Dictionary

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Multi Dwelling Units

Properties that provide separate housing units for more than one family, although they secure only a single mortgage.

Multi-Peril Policy

Technically, an insurance policy that insures against more than one Peril. More commonly, an insurance policy that provides coverage against both Property and Casualty perils.

Multifamily Mortgage

A residential mortgage on a dwelling that is designed to house more than four families, such as a high-rise apartment complex.

Multiperil Policies

A type of insurance that packages several types of coverage into one policy.

Multiple Listing

An exclusive listing (generally an exclusive right to sell) with the additional authority and obligation on the part of the listing broker to distribute the listing to other brokers in a multiple listing service (MLS).

Municipal Utility District

A defined geographic area created by a developer that levies taxes to pay for providing water and sewer utilities to its inhabitants, usually outside a municipality.

Mutual Insurance Company (Insurer)

An incorporated insurance company, without capital stock, whose governing body is elected by the policyholders. The policyholders own the company and they might share in the success of the company through dividends.

Mysterious Disappearance

Vanishing of property with no known explanation.