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GLOSSARY
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MAI
Professional designation as a member of the Appraisal Institute, a national professional organization of real estate appraisers. This designation is held by appraisers who are experienced in the valuation of commercial, industrial, residential, and other types of properties, and are also qualified as real estate investment consultants.
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, knowledgeably, and in their own self-interest, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from buyer to seller under specific conditions.
Mortgage Insurance
An insurance contract that protects the lender against loss resulting from the mortgagor's default on a mortgage. On most loans that have a Loan-to-Value ratio below 80%, the borrower is required to purchase private mortgage insurance (PMI).
Mortgagee
The party lending the money and receiving the mortgage.
Mortgagor
The party who borrows the money and gives the mortgage.
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