Letter F Vocab

Question 1

This term describes someone who handles a transaction but has no fiduciary duty.

Answer 1

Facilitator

Question 2

This term describes the price that property would normally sell for on the open market.

Answer 2

Fair Market Value (FMV)

Question 3

This term describes this as a privately run government institution that buys mainly conventional loans on the
secondary market from larger commercial banks.

Answer 3

Federal National Mortgage Association AKA Fannie Mae (FNMA)

Question 4

This term describes the interest rate conventional banks use to lend money.

Answer 4

Federal Funds Rate

Question 5

This term describes the highest and most desirable form of property ownership.

Answer 5

Fee Simple Absolute

Question 6

This term defines that inheritance of property is limited to direct descendants only.

Answer 6

Fee Simple Conditional

Question 7

This term describes as long as something is done or not done in deed. This is an interest in land that is one that terminates automatically if a specific event occurs. In other words, this is an interest that is subject to a restriction that has the potential to terminate the interest.

Answer 7

Fee Simple Determinable

Question 8

This term describes the subject to; a prohibited declaration in the deed.

Answer 8

Fee Simple on Condition Subsequent

Question 9

This term describes a type of fee estate which has limitations placed upon it.

Answer 9

Fee Simple Qualified

Question 10

What does the acronym F.H.A. mean?

Answer 10

Federal Housing Authority

Question 11

This term describes the name of a corporation, LLC, or entity.

Answer 11

Fictitious Name

Question 12

This term describes an employee with the highest standard of care available.

Answer 12

Fiduciary

Question 13

What does the acronym mean for the F.I.R.P.T. Act? Why is it important?

Answer 13

Foreign Investment in Real Property Tax Act

The Foreign Investment in Real Property Tax Act of 1980, or FIRPTA, is a U.S. tax law that imposes income tax on foreign persons selling U.S. real estate. The tax is based on the amount of gain recognized from the sale. The buyers of U.S. real estate from foreign persons are required to withhold 10% of the sale price and remit it to the IRS. FIRPTA is an exception to the general rule that the U.S. does not tax foreign persons on their gains from property sales.

Question 14

This term describes a geographic area located near a river or stream that is prone to flooding.

Answer 14

Flood Plain

Question 15

This term describes a section of a township where corrections are confined to a specific area of the town.

Answer 15

Fractional Sections

Question 16

This term describes false statements that are made with the intention of harm or deceive OR the intentional concealment of a material fact in order to deceive.

Answer 16

Fraud

Question 17

This term describes a privately run government institution that buys mainly conventional loans from smaller banks or credit unions.

Answer 17

Federal Home Loan Mortgage Corporation AKA Freddie Mac (FHLMC)

Question 18

This term describes any estate which is free from hold of any entity.

Answer 18

Freehold Estate

Question 19

This term in Latin describes the actual fruit or material that came from the plant.

Answer 19

Fructus Industriales

Question 20

This term in Latin describes the plants or crops that yield or produce the harvested crop.

Answer 20

Fructus Naturales

Question 21

This term describes the market value of land and improvements used to compute secondary taxes.

Answer 21

Full Cash Value (FCV)

Question 22

This term defines that an agent is obligated to disclose to his principal all relevant and material information that the agent knows and that pertains to the transaction.

Answer 22

Full Disclosure

Question 23

This term describes loans where both the principal and interest are BOTH being paid every month.

Answer 23

Fully Amortized Loans