Saturday, May 18, 2024, 1:27 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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FEDERAL FAIR HOUSING ACTFederal legislation forbidding discrimination in the sale, rental, and financing of real estate on the basis of race, color, religion, sex, handicap, familial status. |
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)A federal agency which buys mortgages in the secondary money market from commercial banks and federally insured savings and loan associations; "Freddy Mac". |
FEDERAL HOUSING ADMINISTRATION (FHA)An agency of the federal government which insures certain real estate loans. |
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)A part public, part private corporation that buys and sells mortgages in the secondary money market. "Fannie Mae". |
FEDERAL RESERVE SYSTEMThe national controller of the money supply, the Federal Reserve System regulates the printing of money, buys and sells bonds, and controls the reserve requirements of its member banks. |
FEE CONDITIONALAn estate granted absolutely but only so long as a specified event occurs or does not occur. |
FEE DETERMINABLEA fee estate which exists only until a specified event does or does not occur. Upon the happening of such event, the fee automatically ends and reverts back to the original grantor, or to his estate. |
FEE SIMPLEAn estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will, as he chooses. |
FEE TAILAn estate which was inheritable by particular lineal heirs. Upon lack of such heirs the estate reverted back to the grantor or his heirs. No longer recognized. |
FEE TITLE POLICYThe title insurance policy covering the property owner. |
FEUDAL SYSTEMMedieval legal and social system in which ownership of the land was vested in the monarch. |
FIDUCIARYA person in a position of great trust and confidence, as the relationship between principal and agent. |
FINDER'S FEEA fee paid to a person for the services of putting together the two parties in a real estate transaction. |
FISCAL YEARA year, used for tax, corporate, and accounting purposes which begins on a date other than January 1. |
FIXTUREAn article of personal property which has been installed in or attached to land or a building thereon, in such a manner, that it is now considered to be a part of the real estate. |
FORCED HEIR - Civil Law TermA child of a deceased person who has not attained the age of twenty-four, or of any age who because of a mental incapacity or physical infirmity is incapable of managing his person or his property. |
FORCED PORTION - Civil Law TermThe portion of the property of a deceased person that his descendants must receive upon his death. |
FORECLOSUREProcedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms. |
FRAUDThe intentional and successful employment of deception in order to cheat or deceive another person and to thereby gain some dishonest advantage. |
FREEHOLDAn estate in real property for an indefinite and uncertain time. |
FRONT FOOTProperty measurement by the front foot on its street line or waterfront line with each front foot extending the depth of the lot. |
FRUCTUS - Civil Law TermThe ownership right regarding the fruits or incomes from Louisiana real estate. |
FULL, COMPLETE AND PERFECT OWNERSHIP - Civil Law TermRefers to the owner's unrestricted power to dispose of the property. Similar to fee simple ownership in Common Law. |
FUNCTIONAL OBSOLESCENCELack of desirability in terms of layout, style and design as compared with that of a new property serving the same function. |