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north carolina real estate glossary

NC Charlotte Homes & Carolina Real Estate Glossary M
From Manufactured Home, Market Value, Mixed Use, to Multi-Family Units

Return to the Real Estate Glossary

Manufactured Home - A single-family house constructed entirely in a controlled factory environment and built to the federal Manufactured Home Construction and Safety Standards (better know as the HUD Code, which came into effect June 15, 1976). A Manufactured Home is built on a non-removable steel chassis and is transported to the building site on its own wheels; multi-part units are joined at their destination. Usually, to be classified as real estate (rather than personal property), a Manufactured Home must be placed on and secured to a permanent foundation and have the running gear and wheels removed.

Market rental rates - The rental income that a property most likely would command in the open market, indicated by the current rents asked and paid for comparable space Market Rents. Market rents can be lower or higher than the actual rents.

Market study - A study of current real estate trends to build a forecast of future demands for a certain type of real estate projects, including a square footage estimate that can be absorbed and rents that can be charged.

Market value - The highest price a property would command in a competitive and open market under all conditions requisite to a fair sale.

Marketable title - A property's title free from all encumbrances that can be readily marketed.

Master lease - A primary lease which controls any subsequent leases and may cover more property than the subsequent leases.

Mechanic's lien - A claim created by the statutes of a state for the purpose of securing priority of payment of the value or price of work performed and or materials furnished in erecting, fixing, rehabilitating or improving a building or other structure that is attached to the land.

Median income - The middle income level where half of the income is higher than the median income and half of the income is lower than the median income. Not to be confused with an average income.

Metes and bounds - The boundary lines of land with there terminal points and angles. The way of describing real property by listing the compass directions and distances of the boundaries, usually along with the co-ordinates used in the Government Survey System. "Bounds" means direction and "metes" means distance.

Mixed-use - The using of a building or project for more than one use, such as a building with a first floor for commercial use and a second floor for residential use.

Mobile Home - A factory-assembled structure or combination of structures: A) built prior to June 15, 1976; B) equipped with necessary service connections; C) made to be readily movable as unit(s) and on their own running gear; and D) designed, used and installed as a dwelling unit without a permanent foundation. All Mobile Homes constructed after June 15, 1976, are required to have a red HUD sticker on the structure. A Modular, Manufactured or Factory-Built Building is not considered a Mobile Home when it is set on a permanent foundation that meets state requirements as real property.

Modular Building - A factory-assembled structure or structures equipped with the necessary service connections, but not made to be readily movable as a unit or units and designed to be used with a permanent foundation. "Factory-Built Building" does not include manufactured housing constructed after June 15, 1976, under the HUD National Mobile Home Construction and Safety Act of 1974. Modular or factory-built buildings also include those units constructed or approved in accordance with the Uniform Building Code.

Multi-family unit - Real property containing two or more residential dwelling units, such as duplexes, tri-plexes, and apartment buildings.

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