Vocabulary Letter F Flashcards Preview

Real Estate > Vocabulary Letter F > Flashcards

Flashcards in Vocabulary Letter F Deck (20):
1

Facade

the outside front wall of a building.

2

Face Value

the dollar amount, shown by words and/or numbers on a document.

3

Fair Credit Reporting Act

a federal law that allows individuals to examine and correct information used by credit reporting services.

4

Fannie Mae (FNMA)

Federal National Mortgage Association, a federally chartered corporation that purchases mortgages and packages them to sell as securities.

5

Federal Fair Housing Law

a federal law that forbids discrimination on the bais of race, color, sex, religion, or national origin in the selling or renting of property.

6

Federal Housing Administration (FHA)

an agency within HUD that administers many loan programs designed to make housing more available.

7

Fee Agreement

An agreement between a borrower and a broker which normally specifies the relationship between them and the amount of compensation to the broker.

8

Fee Simple

absolute ownership of real property.

9

Fiduciary Responsibility

An obligation to act in the best interest of another party. This type of obligation typically exists when one person places special trust and confidence in another person and that responsibility is accepted.

10

First Mortgage

That mortgage which is recorded at the earliest time. The time of recording is the sole criteria. Size of loan and type of mortgage are immaterial. When the first mortgage is paid off and released, the second mortgage (if any existed) becomes the first mortgage.

11

Fixed Payment Mortgage

a loan secured by real property which features a periodic payment of interest and principal which is constant over the term of the loan.

12

Fixed Rate Mortgage

A mortgage with an interest rate that remains the same through the life of the loan.

13

Floodplain

A level land area subject to periodic flooding from a contiguous body of water.

14

Forbearance

a course of action a lender may pursue to delay foreclosure or legal action against a delinquent borrower

15

Foreclosure

The process by which the mortgagor's (borrower's) rights to a property are terminated. While the general process is similar from state to state, the actual procedures tend to vary greatly.

16

Fractional Ownership

Is a percentage share of an expensive asset or property acquired jointly by a group of persons or businesses. Shares are sold/titled to individual owners. A fractional owner enjoys use or income of such property on an agreed basis. Such as reduced rates, priority access on holidays and income sharing. Conceptually, Fractional Ownership is not the same as a Timeshare. Fractional Ownership affords much of the freedom and usage benefits offered in timeshare, however, the fundamental difference with fractional ownership is that the purchaser owns part of the title (as opposed to units of "time")

17

FRBO

for rent by owner.

18

Freddie Mac (FHMLC)

Federal Home Loan Mortgage Corporation, a federally chartered corporation that purchases mortgages and packages them to sell as securities.

19

FSBO

for sale by owner.

20

Fully Amortized Adjustable-Rate Mortgage

A mortgage that amortizes, or pays down, the balance of a loan.