Glossary of terms used on this site
There are 266 entries in this glossary.
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| Term | Definition |
|---|---|
| Facilitator |
A real estate licensee that acts as an intermediary between a buyer and a seller who assists both parties but does not actually represent either of them.
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| Fair Housing Act |
Federal legislation that prohibits discrimination in the financing, sale, or rental of dwellings based upon race, gender, religious views, sexual preference, disabilities, etc.
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| Fed |
The Federal Reserve Board.
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| Fee Simple |
A complete, unencumbered ownership right in a piece of property.
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| FHA |
Federal Housing Association.
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| FHA Loan |
A federal assistance mortgage loan insured by the Federal Housing Administration. FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.
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| Fiduciary Duties |
An obligation to act in the best interest of another party.
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| Financial Statement |
A summary of the financial condition of an individual, or a business, at a particular moment in time.
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| Fiscal Year |
A business or accounting year that is different from a normal calendar year.
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| Fixed Rate Mortgage |
A mortgage which has a fixed rate of interest over the life of the loan.
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| Fixtures |
Items that are attached to land or improvements and if removed would cause damage. These items are usually considered part of the real property and are not to be removed unless agreed upon prior to purchase.
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| Floodplain |
An area of land subject to periodic flooding from a nearby body of water.
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| Foreclosure |
The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
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