Real Estate Glossary

A contract that is fully signed or performed.

A person named in a will to carry out its provisions as to the disposition of the estate of a deceased person.

A contract not yet fully performed.

Described as the fastest way to foreclose on a mortgage for nonpayment of debt; this method must be expressed in the mortgage contract and signed and agreed to by all parties.

Feminine of executor.

Clearly stated duties of an agent set forth by his principal.

A taking, as under eminent domain. Equivalent to the Common Law term condemnation.

Federal legislation forbidding discrimination in the sale, rental, and financing of real estate on the basis of race, color, religion, sex, handicap, familial status.

A federal agency which buys mortgages in the secondary money market from commercial banks and federally insured savings and loan associations; "Freddy Mac".

An agency of the federal government which insures certain real estate loans.