Mean High Water Mark (MHWM)

The line defining the mean between the high tides at ordinary spring and neap tides.

Miscellaneous Plan of Subdivision (MPS)

(Old System - OS) and (Torrens title - RP) - these plans were discontinued in 1961. Existing plans were renumbered in the DP300000 (RP) and DP150000 (OS) series.

Management Statement

A statement lodged with a community scheme and some strata schemes which sets out the by-laws and other particulars governing the participation in the development.

Memorial - Old System

Various Acts specify that certain memorials and documents shall be lodged and/or recorded in the Registrar General's Office. Generally these things used to be lodged with the Supreme Court but custody was transferred to this Department pursuant to the Transfer of Records Act 1923. Memorials in this case are usually in the form of an affidavit and will be recorded in the General Register of Deeds.

Memorial - Torrens

The most common is a notation entered on a folio of the Register to record details of the registration of a dealing or plan.

Metes and Bounds

Is a traditional method of land surveying in which the boundaries of land parcels are recorded in terms of direction and distance.

Minor

A person under the age of 18 years. A minor does not have full legal capacity and cannot make a will.

Moiety

An archaic term used in law to mean "half".

Monument

In surveying it means a natural or artificial object or point thereon or mark, which object, point or mark is used for the purpose of locating a boundary or a point thereon.

Mortgage

In relation to land held under Common Law, a conveyance of land subject to an equity of redemption. In relation to Real Property Act land, a charge on the land created merely for securing payment of a debt. When the debt is repaid, the mortgage is normally discharged.

Mortgagee

The proprietor of a mortgage, ie. the party lending the money, commonly a bank.

Mortgagor

The party who has taken out a loan which is secured by a mortgage.

Median

Statistical calculation. In relation to housing data, the median house price is the middle price of all sales recorded in a particular suburb, postcode, city or state. If there were 100 sales in a particular suburb, in ascending order, the median would be number 50 on the list. It's commonly assumed that the median price is the same as the average price, but that's not the case. To calculate the average, you would add up the 100 sales and divide the total by 100 (the number of sales).

Margin

The amount of gross profit made when an item is sold. Can be measured in dollars or as a percentage.

Mark-up

The dollars or percentage added to the cost to get the retail selling price.

Markdowns (or Discounts)

Is the difference between the retail selling price and the actual selling price. The terms can generally be interchanged but are used slightly differently depending upon your retail sector. Markdowns tend to be “planned” reductions for products with short lives such as fresh food or seasonal merchandise while discounts tend to be promotional or customer service related. Both can be measured in dollars or as a percentage.

Marketing Calendar

A marketing calendar is a tool used by retailers and shopping centre marketing personnel to show what marketing events, media campaigns and merchandising efforts are happening when and where, as well as the results.

Merchandise Mix (or Product Assortment)

A merchandise mix is the breadth and depth of the products carried by retailers. Also known as product assortment.

Mystery Shopping

Mystery shopping is a programme developed to generally measure customer service. Customers are employed to go into a store and make a purchase. They will then report their finding through a survey back to the researcher, who will then compile a report to the retailer who commissioned the survey. .