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Real Estate Terms / Real Estate Dictionary

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Factory-built home
A Manufactured or Mobile Home produced mainly by factories and later moved to a permanent homesite

Fair Credit Reporting Act
A federal law that allows individuals to examine credit information about them that is used by credit reporting services and establishes procedures for correcting them.

Fair Housing Act
A federal law that prohibits discrimination in housing based on a person's race, color, religion, sex, handicap, nationality, and marital status.

Fair Market Value
The price that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under any pressure to buy or sell.

Fannie Mae
An agency established to purchase from the primary lenders any kind of mortgage loans in the secondary mortgage market. Their financial products and services offer to make it possible for low-, moderate-, and middle-income families to buy homes of their own.

Federal Emergency Management Agency (FEMA)
Government Agency which is charged with planning for, mitigating against, responding to, and recovering from natural disasters such as hurricanes, earthquakes, floods or other.

Federal Estate Tax
The Estate Tax is a tax on your right to transfer property at your death. For 2006 - 2008, estates with a total value under $2,000,000 do not require the filing of an estate tax return. The estate value is calculated by an accounting of everything you own or have interest in at the date of death (Use Form 706) using the current fair market value of these items. The total of all of these items is your "Gross Estate." Your estate includes cash, securities, real estate, insurance, trusts, annuities, business interests and other assets.

Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD) that insures private first mortgage loans for the financing of new and existing homes and home repairs and does not permit second mortgages on insured mortgage loans. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

Federal Trade Commission (FTC)
An agency of the federal government created by an Act signed into law on September 26, 1914 by President Woodrow Wilson. The FTC works to eliminate unfair or deceptive marketplace practices.

FHA - see Federal Housing Administration

FHA loan - A loan made by an approved lender in accordance with FHA regulations and insured by the Federal Housing Administration.

Finder's Fee
1. A monetary payment made to a party other than a licensed broker who locates suitable property or a purchaser.
2. Mortgage - A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.

Firm Commitment
A lender's agreement to lend money to a specific borrower on a specific property.

First Mortgage
A mortgage that is the primary lien against a property except for taxes and bonded indebtedness.

Fixed Installment
The monthly payment due on a mortgage loan. The fixed installment includes payment of both principal and interest.

Fixed-Rate Loan
A mortgage in which the interest rate does not change during the entire term of the loan.

The movable items such as lights, sinks and toilets that are attached to land or its improvements that becomes real property when attached in a permanent manner to real estate.

Flat Fee Broker
A real estate broker who charges a fixed or flat fee for brokerage services instead of a commission based on a percentage of the sales price of the property.

The purchase and immediate resale of property often within hours, days or weeks for a quick profit. In some cases, repairs and improvements are made to help make a larger profit margin. which often carries a negative connotation of people who profit illegally or at the expense of an innocent party and helped give rise to FIRREA.

A level land area subject to periodic flooding from a contiguous body of water. The area is identified as to the expected frequency of flooding such as an area designated as an annual floodplain would be expected to flood once each year.

For Sale By Owner (FSBO)
A term referring to properties on the market that are not listed with a real estate broker because the owner desires to sell the property his or her self without paying a commission.

A creditor's act of tolerance and patience towards a borrower having not received payment once the debt has become due.

Forced Sale
The act of selling property under a compulsion as to time and frequently the result of legal proceedings ordering the sale to pay a judgment.

The legal process in which property pledged as security for a debt is sold to satisfy a debt in the event of a default in payments or terms. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

The loss of money, property, something of value, rights, or privileges due to a breach of legal obligation.

FROG - A FROG (in real estate terms) is a Finished Room over the Garage or a Family Room over the Garage

FROG room

FSBO - See For Sale By Owner

FTC - see Federal Trade Commission

Full Disclosure
A requirement to reveal all material facts pertinent to a transaction.

Fully Amortized ARM
An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to amortize the loan amount, at the interest accrual rate, over the amortization term.

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