Key Real Estate Terms F | Myers & Myers Real Estate

Definitions of Key Real Estate Terms F

This article provides the definitions of key estate terms beginning with the letter F.

Facilitator

Fair Housing Act

is the federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, or familial status, and national origin.

Fair Market Value

is an appraisal term for the most probable price in terms of money that a property, if offered for sale for a reasonable period of time in a competitive market, would bring to a seller who is willing by not compelled to sell, form a buyer who is willing but not compelled to buy.

Fannie Mae

is a government sponsored enterprise established to purchase any kind or mortgage loans in the secondary mortgage market from primary lenders.

Federal Tax Lien

a lien that attaches to real property either if the federal estate tax is not paid or the taxpayer has violated the federal income tax or payroll tax laws.

Fee Simple the highest interest in real estate recognized by the law, the holder is entitles t all rights to the property.

FICO Score

is a mathematical score developed by the Fair Isaac Company and used by credit bureaus and lenders to evaluate the risk associated in lending money.  FICO scores range from 450 to 850, the higher the score the lower the risk.

FHA Loan

is a loan insured by the Federal Housing Administration and made by an approved lender in accordance with the FHA’s regulations.

Fixture

is an item of personal property that has been converted to real property by being permanently affixed to the real property.

First Mortgage

is a mortgage on a property that is superior in right to any other mortgage.

Fixed Rate Loan

is a loan with the same rate of interest for the life of the loan.

Fixer Upper

is a property needing a lot of repair work usually sold below market value.

Flashing

is sheet metal used in roof and wall construction to protect a building from seepage of water.

Flip

is a transaction in which one party contracts to buy a property with the intention of quickly transferring (flipping) the property to the ultimate buyer.

Forbearance

is the act of refraining from taking legal action despite the fact that payment of a promissory note in a mortgage in arrears.  It is usually granted only when a borrower makes a satisfactory arrangement by which arrears will be paid at a future date.

Foreclosure

the process of a legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage or default of other terms of the mortgage documents.

For Sale By Owner (FSBO)

is a situation in which the owner attempts to sell a property with a listing with a real estate broker.

Freddie Mac

is a government sponsored enterprise established to purchase primarily conventional mortgage loans in the secondary market,

Functional Obsolescence

is a loss of value to an improvement to real estate arising from functional problems, often caused by age or poor design.

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Definition Of Key Real Estate Key Terms F