, the
model homes are placed on the market and sold as residences.
MODULAR HOUSING A form of housing in which construction of the unit takes place at
a factory, followed by the assembling of the house on the building site. Cost per square
foot is considerably less due in part to the design which allows for little waste of
materials and provides efficiency during construction.
MONEY MARKET The short-term financial market which brings together investors who
wish to invest in assets maturing in a short period of time and users of capital who wish
to raise funds by selling short-term instruments. Treasury bills and commercial are
examples of money market instruments. MONUMENT Physical evidence, either natural or
manmade, which has been established as the boundary(s) for a parcel of land. Land is
sometimes described by monuments which serve to identify the boundaries of the subject
parcel. This method, while quite common in older descriptions in rural areas, relies on
the use of both natural and artificial monuments. Land description by monuments is
considered less exact than a description by metes and bounds since the boundaries used are
sometimes something not permanent, for instance, a river bed or a pile of rocks.
Oftentimes reference is made to land owned by someone else, for instance, a neighbor's
farm.
MORATORIUM In regard to the development of land, a temporary suspension or delay in
the granting or approval of building permits, sewer and water hookups, or rezoning
requests. Such action may be initiated by a local government to allow time for a
comprehensive growth management study which will be used to assist in formulating future
growth plans.
MORE OR LESS Used in the legal description of land to denote that the total acreage
given in the description is an approximation.
MORTGAGE An interest created by a person in regards to a particular property to
secure the payment of a debt or performance of some other obligation. This interest may be
a lien or a conditional title interest subject to defeasance when the debt is paid or the
obligation fulfilled. A borrower who gives a mortgage is called a mortgagor and the lender
who receives the pledge is called the mortgagee. It is important to realize that the
mortgage is given by the borrower, not the lender. The term "mortgage" is
derived from the Old French term 'mort' meaning dead and "gage" meaning pledge.
Thus, when a mortgage note is paid off, the pledge is canceled or becomes dead.
MORTGAGE-BACKED SECURITIES Securities purchased by investors that are secured by
mortgages. Such securities are also known as pass-through securities since the debt
service paid by the borrower is passed through to the purchaser of the security.
MORTGAGE BANKER A financial middleman who, in addition to bringing borrower and
lender together, makes loans, packages them, and sells the packages to both primary and
secondary investors. If a mortgage banker is not financially strong enough to package the
loan, financial help is sought from a lender, typically a commercial bank. The bank
becomes a warehouse for mortgage money, and the mortgage banker draws on these funds until
payment is received from the investors. Usually the mortgage banker continues to service
the loan (collect debt service, pay property taxes, handle delinquent accounts, etc.) even
after the loan has been packaged and sold. For this management service a small percentage
of the balance paid to the investor goes to the mortgage banker. Obviously, the success of
the mortgage banker depends upon the ability to generate new loans. In some geographic
areas mortgage bankers are the primary source for financing real estate. All mortgage
bankers try to stay in constant touch with investors and are aware of changing market
conditions and lender requirements. Quite often the loan origination fee or finder's fee
charged the borrower is more than offset by a lower interest rate from a lender not
directly accessible to the borrower. Mortgage bankers are involved in both commercial and
residential financing and also carry out related activities, such as writing hazard
insurance policies, appraising, and investment counseling. As with mortgage brokers,
mortgage bankers are regulated by state law.
MORTGAGE BANKERS ASSOCIATION OF AMERICA (MBA) The Mortgage Bankers Association of
America is the primary trade organization of the mortgage bankers and brokers in the
United States. The association provides numerous seminars and publications for its
membership and sponsors the designation CMB (Certified Mortgage Banker). The headquarters
is 1125 15th Street, N.W., Washington, D.C. 20005; (202) 861-6500.
MORTGAGE BOND PROGRAM A means of providing financing for real estate through the
proceeds of issuing tax-exempt bonds. Since the bonds are tax-exempt, the interest rate
paid when the bonds are sold is less than other bond rates. This, in turn, means that the
money made available to the ultimate borrowers will be at a below-market rate of interest.
MORTGAGE BROKER A person who brings together a user of capital (borrower) and a
supplier of capital (lender) and in return is paid a finder's fee. A finder's fee equal to
one percent or so of the amount borrowed is normally paid by the borrower. Thus, the
financial success of the mortgage brokerage firm depends upon the ability to locate
available funds and to match these funds with creditworthy borrowers. Certain sources of
funds, particularly insurance companies, do not always deal directly with the person
looking for capital; rather, they work through a mortgage broker. Thus, if you wish to
borrow from certain lenders you would need to go through a mortgage broker. Normally, the
mortgage broker is not involved in servicing the loan once it is made and the transaction
is closed.
MORTGAGE COEFFICIENT A multiplier used in certain income property appraisal
techniques to compute a capitalization rate. In the Ellwood Technique for appraising
property the mortgage coefficient is designated by the symbol "C."
MORTGAGE COMMITMENT An agreement whereby a mortgage lender agrees to fund a certain
mortgage loan and a borrower agrees to comply with its requirements.
MORTGAGE CONSTANT The relationship between annual mortgage loan requirements and
the initial mortgage loan principal, expressed as a decimal or percentage, for
level-payment mortgage loans.
MORTGAGE CORRESPONDENT A person authorized to represent a financial institution in
a particular geographic area for the purpose of placing loans.
MORTGAGEE A lender who receives a pledge of property to secure a debt.
MORTGAGEE IN POSSESSION A lender or creditor who has taken over property after
default for the purpose of collecting rents and conserving the property until foreclosure.
MORTGAGE-EQUITY TECHNIQUE A technique for estimating the value of income-producing
property based on the sum of the mortgage principal added to the discounted present value
of the forecasted cash flow and the reversion to equity.
MORTGAGE GUARANTY INSURANCE CORPORATION (MGIC) A private insurance company which
insures a certain percentage of a conventional loan, thus reducing the lender's risk on a
high loan-to-value ratio. MGIC, or 'MAGIC" as it is commonly known, was established
in 1957 to offer a borrower on a conventional loan what FHA offers on its insured loans.
MORTGAGE INSURANCE COMPANIES OF AMERICA A trade association comprised of the
nation's private mortgage insurance companies. The address is 1615 L Street, N.W.,
Washington, D.C. 20006; (202) 785-0767.
MORTGAGE INSURANCE PREMIUM (MIP) The charge paid by the borrower to cover the cost
of a mortgage insurance policy under an FI-L4 insured mortgage. The insurance policy
provides protection for all or a certain percentage of the loan amount to the lender in
case of default by the borrower. Historically the premium was paid each month as part of
the mortgage payment; but, in recent years it has been paid either in cash at closing or
financed and repaid as part of the total amount borrowed.
MORTGAGE INTEREST DEDUCTION An allowable tax deduction for persons who itemize
their federal and state income tax returns. Interest paid on a mortgage loan(s) up to the
cost of one's home plus the cost of any improvements is deductible. Any interest on debt
above that amount is not deductible unless used for medical expenses, education, or home
improvements.
MORTGAGE LIFE INSURANCE A decreasing-term life insurance policy purchased by a
borrower which will pay off the outstanding balance in the event of the death of the
borrower (mortgagor). The premium is paid as part of the monthly mortgage payment.
MORTGAGE LOAN SERVICING The process of collecting periodic mortgage payments and
escrow funds, paying property taxes and insurance, and overseeing the administration of a
loan over its life.
MORTGAGE LOAN UNDERWRITING The process of reviewing an application for a loan and
making a recommendation as to the desirability and risk of the lender making the loan. The
underwriting process is an integral part of the lending process.
MORTGAGE PORTFOLIO The total of all mortgages held by a lender.
MORTGAGE SECURITIES POOL A technique by which securities backed by the value of
specific real estate mortgages are issued in the financial market for investment purposes.
Such securities, because they are mortgage-backed, are more marketable and generally are
issued with a lower rate of interest than if no such backing existed.
MORTGAGE VALUE The value of an asset for purposes of securing a mortgage loan. The
term is also used to denote the market value of a mortgage loan.
MORTGAGING OUT Acquiring 100 percent of the funds necessary to acquire or develop a
project; thus, the buyer/developer does not have to put up any up-front cash and has no
equity in the property.
MORTGAGOR A borrower who pledges property through a mortgage to secure a loan.
MOST PROBABLE SELLING PRICE The likely price a property will bring, given current
market conditions, buyer and seller motivations, and the financing terms that are likely
to be employed.
MOTEL A facility which offers lodging for the general public.
MULTIFAMILY HOUSING A structure consisting of housing units for a number of
different family units. Quite often zoning ordinances require a special zoning
classification for multifamily housing.
MULTIPLE DWELLING A structure containing more than two units designed for
accommodating households.
MULTIPLE LISTING SERVICE (MLS) A marketing service in which many brokers pool all
of their listings and establish procedures for sharing commissions. Generally, multiple
listing services (MLS) require that property owners sign an exclusive agency or exclusive
right to sell listing with participating listing brokers in order to have access to the
marketing pool.
MULTIPLE REGRESSION A mathematical technique used in estimating the amount of value
for a subject property based on known variables and prices for comparable properties.
MULTIPLIER A rate to be multiplied by an amount.
MUNICIPALITY A local government, commonly referred to as a city or town.
MUNICIPAL ORDINANCE A law or rule such as a zoning ordinance or building code
enacted by a municipality for the purpose of conducting the affairs of the municipality.
MUNIMENTS OF TITLE Written evidences of title such as a deed which an owner of land
possesses and could use to prove his or her title to the land.
MUTUAL ASSENT The combination of the offer and acceptance which together form the
terms of a contract.
MUTUAL RESCISSION A means of discharging a contract by which each party agrees to
release the other party in exchange for his or her own release.
MUTUAL SAVINGS BANKS A source of financing real estate for residences. Located
primarily in northeastern states, the mutual savings banks are an important supplier of
real estate financing. As their name indicates, these banks are owned by their depositors,
who receive interest on their deposits. All mutual savings banks are state chartered and
typically are less regulated than their closest financing relative, the savings and loan
association. The percentage of their assets invested in real estate mortgages is less than
the average S&L, although a higher percentage of their total mortgage portfolio is FHA
and VA loans. Most mutual banks have a relatively larger percentage of their mortgage loan
portfolio invested in multi-family mortgages. Mutual banks also make personal loans and
interstate loans, which can result in capital being moved from surplus areas to deficit
areas. Over two-thirds of the mutual banks maintain membership in the FDIC. The remaining
ones are insured by state savings insurance agencies. These state agencies exercise
authority over both the type of investments and the amount of their assets mutual banks
can invest in particular types of real estate.
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Copyright © 2000
- 2008 Brenda Rose, retired