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Ma Real Estate F

Terms & Definitions F

TermDefinition
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.
Created by: medct