Glossary letter F Real Estate Terms from Mr. Fuddy
FAÇADE
Front of building
FAIR MARKET VALUE
Money paid for property on the open market available for a
reasonable time, without pressures to buy or sell
FARMERS HOME ADMINISTRATION
Department of Agriculture gives financing help to farmers
and others living in rural areas
FEDERAL DEPOSIT INSURANCE CORPORATION FDIC
Agency of Federal government that insures deposits at
commercial banks and savings banks
FEDERAL NATIONAL MORTGAGE=FANNIE MAE
Private mortgage corporation taken over by our government to
buy and sell existing mortgage on the secondary market
FEE
An estate of inheritance in real property
FEE SIMPLE
Fee – old English same as Fee Simple absolute is greatest
power of owner to sell, trade or will
FIDELITY BOND
A security posted for the discharge of an obligation of
personal services
FIDUCIARY
Person in a position of trust and confidence as between a
principal and a broker. Broker owes fiduciary loyalty that cannot be broken
under the rules of agency.
FILTERING DOWN
Process of making housing available to successively lower
income groups
FINANCIAL INTERMEDIARY
Commercial banks, savings banks, mutual savings banks and
life insurance companies receive small sums of money from the public and invest
them in the form of larger sums, some loaned on real estate
FINISH FLOOR
Finish floor strips are applied over wooden joists ,
deadening felt and diagonal subflooring before the finish floor is installed-
final covering linoleum, tile or carpet…
FIRST MORTGAGE= FIRST TRUST DEED
Legal document pledging collateral for a loan that has
priority over all claims but taxes and bonded debts
FISCAL CONTROLS
Federal tax EARNEST MONEY
Down payment made by a purchaser of property as evidence of
good faith
FIXITY OF LOCATION
Physical characteristic of real estate influenced by its
surroundings (location)
FIXTURES
Appurtenances attached to the land of improvements –
plumbing fixtures
FLASHING
Sheet metal or other material to protect a building from
seepage of water
FOOTING
Base or bottom of a foundation wall, pier or column
FORECLOSURE
Property pledged is sold to pay the debt
FORFEITURE
Loss of money resulting from failure to perform
FRANCHISE
Privilege awarded by a government or business to have
exclusive dealership
FRAUD
Intentional and successive employment of any cunning,
collusion used to cheat a person
FREEHOLD
Estate of interminable duration- fee simple or life estate
FRONTAGE
Land bordering the street
FRONT FOOT
Property measurement for sale or valuation purposes-
property measures by the front foot on its street line extending to the depth
of the lot
FRONT MONEY
Minimum amount to initiate a real estate venture
FROSTLINE
Depth of frost penetration, differs by climate, footings
need to be below this line
FUNCTIONAL OBSOLESCENCE
Loss of value by negative factors that affect the utility of
the structure
FURRING
Strips of wood or metal to even it, to form an airspace or
give appearance of thicker wall
FUTURE BENEFITS
Anticipated benefits the property owner will receive in
future