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-F-
Factory-built
home
A Manufactured or Mobile Home produced mainly
by factories and later moved to a permanent
homesite
Fair
Credit Reporting Act
A federal law that allows individuals to examine
credit information about them that is used
by credit reporting services and establishes
procedures for correcting them.
Fair Housing
Act
A
federal law that prohibits discrimination
in housing based on a person's race, color,
religion, sex, handicap, nationality, and
marital status.
Fair
Market Value
The price that would be paid for a property
offered on the open market for a reasonable
period of time with both buyer and seller
knowing all the uses to which the property
could be put and with neither party being
under any pressure to buy or sell.
Fannie
Mae
An agency established to purchase from the
primary lenders any kind of mortgage loans
in the secondary mortgage market. Their financial
products and services offer to make it possible
for low-, moderate-, and middle-income families
to buy homes of their own.
Federal
Emergency Management Agency (FEMA)
Government Agency which is
charged with planning for, mitigating against,
responding to, and recovering from natural
disasters such as hurricanes, earthquakes,
floods or other.
Federal
Estate Tax
The Estate Tax is a tax on
your right to transfer property at your death.
For 2006 - 2008, estates with a total value
under $2,000,000 do not require the filing
of an estate tax return. The estate value
is calculated by an accounting of everything
you own or have interest in at the date of
death (Use Form 706) using the current fair
market value of these items. The total of
all of these items is your "Gross Estate."
Your estate includes cash, securities, real
estate, insurance, trusts, annuities, business
interests and other assets.
Federal Housing
Administration (FHA)
An agency of the U.S. Department of Housing
and Urban Development (HUD) that insures private
first mortgage loans for the financing of
new and existing homes and home repairs and
does not permit second mortgages on insured
mortgage loans. The FHA sets standards for
construction and underwriting but does not
lend money or plan or construct housing.
Federal Trade
Commission (FTC)
An agency of the federal government created
by an Act signed into law on September 26,
1914 by President Woodrow Wilson. The FTC
works to eliminate unfair or deceptive marketplace
practices.
FHA
-
see Federal Housing Administration
FHA
loan
- A loan made by an approved lender in accordance
with FHA regulations and insured by the Federal
Housing Administration.
Finder's Fee
1. A monetary payment made to a party other
than a licensed broker who locates suitable
property or a purchaser.
2.
Mortgage - A fee or commission paid to a mortgage
broker for finding a mortgage loan for a prospective
borrower.
Firm Commitment
A lender's agreement to lend money to a specific
borrower on a specific property.
First Mortgage
A mortgage that is the primary lien against
a property except for taxes and bonded indebtedness.
Fixed Installment
The monthly payment due on a mortgage loan.
The fixed installment includes payment of
both principal and interest.
Fixed-Rate Loan
A mortgage in which the interest rate does
not change during the entire term of the loan.
Fixtures
The movable items such as lights, sinks and
toilets that are attached to land or its improvements
that becomes real property when attached in
a permanent manner to real estate.
Flat
Fee Broker
A real estate broker who charges a fixed or
flat fee for brokerage services instead of
a commission based on a percentage of the
sales price of the property.
Flip
The
purchase and immediate resale of property
often within hours, days or weeks for a quick
profit. In some cases, repairs and improvements
are made to help make a larger profit margin.
which often carries a negative connotation
of people who profit illegally or at the expense
of an innocent party and helped give rise
to FIRREA.
Floodplain
A level land area subject to periodic flooding
from a contiguous body of water. The area
is identified as to the expected frequency
of flooding such as an area designated as
an annual floodplain would be expected to
flood once each year.
For
Sale By Owner (FSBO)
A term referring to properties on the market
that are not listed with a real estate broker
because the owner desires to sell the property
his or her self without paying a commission.
Forbearance
A creditor's act of tolerance and patience
towards a borrower having not received payment
once the debt has become due.
Forced
Sale
The act of selling property under a compulsion
as to time and frequently the result of legal
proceedings ordering the sale to pay a judgment.
Foreclosure
The legal process in which property pledged
as security for a debt is sold to satisfy
a debt in the event of a default in payments
or terms. This usually involves a forced sale
of the property at public auction with the
proceeds of the sale being applied to the
mortgage debt.
Forfeiture
The loss of money, property, something of
value, rights, or privileges due to a breach
of legal obligation.
FROG
- A FROG (in real estate terms) is a Finished
Room over the Garage or a Family Room over
the Garage
FROG ROOM
FSBO
- See For Sale By Owner
FTC
-
see Federal Trade Commission
Full
Disclosure
A requirement to reveal all material facts
pertinent to a transaction.
Fully Amortized
ARM
An adjustable-rate mortgage (ARM) with a monthly
payment that is sufficient to amortize the
loan amount, at the interest accrual rate,
over the amortization term.
The
definitions of Real Estate Definitions found
on 10Realty.com are for general information
only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
