Glossary of Real Estate Management Terms by IREM & #174;

Author:IREM & #174;
Language: eng
Format: epub
ISBN: 978-1-57203-087-9
Publisher: IREM
Published: 2010-12-15T00:00:00+00:00

M

macroeconomics The study of large-scale economic and financial structures, practices, and trends. Study of the economic system as a whole, its general level of income and output, and the interrelationships among various sectors of the economy. Compare microeconomics.

maintained markup In retailing, the average markup of an item sustained over a period of time, allowing for future markdowns and other reductions in selling price. The difference between the cost of goods sold and net sales; also called maintained mark-on. See also markup.

maintenance The effort expended to keep a property in good physical and operating condition and appearance. In real estate management, several types of maintenance are differentiated. Corrective maintenance is the ordinary repairs made on a day-to-day basis; when this work is not done, such deferred maintenance negatively affects the use, occupancy, and value of the property. Routine maintenance (also called janitorial maintenance) is the day-to-day upkeep—mopping and waxing floors, washing windows, polishing fixtures, and generally keeping the interior and exterior of the building clean—that is essential to preserving the value of a property. While preventive maintenance is a program of regular inspection and care designed to detect and resolve potential problems before major repairs are needed, emergency maintenance refers to unscheduled repairs that must be done immediately to prevent further damage or minimize danger to life or property. Cosmetic maintenance does not affect function; rather, it makes the property more appealing in appearance.

maintenance program A schedule of all tasks (e.g., inspection, cleaning, lubrication, repair) necessary to keep something in proper working order.

maintenance schedule A listing of specific maintenance tasks, how often they are to be performed, and when the work is to be done.

maintenance yield A lender requirement under many loan placements, which requires a borrower, in the event of prepayment of the loan balance, to supply securities in an equivalent yield to prevent a loss of return to the lender through maturity of the loan (i.e., to guarantee that the lender will receive the full amount of profit from the loan as if it had run its full term). Also called yield maintenance.

majority The age set by state law at which individuals have the legal right to manage their own affairs and are responsible for their own actions. The age of majority varies from state to state. See also minor.

malicious mischief Intentional destruction of another’s property based on ill will or resentment toward the property’s owner. See also vandalism.

malpractice Failure of a professional to provide proper services as a result of ignorance, negligence, or criminal intent. In real estate management, misconduct or unreasonable lack of skill or fidelity in the discharge of one’s professional or fiduciary duties.

management The job of planning, organizing, and controlling a business enterprise. The persons in an organization who are engaged in management.

management agreement A contractual arrangement between the owner(s) of a property and the designated managing agent, describing the duties and establishing the authority of the agent and detailing the responsibilities, rights, and obligations of both agent and owner(s).

management company A real estate organization

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