Real
Estate Glossary > F
A
| B
| C
| D
| E
| F | G
| H
| I
| J
| K
| L
| M
| N
| O
| P
| Q
| R
| S
| T
| U
| V
| W
| X
| Y
| Z
Y ou are
here : Home
> Real Estate
Glossary > F
Frequently used terms
Fair Credit Reporting Act
Fair Housing Act
Fannie
Mae
FHA Loans
First
Mortgage
Fixed Rate Mortgage
Flood Certification
Flood
Insurance
For Sale By Owner (FSBO)
Forbearance
Foreclosure
Freddie Mac
Façade
The part of a building facing a street or courtyard.
Facilitator
A real estate professional who assists in a transaction but
does not have a agency relationship with that party.
Also known as transaction broker or intermediary.
Fair Credit Billing Act
Federal law that governs credit and charge card billing errors.
Fair Credit Reporting Act
Federal law designed to regulate procedures and prevent old
or inaccurate information from staying in consumer credit
files. This act provides individuals the right to inspect
their own credit files, although the credit bureau may charge
a fee.
Fair Debt Collection Practices Act
Federal law outlawing debtor harassment and and regulates collection
agencies, original creditors' collection offices (if separate)
and creditors' lawyers.
Fair Housing Act
Federal law making it illegal to refuse to rent or sell to
anyone based on race, color, religion, sex, national origin,
family status or disability.
Fannie Mae
The official name of the Federal National Mortgage Association
- it is a congressionally chartered, shareholder-owned company
that buys mortgages from lenders and resells them as securities
on the secondary mortgage market.
Farmer's Home Administration (FMHA)
A U.S. Department of Agriculture agency that provides credit
to farmers and rural residents.
Fascia
A flat board that runs horizontally along the eaves of a roof,
typically capping the ends of the roof rafters to give the roof
edge a more finished look and provide a base for attaching gutters.
Federal Home Loan Bank Board (FHLBB)
The former name for the regulatory and supervisory agency
for federally chartered savings institutions. This agency
is now called the Office of Thrift Supervision
Federal Home Loan Mortgage Corporation (FHLMC)
The Federal Home Loan Mortgage Corporation is commonly known
as Freddie Mac. This corporation buys mortgages from
lending institutions, pools them with other loans and sells
shares to investors.
Federal Housing Administration (FHA)
This government agency provides low-rate mortgages to buyers
who make a down payment as small as 3 percent.
Federal National Mortgage Association (FNMA) also know
as "Fannie Mae"
A tax-paying corporation created by Congress that purchases
and sells conventional residential mortgages as well as those
insured by FHA or guaranteed by VA.
Federal Reserve Board
A group of economists and other experts who set the nation's
monetary policy. The boards most powerful tool to control
inflation is the power to control interest rates.
Fee simple / Fee simple absolute
Also called fee simple absolute, this type of ownership is the
maximum interest a person can have in a piece of real estate.
It entitles the owner to use the property in any manner they
see fit, in accordance with state and local laws.
Fenestration
A term referring to the way windows are arranged in a building.
FHA loans
Mortgages that are insured by the Federal Housing Administration
(FHA). The FHA operates loan plans for investors and purchasers
of rural property, and provides low-rate mortgages to buyers
who make a down payment as small as 3 percent.
FHA Mortgage Insurance
Requires a fee (up to 2.25 percent of the loan amount) paid
at closing to insure the loan with the Federal Housing Administration
(FHA). In addition to the one time fee, the FHA also
requires an additional insurance fee of up to 0.5 percent
of the current loan amount, paid in monthly installments.
The lower the down payment, the more years the fee must be
paid.
Fiduciary duty
The relationship of trust that buyers and sellers expect and
due from a real estate agent.
Field changes
Modifications made on the construction site that do not match
blueprints.
Fill dirt
Soil brought in to solidify a finished foundation.
Filled land
An area where the ground has been raised by adding dirt, gravel
or other fill material.
Finish grade
A finish that prepares a lot for landscaping.
Fire wall
A buffer composed of fire-resistant material.
Firm commitment
A written promise made by a lender to loan money for the purchase
of property.
First mortgage
The primary mortgage on a property. As the most senior
voluntary lien, the first mortgage takes priority over all
other voluntary liens.
Fixed time
The specific weeks in a year that an owner of a timeshare
arrangement has access to accommodations.
Fixed-rate mortgage
A home loan with an interest rate that will remain at a specific
rate for the term of the loan.
Fixer-upper
A house that needs improvement and/or remodeling that usually
sells at a below-market price.
Fixture
Personal property permanently attached to a house.
Flat fee
A set fee charged by a broker instead of a commission.
Flat roof
A roof with a level surface.
Flip switch
An electrical switch operated by pushing the control knob up
or down.
Float arm
A wire-like device in some types of toilets that attaches
a float ball to the ball cock.
Float ball
A round or oval ball that floats on top of the water inside
the tank of some toilets. When it reaches its highest position
it shuts off the flow of water.
Float floor drain
A drain that diverts water from the basement to a collection
area. Water is then removed with a sump pump.
Floating slab
A concrete floor that is not connected to the foundation wall.
Floating wall
Walls built to withstand movement in the basement floor.
Flood certification
The process of determining whether a property is located within
a known flood zone.
Flood insurance
Insurance coverage that is required in designated flood areas.
Flood plain
Flat, flood-prone areas located along waterways.
Floor area ratio
The calculation of the floor area of all homes or buildings
in a project.
Florida rooms
Enclosed porches built on the side or back of a home.
Flue
A chimney designed to exhaust unwanted gasses and byproducts
from a combustion appliance such as a furnace or water heater.
A fireplace also has a flue to carry away smoke.
Flush valve
The passageway between a toilet tank and bowl. When
you flush a toilet the water rushes through the flush valve
into the bowl.
Flush valve seat
The seal in the passageway between a toilet tank and bowl.
A stopper, flapper, or seat ball plugs the flush valve seat.
When you flush a toilet, the seat is opened and water rushes
through the flush valve into the bowl.
Footing
A concrete foundation that supports a structure.
For Sale By Owner (FSBO)
A selling method whereas the owner of the property acts as the
selling agent and handles the sales process directly with the
buyer or buyer's agent. This is most commonly done y owners
in order to avoid having to pay a listing commission.
Forbearance
An action a lender may pursue to delay foreclosure or legal
action against a delinquent borrower.
Foreclosure
Legal process by which a lender ends the borrower's interest
in a property after a loan is defaulted. The lender may
sell the property and keep the proceeds for mortgage and legal
costs, using excess proceeds to satisfy other liens or return
to the borrower.
Forfeiture
The relinquishing of property rights by a delinquent borrower.
Foundation
The support structure of a house.
Foyer
The entrance hall to a home or building.
Framing
The construction of the skeletal framework of a house.
Freddie Mac
A congressionally chartered institution that buys mortgages
from lenders and resells them as securities on the secondary
mortgage market. Freddie Mac is the common name for the
Federal Home Loan Mortgage Corporation (FHLMC).
Freehold estate
An estate in which ownership is for an indeterminate length
of time.
French doors
Two adjoining doors inlaid with glass that open from the middle.
Front footage
The measurement of a parcel of land by the number of feet of
street frontage.
Front-end ratio
A lender calculation that compares a borrower's monthly housing
expense (principal, interest, taxes, and insurance) to gross
monthly income.
Frontage
The portion of property that borders a roadway or body of water.
FSBO (For Sale By Owner)
A selling method whereas the owner of the property acts as
the selling agent and handles the sales process directly with
the buyer or buyer's agent. This is most commonly done
y owners in order to avoid having to pay a listing commission.
Full-service broker
A real estate broker who performs all transaction services including
listing and selling.
Fully Amortized ARM
An adjustable-rate mortgage (ARM) with a monthly payment that
is sufficient to amortize the remaining balance, at the interest
accrual rate, over the amortization term.
Functional obsolescence
A loss in value to an improvement resulting from functional
problems caused by age or poor design.
Furnace
An enclosed heating device powered by coal, oil, propane or
natural gas.
Furring strips
Strips of wood used to support walls, ceilings, or floors on
irregular or masonry surfaces.
Fuse
A small device in an electrical circuit that is designed to
shut down the circuit in the event of an electrical overload
or short circuit.
^ Go to top
|
