"F" Vocab Flashcards
Fair Housing Law
a term used to refer to federal and state laws prohibiting discrimination in the sale or rental of residential property
Fair Market Value
the highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept
Federal Housing Association FHA
an agency within the U.S. department of housing and Hurban Development (HUD) that insures mortgage loans by FHA–approved lenders to make loans available to buyers with limited cash
Federal National Mortgage Association FNMA.. fannie mae
a privately owned corporation that buys existing government–backed and conventional mortgages
Federal Reserve System
the central banking system of the US, which controls the monetary policy, and therefore, the money supply, interest rates, and availability of credit
Fee Simple
the most complete form of ownership of Real Estate
FHA insured loan
a loan insured by the federal housing administration
Fiduciary Relationship
a legal relationship with an obligation of trust, as that of agent and principal
First Mortgage
a mortgage that has priority to be satisfied over all other mortgages
Fixed Rate Loan
a loan with an interest rate that does not change during the entire term of the loan
Fixture
an article of personal property that has been permanently attatched to the real estate so as to become an integral part of the real estate
Forfeiture
the loss of money, property, rights, or privileges due to a breach of legal obligation
Franchise
in RE, an organization that lends a standardiezed trade name, operating procedures, referal services, and supplied to memeber brokerages
Freehold estate
an estate of ownership in real property
Functional Obsolesence
a loss in value of a property due to causes within the property, such as outdated style, or inadequacy to funciton properly
