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(Disclaimer: Always seek advice regarding
questions for: Legal,
Tax, Accounting, Lending, Surveying, Inspecting, etc. from those other areas of
expertise. They may best answer questions regarding these
matters! Additionally, please allow that
"typos" / errors / changes may occur at this site and / or
other sites, herein referred / linked to... Information is presented only for your convenience. Any corrections
or suggestions are gladly
received! Thanks for visiting our site! Quigley Team, Realty World - John Horton &
Assoc.)
Farmer's Home Administration (FmHA): An agency, within the U.S. Department of Agriculture, that administers assistance programs for purchasers of homes and farms in small towns and rural areas.
Federal Home Loan Bank Board (FHLBB): Provides financing to farmers.
Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac): Purchase loans from members of the Federal Reserve and the Federal Home Loan Bank Systems, securitizes them and sells FHLMC mortgage backed securities on wall street.
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Federal Housing Administration (FHA): An agency within the U.S. Department of Housing and Urban Development (HUD) that administers loan programs, issues loan guarantees to make more housing available.
Federal National Mortgage Association (FNMA, Fannie Mae): Purchases loans from lenders, "secures" them against loss and sells FNMA mortgage backed securities on wall street.
Federal Reserve System: The central federal banking system that regulates and provides services to member commercial banks. Also has the responsibility for conducting federal monetary policy.
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Fee Simple (Fee Absolute or Fee Simple Absolute): Absolute ownership of real property; owner is entitled to the entire property with unconditional power of disposition during the owners life and upon his death the property descends to the owner's designated heirs.
Fidelity Bond: An assurance, generally purchased by an employer, to cover employees who are entrusted with valuable property or funds. Example: A landlord employs a clerk who collects rents. To safeguard these funds during the collection process, the landlord purchases a fidelity bond the clerk.
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Fiduciary: A person in a position of trust or responsibility with specific duties to act in the best interest of a client. A real estate broker is a fiduciary for his/her clients.
Finance Charge: Interest charged by a lender.
First Mortgage: A mortgage that has priority as a lien over all other mortgages. In the case of a foreclosure the first mortgage will be satisfied before other mortgages. See also
second mortgage.
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Fixture: Improvements or personal property attached to the land so as to become a part of the real estate. Fixtures are transferred to the buyer upon sale of the property. To determine whether an item is a fixture include: Intent (was it intended to be part of the property?) How is it fixed? Is the fixture essential to the property? Relationship, i.e., was the fixture intended to be a part of the tenant's business? Example: John sells his house to Mary. John wants to take the chandelier because he states it is personal property. Mary wants the chandelier to stay because she believes it is a fixture.
Flood Insurance: An insurance policy that covers property damage due to natural flooding. Flood insurance may be required on properties in a flood zone.
Foreclosure (Repossession): A legal process by which the lender forces a sale of a property because the borrower has not met the terms of the mortgage.
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Free and clear: A property that has no liens.
FSBO: For Sale By Owner. A property for sale, that is not listed with a real estate broker.
Fully indexed rate: The fully indexed rate=value of the index + margin. See adjustable loans.
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G Terms
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AUSTIN "STATS"