An act prohibiting discrimination in the sale or rental of housing on the basis of race, color, religion or national origin sex, handicap and familial status.
Federal Fair Housing Act of 1968
A federal agency which oversees and regulates all federally charted savings and loan association.
Federal Home Loan Bank System - FHLBB
"Freddie Mac" is a wholly owned subsidiary of the Federal Home Loan Bank System, which serves as a secondary mortgage market for savings and loan associations, who are members of the FHLBB; also referred to as The Mortgage Corporation.
Federal Home Loan Mortgage Corporation (FHLMC)
A federal agency established in 1943 to increase home ownership by providing an insurance program to safeguard the lender against the risk of nonpayment. Currently part of HUD
Federal Housing Administration- (FHA)
Commonly known as "Fannie Mae", this quasi-private corporation is the largest buyer of existing mortgages in the secondary mortgage market.
Federal National Mortgage Association (FNMA)
The maximum possible estate one can possess in real property; also referred to as fee simple or fee.
Fee Simple Absolute
An estate which has been created to exist only until the occurrence or nonoccurrence of a particular event. Returns automatically.
Fee Simple Determinable
An estate which is subject to a power in the original grantor, or the grantor's heirs, to terminate the estate upon the happening of an event. Back to court.
Fee Simple Subject to a Condition Subsequent
A person who essentially holds the character of trustee. A fiduciary must carry out the duties in a manner which best serves the interest of the party for whom the fiduciary relationship is established. A real estate licensee has a fiduciary duty to his/her client. (Seller, landlord, buyer or tenant)
Claim with highest priority against property; also known as a superior to the rights of subsequent lenders. (Recorded first)
A mortgage on real estate in which the lender's rights are superior to the rights of subsequent lenders. (Recorded first)
Broadly defined as personal property which has become realty. Examples include built-in cabinets or bathtubs. Business (trade) fixtures can be removed if they leave no damage to the real estate, and they are removed before the end of a lease or by agreement with the landlord at a later time.
A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the note.
One which continues for an indefinite period of time. For as "least a lifetime or greater" (will)
A method of loan repayment in which the dollar amount of each payment is the same. The first part of each payment is interest and the remainder reduced the principal. Over the life of the mortgage, the outstanding balance is reduced to zero.
Fully Amortized Mortgage
A loss in value due to conditions within the structure which make the building outdated when compared with a new building. (4 bedrooms and 1 bath, insulation, narrow stairway, etc.)