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Ma Real Estate F
Terms & Definitions F
Term | Definition |
---|---|
Facilitator (Transactional Agent) | An agent who assist the seller and buyer in reaching an agreement, but does not represent neither the seller or buyer in the transaction. |
Federal Civil Rights Act-1866 | The first of three major pieces of legislation, that affects fair housing and prohibits any discrimination, including housing, when that discrimination is based on race. |
Federal Discount Rate | The interest rate the Federal Reserve Bank charges it’s member banks. |
Federal Fair Housing Act-1968 (Title VIII) | Federal law know as Title VIII, that addresses discrimination in matters of housing including, protected classes, prohibited practices, new construction, financing, providing brokerage services and appraisal reports. |
F. H. A. Mortgage | A mortgage where the Federal Housing Administration (FHA) insures the bank against loss. |
Fee Simple Absolute (Fee Simple) | The highest form of estate; the holder possesses all of the rights possible, limited only by government rights and the rights of others. Also known as fee or fee simple. |
Fee Simple on Condition Subsequent | A condition in an estate where the duration cannot be determined from language in the deed, but depends on the grantor's choice to end the estate. Not automatic; requires action by the grantor. |
Fee Simple Defeasible | A fee simple estate subject to a specific condition. There are two types, Fee Simple Determinable and Fee Upon Condition Subsequent. |
Fee Simple Determinable | An estate in which the holder has a fee simple title, that ends upon the happening of a specific condition, that can be determined from the deed, and automatically ends when that specific condition takes place. |
Fee Upon Condition Subsequent | An estate in which the holder has a fee simple title, that ends upon the occurrence of a certain condition. The original grantor must take action to regain title; not automatic. |
Fiduciary | One who is in a position of trust and confidence. |
Financial Institution's, Reform, Recovery and Enforcement Act (FIRREA) | Federal legislation setting minimum standards each state must establish to regulate the real estate appraisal profession. |
Fixture | An article of personal property, that has become real property by being attached to the realty. EXAMPLE: A book shelf that has been screwed onto a wall. |
Foreclosure | The forced sale of a piece of real property by the lien holder, when the terms of the contract have not been met. |
Freehold Estate | An estate for an indefinite period of time (as compared to a Non-Freehold or Lease Estate). |
Functional Obsolescence | A loss in value due to outdated qualities, caused by age or poor design. May be curable such as outdated electric wiring, or incurable such as low ceiling height. |