Real Estate Terms Glossary: F
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Fair Market Value
The highest price a willing and able buyer would pay and the lowest price a willing seller would accept.
Fannie Mae (FNMA)
The shortened name for the Federal National Mortgage Association (FNMA), a privately owned corporation that purchases FHA, VA, and conventional mortgages.
Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD). The FHA insures residential loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or construct houses.
Fiduciary
A person, such as an agent, placed in a position of trust in relation to the person for whose benefit the relationship is created; essentially the same as a trustee.
Fixture
Personal property that has become real estate property by having been permanently attached to the property.
For Sale By Owner (FSBO)
A home that's offered for sale without the service of a real estate agent.
Foreclosure
A legal procedure whereby property used as security for 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 mortgage document.
Fraud
Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.
Freddie Mac (FHLMC)
A nickname for Federal Home Loan Mortgage Corporation, (FHLMC), a corporation wholly owned by the Federal Home Loan Bank System that purchases FHA, VA, and conventional mortgages.
Free And Clear Title
Title to real estate property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.
Frontage
The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.
Functional Obsolescence
Loss in value resulting from things such as faulty design, inadequacies, over-adequacies, and equipment being out of date.
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