Terms F

Question 1

A federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, or national origin.

Answer 1

Fair Housing Act of 1968

Question 2

A single person, pregnant woman or a household with children under 18 living with parents or legal custodians who might experience housing discrimination.

Answer 2

Familial Status

Question 3

A group consisting of parents and children living together in a household.

Answer 3

Family

Question 4

Architectural term for a band running horizontally and situated vertically under a roof edge, or which forms the outer surface of a cornice, visible to an observer. Typically consisting of a wooden board or sheet metal.

Answer 4

Fasica

Question 5

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributees.

Answer 5

Fee Simple Estate

Question 6

Backed loans that usually require a lower down payment and may sometimes have a lower interest rate.

Answer 6

FHA Mortgage

Question 7

A person who on behalf of or for the benefit of another transacts business or handles money or property not the person’s own; such relationship implies great confidence and trust.

Answer 7

Fiduciary

Question 8

The legal duty of a fiduciary to act in the best interests of the beneficiary. One common duty includes confidentiality.

Answer 8

Fiduciary Duties

Question 9

The decline in value of properties in neighborhood that were once middle or upper-middle income.

Answer 9

Filtering Down

Question 10

The first contact or meeting by a licensee when some detail and information about the property is shared with parties who express some interest in the real estate transactions.

Answer 10

First Substantive Contact

Question 11

Personal property so attached to the land or improvements as to become part of the real property.

Answer 11

Fixture/Trade Fixture

Question 12

Sheet metal used at wall and roof junctions and around chimney to prevent water entry.

Answer 12

Flashing

Question 13

A fee paid by a seller or buyer on a housing co-op transaction typically in New York City. It is not a tax, and not deductible as property tax. It is a transfer fee payable upon the sale of an apartment to the co-op.

Answer 13

Flip Tax

Question 14

A term used for buying a home and then turning around and reselling it for a profit.

Answer 14

Flipping

Question 15

Concrete set in the soil (foundation bed) that support the foundation of the house.

Answer 15

Footing

Question 16

A special agreement between the lender and the borrower to delay a foreclosure.

Answer 16

Forbearance

Question 17

The part of the structure, typically below grade, upon which all other construction is built.

Answer 17

Foundation Walls

Question 18

Moderately toxic gases or liquids which have typically been used as refrigerants (in air conditioning units) and as aerosol propellants.

Answer 18

Freon

Question 19

Easily crumbled or reduced to powder. Asbestos is an example of a friable substance.

Answer 19

Friable

Question 20

Refers to the length of a parcel facing a street.

Answer 20

Front Foot

Question 21

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the strongest guarantee of title.

Answer 21

Full Covenant and Warranty Deed

Question 22

Impairment of useful capacity or efficiency; loss of value caused by super adequacy, inadequacy or changes in the art inherent in the property itself, not to be confused with external effects of economic obsolescence. Curable if the cost to cure is justified by the resulting increase in value of the property; otherwise incurable.

Answer 22

Functional Obsolescence

Question 23

A device used in electrical systems to protect against excessive current.

Answer 23

Fuse