Glossary of Real Estate Terms "F"

Like many other industries, the real estate industry has its own unique language and vocabulary. Without some knowledge of this specialized language, you may find yourself a bit confused if you become involved in a real estate transaction.

Whether entering the real estate market for the first time or if you have invested before, this handy reference will provide an understanding of basic real estate words and phrases.


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F

Fannie Mae (FNMA) – Federal National Mortgage Association. A private corporation dealing in the purchase of first mortgages.

Fee Simple Deed – The absolute ownership of a parcel of land. The highest degree of ownership that a person can have in real estate, which gives the owner unqualified ownership and full power of disposition.

FHA (Federal Housing Administration) – A federal agency that insures first mortgages, enabling lenders to lend a very high percentage of the sale price.

Fixed Rate Mortgage – A mortgage having a rate of interest that remains the same for the life of the mortgage.

Fixtures – Personal property that is attached to real property and is legally treated as real property while it is so attached. Examples: medicine cabinets, window blinds and chandeliers.

Foreclosure – A legal proceeding in which real estate secured by a mortgage is sold to satisfy the underlying debt. An action taken against the mortgagor for default in the promises made with the mortgagee (lender).

Forgery – The fraudulent signing of another's name to an instrument such as a deed, mortgage or check.

Freddie Mac (FHLMC) – Federal Home Loan Mortgage Corporation. A federal agency that purchases both conventional and federally insured first mortgages from members of the Federal Reserve System and the Federal Home Loan Bank System.




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