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Real Estate Glossary > F Words > Flashcards

F Words Flashcards

1
Q

FaceValue

A

Thatamountborrowedthatisdisplayedonthepromissorynote.

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2
Q

FairMarketValue(FMV)

A

Thisistheamountofmoneythatwouldbepaidforapropertyofferedon theopenmarketforareasonableperiodoftimewithbothbuyerandsellerknowingalltheusesto whichthepropertycouldbeputandwithneitherpartybeingunderpressuretobuyorsell.

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3
Q

FannieMae

A

AcacronymicnicknameforFederalNationalMortgageAssociation(FNMA),aprivately ownedcorporationthatpurchasesFHA,VA,andconventionalmortgages.

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4
Q

FederalFundsRate

A

Therateatwhichmemberbankschargeeachotherforborrowingshort‐term money.

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5
Q

FederalReserveSystem

A

ThefederalbankingsystemoftheUnitedStatesunderthecontrolofcentral boardofgovernors(FederalReserveBoard)involvingacentralbankineachoftwelvegeographical districtswithbroadpowersincontrollingcreditandtheamountofmoneyincirculation.

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6
Q

FeeSimpleAbsolute

A

Aninheritableestateinlandprovidingthegreatestinterestofanyformoftitle.

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7
Q

FeeSimpleDefeasible

A

Anestateinfeesubjecttotheoccurrenceofaconditionsubsequentwhereby theestatemaybeterminated.

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8
Q

FeeSimpleDeterminable

A

Anestatethatwillendautomaticallywhenthestatedeventorcondition occurs.Theinterestwillreverttothegrantorortheheirsofthegrantor.

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9
Q

FeeSimpleEstate

A

Absoluteownershipofrealproperty;apersonhasthistypeofestatewherethe personisentitledtotheentirepropertywithunconditionalpowerofdispositionduringtheperson’slife anddescendingtotheperson’sheirsordistributees.

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10
Q

FeeSimpleonCondition

A

Adefeasiblefee(title),recognizablebywords‘butif’.

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11
Q

FHA‐InsuredLoan

A

AmortgageloaninwhichpaymentsareinsuredbytheFederalHousing Administration.

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12
Q

Fiduciary

A

Apersoninapositionoftrustandconfidence,asbetweenprincipalandbroker;brokerasa fiduciaryowescertainloyaltywhichcannotbebreachedundertherulesofagency.

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13
Q

FiduciaryDuty

A

Thatdutyowedbyanagenttoactinthehighestgoodfaithtowardtheprincipaland nottoobtainanyadvantageoverthelatterbytheslightestmisrepresentation,concealment,duressor pressure.

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14
Q

FixedInterestMortgage

A

Amortgageinwhichtheinterestdoesnotchange.

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15
Q

FixedLease

A

Aleaseinwhichtherentalamountremainsthesamefortheentireleaseterm;alsocalled flat,straight,orgrosslease.

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16
Q

Fixture

A

Appurtenancesattachedtothelandorimprovements,whichusuallycannotberemoved withoutagreementastheybecomerealproperty;examples–plumbingfixtures,storefixturesbuiltinto theproperty,etc.

17
Q

FlatRoof

A

Aroofwhichisalmostlevel.

18
Q

FloorAreaRatio(FAR)

A

Thetotalsquarefeetofabuildingdividedbythetotalsquarefeetofthelotthe buildingislocatedon.HigherFARstendtoindicatemoreurban(dense)construction.

19
Q

FloorPlan

A

Adrawingtoscale,showingaviewfromabove,oftherelationshipsbetweenrooms,spaces andotherphysicalfeaturesatonelevelofastructure.

20
Q

Foreclosure

A

Procedurewherebypropertypledgedforadebtissoldtopaythedebtineventofdefault inpaymentsorterms.

21
Q

FoundationPlan

A

Afloorplandrawingtoscaleshowingthelocationandsizeofthefoundationwallsof abuilding.

22
Q

Fraud

A

Theintentionalandsuccessfulemploymentofanycunning,deception,collusion,orartifice, usedtocircumvent,cheatordeceiveanotherpersonwherebythatpersonactsuponittothelossof propertyandtolegalinjury.

23
Q

FreddieMac

A

AnicknameforFederalHomeLoanMortgageCorporation(FHLMC),acorporationwholly ownedbytheFederalHomeLoanBankSystemthatpurchasesFHA,VA,andconventionalmortgages.

24
Q

FreeholdEstate

A

Anestateofindeterminableduration,e.g.,feesimpleorlifeestate.

25
Q

Frontage

A

Thelineardistancealongwhichabuildingfacesalotoraroadway.

26
Q

Front‐EndRatio

A

Aratiousedbylenders,whichequalsthebuyer’shousingcoststotheirincome.

27
Q

FullDisclosure

A

Disclosing,orgivingnoticeofallmaterialfacts.

28
Q

FunctionalObsolescence

A

Alossofvalueduetoadversefactorsfromwithinthestructurewhichaffect theutilityofthestructure,valueandmarketability.

29
Q

FutureInterest

A

Alegalrighttopropertyownershipthatdoesnotincludetherighttopresent possessionorenjoymentoftheproperty.

Real Estate Glossary (23 decks)

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