Southwest Florida Real Estate
Real Estate and Mortgage Terms Glossary
Real Estate and Mortgage transactions have languages all their own. Since most people don't use these terms on any type of a regular basis, we are providing this real estate and mortgage term glossary as a quick and easy reference for you to use. Rather than being unsure about a terms meaning, you can check here first. Of course, if you need a more in-depth understanding, please contact us directly and we'll be happy to assist you.
Terms - Letter F
The front exposure of any building. Often used to describe an artificial or false front which is not consistent with the construction of the rest of the building.
FAIR CREDIT REPORTING ACT
A federal law regulating the way credit agencies disclose consumer credit reports and the remedies available to consumers for disputing and correcting mistakes on their credit history. See FICO Scores.
FAIR MARKET VALUE
The price at which two unrelated parties, under no duress, are willing to transact business.
A private, shareholder-owned company that works to make sure mortgage money is available for people to purchase homes. Created by Congress in 1938, Fannie Mae is the nation's largest source of financing for home mortgages. Visit www.FannieMae.com
The boards that enclose the eaves.
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
The U.S. Government agency created in 1933 which maintains the stability of and public confidence in the nation's financial system by insuring deposits and promoting safe and sound banking practices.
FEDERAL HOUSING ADMINISTRATION (FHA)
A sub-agency of the U.S. Department of Housing and Urban Development created in the 1930's to facilitate the purchase of homes by low-income, first-time home buyers. It currently provides federally-subsidized mortgage insurance for private lenders. Visit www.hud.gov
A certified, professional appraiser who forms an opinion of the fair market value of property and receives a set fee in exchange.
A complete, unencumbered ownership right in a piece of property.
FEE SIMPLE ESTATE
A form or ownership, or holding title to real estate. It is the most complete form of title, having an unconditional and unlimited interest of perpetual duration.
A mortgage that is insured by the Federal Housing Administration (FHA). For more information, please visit Florida Home Loans.
A relationship that implies a position of trust or confidence wherein one person is usually entrusted to hold or manage property or money for another. Also a person who represents another in a position of trust or confidence; an agent.
FINAL VALUE ESTIMATE
The opinion of value of a piece of property resulting from an appraisal following the USPAP guidelines.
The primary loan or mortgage secured by a piece of property.
FIXED-RATE MORTGAGE (FRM)
A mortgage which has a fixed rate of interest over the life of the loan. See Interest Rates.
Any piece of personal property which becomes permanently affixed to a piece of real property. See Real Property.
The metal used around the base of roof mounted equipment, or at the junction of angles used to prevent leaking.
This is when you buy properties with the intent of quickly selling them for a profit.
Supplemental insurance which covers a home owner for any loss due to water damage from a flood. Often required by lenders for homes located in FEMA - designated flood zone. See Homeowners Insurance. Visit www.fema.gov
The representation of a building which shows the basic outline of the structure, as well as detailed information about the positioning of rooms, hallways, doors, stairs and other features. Often includes detailed information about other fixtures and amenities.
The furnace exhaust pipe, usually going through the roof.
The valve between the toilet bowl and the tank.
The partially buried support for a vertical structural member such as a post.
The process whereby a lender can claim the property used by a borrower to secure a mortgage and sell the property to meet the obligations of the loan.
FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (FIRPTA)
A federal law that subjects nonresident aliens and foreign corporations to U.S. income tax on their gains from the disposition of an interest in real property.
The loss of property or money due to the failure to meet the obligations of a mortgage or loan secured by that property.
The solid structural element upon which a structure is built.
An intentional deceptive act or statement with which one person attempts to gain an unfair advantage over another. It may be either a misstatement or silence about a defect.
The segment of a property that runs along a point of access, such as a street or water front.
A decrease in the value of property due to a feature or lack thereof which renders the property undesirable. Functional obsolescence can also occur when the surrounding area changes, rendering the property unusable for its originally intended purpose.