Map Act
Local government requirements regarding the subdivision of construction.

Marble
Natural stone, which is, recrystalized limestone, which is both durable and beautiful. Marble can stand heavy use but can be stained or scratched. It is also brittle and must be handles carefully during installation. Dark marble is harder than light or white marble. More commonly used for fireplace mantels, counter tops or as flooring, it can also be used on the exterior of a building.

Margin
1. A constant amount added to the value of the index for the purpose of adjusting the interest rate on an adjustable rate mortgage.
2. Percentage added to the index of a loan and fixed for the life of that loan. Once the initial interest rate on an adjustable-rate loan expires, the interest rate moves toward the sum of its index plus a margin.
3. Border around something.
4. Ability beyond a normal range.

Margin of Security
Buffer amount between the value of the collateral and the principal balance of the obligation.

Margin Trowel
Masonry trowel, which has a small rectangular flat blade.

Marginal Land or Property
Property that is barely profitable to put use and which has poor income potential.

Marginal Satisfaction
Increased satisfaction a buyer obtains from purchasing an additional unit of a good, service or property.

Marginal Tax Bracket
The amount of income tax that an investor would pay on the next dollar of income. Generally, the marginal rate is higher than the average rate because of the progressive tax rate structure.

Marginal Utility
The additional worth or utility received when purchasing an additional unit of a commodity or service identical to the one being purchased. There is often no need for the second item; therefore its value is marginal.

Marine
Of the sea or ocean. Life or activities relating to the sea or ocean.

Marital Deduction
Tax free amount transferable to a spouse, which, under current law, is unlimited.

Market Absorption Rate
The rate at which a market can absorb additional units of supply without causing market saturation and sever price distortions.

Market Analysis
Research of the supply and demand condition of the real estate market and specific properties in a specific area to discover future trends.

Market Approach
Method of valuing a property through examination and comparison of recent sales of comparable properties.

Market Area
A regional area from which one can expect the greatest demand for a specific product or service.

Market Comparison Approach
Method of appraising real estate based on a market comparison of neighboring properties having similar characteristics to ascertain what it could cost to substitute a similar property for the current one.

Market Conditions
Factors that, at a particular point in time, affect the sale or purchase of a home.

Market Data Approach
Analysis of real estate sales data to appraise real estate values.

Market Delineation
The process of defining the geographic extent of the demand for a specific property.

Market Price
The actual open market price paid in a transaction where real estate is traded.

Market Rent
Rent that a comparable unit would command if offered in a competitive real estate rental market.

Market Research
Surveys, of the area in which a product or service is to be offered, which are done to determine the cost of doing business, any competition, potential sales, etc.

Market Risk
Uncertainty in the value of real estate due to market, economic, political or other conditions.

Market Segmentation
The process of defining the socio-economic characteristics of the demand for a specific property.

Market Study
Study of real estate activities including demand, price, locational influence and current trends.

Market Value
Independently appraised value of real estate in a free competitive market. The highest price a buyer would pay and the lowest price a seller would accept, assuming that both were willing but not compelled to do so.

Marketable Title
Title so free from defects that there is no question as to the owner. This title would be enforced by any court.

Marking Gauge
Tool to mark a straight line on a surface parallel to the surface edge or to transfer dimensions from one piece to another. The shaft has graduations marked in 16ths of an inch with a pointer that projects down from one end to mark the line. The shaft fits through a collar, which lock along the shaft. When a dimension is to be transferred, the collar is set at that dimension. The collar moves along the edge of the work and the pointer marks a line parallel to the edge, one inch in.

Markup
The additional amount added to a bid or price and which contain overhead, profit, excess costs, etc.

Marquee
Permanent projecting structure, protruding from the entrance of a building to provide shelter and to showcase advertising.

Marsh
A tract of low, wet, soft land. A swamp or bog.