Monetary policy

The government regulation of the amount of money in circulation through such institutions as the Federal Reserve Board.

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Misrepresentation

To represent falsely; to give an untrue idea of property. May be accomplished by omission or concealment of a material fact.

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Millage rate

A property tax rate obtained by dividing the total assessed value of all the property in the tax district into the total amount of revenue needed by the taxing district. This millage rate then is applied to the taxable value of each property in the district to determine individual taxes.

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Metes-and-Bounds description

A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using direction and distances around the tract, back to the point of beginning.

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Mechanic’s lien

A statutory lien created in favor of contractors, laborers, and materialmen or material suppliers who have performed work or furnished materials in improving real property.

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Market value

The most profitable price a property will bring in a competitive and open market under all conditions requisite to a fair sale. The price at which a buyer would buy and a seller would sell, each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.

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Market/data approach

A method of appraising or evaluating real property based on the proposition that an informed purchaser would pay no more for a property than the cost to him or her of acquiring an existing property with the same utility. This approach is applicable when an active market provides sufficient quantities of reliable data that can […]

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