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Real Estate > F Terms > Flashcards

F Terms Flashcards

1
Q

facilitator

A

A person working as a liaison between buyer and seller, but without agency duties. Also called an intermediary.

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2
Q

FICO Score

A

Lender scoring system for loan worthiness.

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3
Q

fee tail

A

An estate in which conveyance is limited to the descendants of the grantee.

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4
Q

fee simple

A

The highest ownership possible; has no time limit and can be transferred or inherited (the word fee means an inheritable estate). Also called fee simple absolute.

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5
Q

fee simple determinable

A

A grant that automatically ends should a property no longer be used for a designated purpose.

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6
Q

fee appraiser

A

An appraiser who works either as an independent contractor or for an independent appraisal firm.

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7
Q

fee

A

An estate of inheritance.

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8
Q

Federal Reserve System (the Fed)

A

A federal agency that regulates the money supply, interest rates, and reserve requirements of member banks.

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9
Q

Fair Credit Reporting Act

A

Allows a person to know what is in his/her credit file, and to have explanations inserted and information investigated and removed if wrong.

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10
Q

Federal Land Bank

A

A farm credit administrative agency that provides financing for farm purchases.

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11
Q

Federal Housing Administration (FHA)

A

A federal agency that insures mortgage loans.

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12
Q

Federal Deposit Insurance Corporation (FDIC)

A

Insures bank and thrift deposits. The maximum federal insurance is $250,000 for an account.

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13
Q

feasibility study

A

A study of the economic practicality of an investment.

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14
Q

Fannie Mae

A

A private corporation, now under government conservatorship, that provides a secondary marketplace for mortgages.

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15
Q

fictitious name

A

A name that does not include the surname of every principal in a business. To use a fictitious name, the fictitious name publication and recording statutes must be complied with.

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16
Q

foreclosure

A

The legal procedure whereby the lender forces the sale of property to pay indebtedness in the event of default.

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17
Q

footing

A

The concrete poured in the ground on which the foundation rests. The footing distributes the building load to the soil.

18
Q

floor space

A

The interior square footage measured from the inside walls.

19
Q

floodwater

A

The water overflowing a defined channel.

20
Q

floodplain

A

Level areas along waterways subject to inundation.

21
Q

flat lease

A

A level-payment lease with no escalation clause; also called a gross lease.

22
Q

fixture

A

A former item of personal property that has become so connected to the realty that it has become part of the real property.

23
Q

first right of refusal

A

See right of first refusal.

24
Q

firm commitment

A

A loan commitment made for a particular borrower and property.

25
Q

fidelity bond

A

Bond for employee covering employee honesty.

26
Q

fire wall

A

A wall built of fireproof material to limit or contain a fire.

27
Q

fire block

A

A horizontal block between studs to prevent a fire from rising through a wall.

28
Q

finder’s fee

A

A fee paid to a non-licensee for an introduction only; legal in some states.

29
Q

financing statement

A

An instrument filed by a lender on a personal property loan to give public notice that the goods are security for the loan (under the Uniform Commercial Code).

30
Q

Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)

A

Requires state licensing and certification of appraisers.

31
Q

fiduciary

A

The duty of trust and honesty of an agent to the principal.

32
Q

filtering down

A

The process in which housing passes down to lower economic groups.

33
Q

Foreign Investment in Real Property Tax Act (FIRPTA)

A

Requires buyer withholding of taxes when the seller is a foreign national, except for exempt sales.

34
Q

funding fee

A

A fee paid by a veteran for a VA loan.

35
Q

functional obsolescence

A

Obsolescence that is built in by design or by construction.

36
Q

front-end ratio

A

The ratio of gross income to total loan payments (PITT); used to qualify buyers as to the amount of a loan.

37
Q

front foot

A

A linear measurement of land based on the number of feet fronting on a road (could also refer to water frontage).

38
Q

freehold

A

A higher-interest category of estates (fee simple and life estates), as opposed to non-freehold estates, which are leasehold interests.

39
Q

Freddie Mac

A

A private entity under government conservatorship that serves as a secondary mortgage market and sells participation certificates.

40
Q

fraud

A

An intentional act or omission to deceive another to the detriment of that party.

41
Q

foundation

A

The masonry substructure on which the building rests. The foundation rests on the footing.

42
Q

franchise

A

A right to distribute goods and services under a marketing plan established by a franchisor.

Real Estate (18 decks)

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