on a Letter to lookup a Real Estate Legal Term
A Manufactured or Mobile Home produced mainly by factories and later moved to a permanent homesite
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
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.
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.
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.
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.
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
loan - A loan made by an approved
lender in accordance with FHA regulations and insured by the Federal Housing Administration.
1. A monetary payment made to a party other than a licensed broker who locates suitable property or a
2. Mortgage - A fee or commission paid
to a mortgage broker for finding a mortgage loan for a prospective borrower.
A lender's agreement to lend money to a specific borrower on a specific property.
A mortgage that is the primary lien against a property except for taxes and bonded indebtedness.
The monthly payment due on a mortgage loan. The fixed installment includes payment of both principal and
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.
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.
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.
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
FSBO - See For Sale By Owner
FTC - see Federal Trade Commission
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.
The definitions of Real Estate
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