Vocabulary F Flashcards
(24 cards)
Fair Housing Act
FHA of 1968 and Title viii, bans preference, limitations or Des criminal ion based or race, color, sex, religion or national origin
Fair housing laws
Collective reference for state and federal laws intended to promote equal and fair opportunities to obtain housing for certain protected classes of persons.
Fannie Mae (FNMA)
Govt sponsored private corporation formally known as the Federal National Mortgage Association, which was originally organized as a federal agency that purchased FHA-insulated loan
Federal Banks
Bank chartered by federal government and regulated by the FEDERAL RESERVE BOARD.
Fair Housing Administration (FHA)
Office with the Department of Housing and Urban Development, which provides the mortgage insurance and loans by FHA-approved lenders through the US and its territories
Federal Housing Administration, Loan Programs
The market lenders qualify borrowers and property according to FHA standards and enter into various mortgages agreement.
Federal housing act, prohibited conduct
It prohibits covered owners, lessors and real estate agents from engaging in the following conduct: steering, blockbusting,redlining, refusing to sell, rent, finance or insure etc
Fair housing laws
Collective reference for state and federal laws intended to promote equal and fair opportunities housing for certain protected classes of persons
Federal reserve
Central bank system ran by the US govt
Fee simple estate
Highest and most unrestricted type of estate under American law. It’s also referred to as “fee” or “fee simple absolute “
Fiduciary
Person holding a position of trust or confidence by Bertie of his representation of another (agent representing a principal)
Fiduciary duty
It’s a duty imposed on a Fiduciary by a common law of agency
They include:
Accounting, confidentiality, disclosure, loyalty, obedience, reasonable care and due diligence
Read up on those
Affixed rate mortgage
Mortgage which interest rates remain the same for the entire duration of the loan (30yr, 15yr etc)
Fixtures
Items that were once moveable (personal property) such as fences, buildings, trees or bricks in a wall but which have been fixed to real estate
Foreclosure, lien theory (mortgage)
Foreclosure, tittle theory(deed of trust)
Page 339 (read)
Foreign investment and real property tax act (FIRPTA)
Federal which authorizes the US to tax property transfers by foreign persons
Page 339
Form 1099-s
IRS form for reporting residential real estate transaction to the federal government
Page 341
Fraud in factum
A person has no knowledge or intention of becoming a party to a contract, yet is tricked into signing one
Fraud in the inducement
Fraud where a party to a contract is induced to sign a contract because of fraudulent statements or facts
Freddie Mac (FHLMC)
Government sponsored private cooperation, known a FEDERAL HOME LOAN MORTGAGE CORPORATION, which operates under the supervision of FHFA.
Page 342
Freehold estate
Estate in land which one has both possession and ownership rights in the property.
Front footage
Refers to a portion of a parcel of land that abuts a street or waterfront.
Functional obsolescence
Economic principles influencing the amount of value, which describes the situation where an improvement losses value because it becomes functionally inadequate
Future estate
Freehold estate, which includes fee estate and life estate, that consist of ownership rights without processors rights.
