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| Term |
|
Description |
|
| Fair Housing Act |
|
Federal Law regulating equal opportunity in the sale and rental of real property. |
|
| Fair Credit Reporting Act |
|
A consumer protection law that regulates the disclosure of consumer credit reports by
consumer/credit reporting agencies. |
|
| Fair Market Value |
|
The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a
seller, willing but not compelled to sell, would accept. (See also:
Market Value) |
|
| Fannie Mae
(FNMA) |
|
A private corporation dealing in the purchase of first or second mortgages, at discounts.
(See also: Ginnie Mae) |
|
| Federal Housing Administration
(FHA) |
|
A government agency responsible for ensuring that all qualified American are able to purchase
real estate. They guarantee mortgages and operate a number of other programs designed to
encourage home ownership. |
|
| Fee Simple |
|
A fee without limitation to any class of heirs or restrictions on transfer of ownership |
|
| Fee Simple Estate |
|
An unconditional, unlimited estate of inheritance that represents the greatest estate and most
extensive interest in land that can be enjoyed. It is of perpetual duration. |
|
| FHA Loan |
|
A loan that is underwritten to the standards of the Federal Housing Administration, which
grants approval of the loan and insures the lender against financial loss. |
|
| Fiduciary |
|
Of, relating to, or involving a confidence or trust: such as - held or founded in trust or confidence
or holding in trust. Also, depending on public confidence for value or currency.
A person in a position of trust and confidence, as between principal and broker; broker as fiduciary
owes certain loyalty which cannot be breached under rules of agency. |
|
| Firm Commitment |
|
A lender’s agreement to make a loan to a specific borrower on a specific property. |
|
| First Mortgage |
|
The mortgage that is in first place among any loans recorded against a property. Usually
refers to the date in which loans are recorded, but there are exceptions. |
|
| Fixed Rate Mortgage |
|
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. (See
also: Adjustable Rate Mortgage) |
|
| Fixtures |
|
Appurtenances affixed to buildings or land, usually in such a way that they cannot be moved
without damage to themselves or the property; plumbing, electrical fixtures, fences, trees, shrubbery,
etc. Fixtures are real property. (See also: Home Fixture) |
|
|
Flood Insurance |
|
Insurance that compensates for physical property damage resulting from flooding. It is
required for properties located in federally designated flood areas. |
|
| For Sale By Owner (FSBO pronounced Fizbo) |
|
An owner who is attempting to sell real property without the use of a real estate broker. |
|
| Foreclosure |
|
An act or instance of foreclosing; specifically: a legal proceeding that bars or extinguishes a
mortgagor's right of redeeming a mortgaged estate. In other words, the procedure whereby property
pledged as security for a debt is sold to pay the debt in event of default in payments or terms. |
|
| Forfeiture |
|
The loss of property or money because of a breach of a legal obligation. |
|
| Fraud |
|
Intentional perversion of truth in order to induce another to part with something of value or to
surrender a legal right also an act of deceiving or misrepresenting. |
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