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F
Façade
Fair Credit Billing Act
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Fair Housing Act
Fannie Mae
Farmer's Home Administration
Fascia
Federal Home Loan Mortgage
Corporation
Federal Housing Administration
(FHA)
Federal National Mortgage
Association
Federal Reserve Board
Federal style
Federal Trade Commission
Fee simple
Fee simple defeasible
Feng shui
FF&E
FHA loans
Fiduciary duty
Field changes
Fill dirt
Filled land
Finder's fee
Finish grade
Fire wall
Firm commitment
First mortgage
Fixed installment
Fixed time
Fixed-rate mortgage
Fixer-upper
Fixture
Flashing
Flat fee
Flat roof
Flats
Float floor drain
Floating wall
Flood insurance
Flood plain
Floor area ratio
Florida rooms
Footings
For Sale By Owner (FSBO)
Forbearance
Foreclosure
Forfeiture
Foundation
Foyer
Framing
Freddie Mac
Free-market lots
French doors
Front Desk
Frontage
Fully amortized adjustable-rate
mortgage
Furnace
Fuse
Façade
The part of a building facing the street or a courtyard.
Fair Credit Billing Act
A federal law that governs credit and charge card billing errors. If a credit
or charge card company violates any provision, consumers can sue to recover
damages.
Fair Credit Reporting Act
A federal law passed in 1971 that regulates the activity of credit bureaus. It
is designed to prevent inaccurate or obsolete information from staying in a
consumer's credit file and requires credit bureaus to have reasonable
procedures for gathering, maintaining and disseminating credit information. The
act also requires credit bureaus to show a consumer their credit file if the
consumer presents proper identification, although the bureau reserves the right
to charge a fee for doing so.
Fair Debt Collection Practices Act
A federal law passed in 1977 which outlaws debtor harassment and other types of
collection practices. The act regulates collection agencies, original creditors
who set up a separate office to collect debts, and lawyers hired by the
creditor to help collect overdue bills. An original creditor--the company or
individual that originally granted the credit--is not covered by the act, but
may be covered by similar measures approved by state governments.
Fair Housing Act
Landmark federal law passed in 1965 and amended in 1988 that makes it illegal
to deny rent or refuse to sell to anyone based on race, color, religion, sex or
national origin. The 1988 amendment expanded the protections to include family
status and disability.
Fannie Mae
The official name of the Federal National Mortgage Association, it is a
congressionally chartered, shareholder-owned company that buys mortgages from
lenders and resells them as securities on the secondary mortgage market.
Farmer's Home Administration
A U.S. Department of Agriculture agency that provides credit to farmers and
rural residents.
Fascia
A board that connects the ends of the roof rafters and provides a surface to
support gutters.
Federal Home Loan Mortgage Corporation
The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac. The
company buys mortgages from lending institutions, pools them with other loans
and then sells shares to investors.
Federal Housing Administration (FHA)
This government agency operates a variety of home-loan programs. Its most
popular is the Sec. 203(b), program, which provides low-rate mortgages to
buyers who make a down payment as small as 3 percent.
Federal National Mortgage Association
Now officially dubbed Fannie Mae, this federally chartered agency buys
mortgages from lending institutions, pools them with other loans and sells
shares to investors.
Federal Reserve Board
A group of economists and other experts who set the nation's monetary policy.
Its chief tool to control inflation is the power to control interest rates.
Federal style
The all-American home architecture style that evolved after the Revolutionary
War. Details include bigger windows and a front doorway surrounded by glass and
topped with an arched window.
Federal Trade Commission
The government agency responsible for regulating a variety of companies and
industries, from credit bureaus and collection agencies to timeshare operators
and certain types of creditors. National headquarters: Sixth and Pennsylvania
Avenue NW, Washington, D.C. 20580. Phone: (202) 326-2222.
Fee simple
This type of ownership is the maximum interest a person can have in a piece of
real estate. It entitles the owner to use the property in any manner they see
fit, in accordance with state and local laws.
Fee simple defeasible
The owner of the property holds a fee simple title contingent upon certain
conditions.
Feng shui
An ancient Chinese belief that the physical characteristics of a house and the
positioning of the home will affect the fortunes of the owner.
FF&E
Furniture, fixtures and equipment. Used as a dollar figure in the bulk sale
escrow. Will have a serious tax consequence for both buyer and seller.
FHA loans
Mortgages that are insured by the Federal Housing Administration. The FHA's
203(b) loan program provides low-rate mortgages to buyers who make a down
payment as small as 3 percent. The agency also operates loan plans for
investors and purchasers of rural property.
Fiduciary duty
The relationship of trust that buyers and sellers expect from a real estate
agent. The term also applies to legal and business relationships.
Field changes
Modifications made on the construction site that do not match blueprints.
Fill dirt
Soil brought in to solidify a finished foundation.
Filled land
An area where the ground has been raised by adding dirt, gravel or other fill
material.
Finder's fee
A fee in any amount that is paid to someone.
Finish grade
A finish that prepares a lot for landscaping.
Fire wall
A buffer composed of fire-resistant material.
Firm commitment
A promise made by a lender when it agrees to loan money for the purchase of
property.
First mortgage
The primary mortgage on a property that has priority over all other voluntary
liens.
Fixed installment
The monthly payment on a home loan.
Fixed time
The specific weeks in a year an owner of a timeshare arrangement has access to
accommodations.
Fixed-rate mortgage
A home loan with an interest rate that will remain at a specific rate for the
term of the loan. About 75 percent of all home mortgages have fixed rates.
Fixer-upper
A house that needs refurbishment or remodeling It usually sells at a
below-market price.
Fixture
Personal property permanently attached to a house, such as drapery rods,
toilets, built-in bookcases or a furnace.
Flashing
Metal strips placed around chimneys, skylights, vents, windows, doors, beneath
shingles and along seams in the roof to prevent water seepage.
Flat fee
A set fee charged by a broker instead of a commission.
Flat roof
A roof with a level surface.
Flats
Sheets used in the room. Smaller motels will usually send their sheets out to a
commercial laundry. They will do the wash cloths, towels and pillow cases in
their own laundry.
Float floor drain
A drain that diverts water from the basement to a collection area. Water is
then removed with a sump pump.
Floating wall
Walls built to withstand movement in the basement floor.
Flood insurance
Hazard coverage that is required in designated flood areas.
Flood plain
Flat, flood-prone areas located along waterways.
Floor area ratio
The calculation of the floor area of all homes or buildings in a project. It is
used in the planning and development of a site.
Florida rooms
Enclosed porches built on the side or back of a home.
Footings
Concrete foundations that support a structure.
For Sale By Owner (FSBO)
The owner acts as the agent to avoid paying a sales commission.
Forbearance
A course of action a lender may pursue to delay foreclosure or legal action
against a delinquent borrower.
Foreclosure
The legal process reserved by a lender to terminate the borrower's interest in
a property after a loan has been defaulted. When the process is completed, the
lender may sell the property and keep the proceeds to satisfy its mortgage and
any legal costs. Any excess proceeds may be used to satisfy other liens or be
returned to the borrower.
Forfeiture
The relinquishing of property rights by a delinquent borrower.
Foundation
The support structure of a house.
Foyer
The entrance hall to a home or building.
Framing
The construction of the skeletal framework of a house.
Freddie Mac
The common name for the Federal Home Loan Mortgage Corporation, a
congressionally chartered institution that buys mortgages from lenders and
resells them as securities on the secondary mortgage market.
Free-market lots
Owners of these types of lots may hire any builder to construct their home.
French doors
Two adjoining doors inlaid with glass that open from the middle.
Front Desk
Office of the motel, may be in the lobby. This is where clients check in.
Frontage
The portion of property that borders a roadway or body of water.
Fully amortized adjustable-rate mortgage
A mortgage that amortizes, or pays down, the balance of a loan.
Furnace
An enclosed heating device powered by coal, oil, propane or natural gas.
Fuse
A device that allows power to be channeled into a home.
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