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façade
The part of a building facing a street or courtyard. |
facilitator
A real estate professional who assists in a transaction
but does not have a agency relationship with that
party. Also known as transaction broker or intermediary. |
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 designed to regulate
procedures and prevent old or inaccurate information
from staying in consumer credit files. The act
gives individuals the right to inspect their own
credit files, although the credit bureau may charge
a fee. |
Fair Debt Collection Practices
Act
A federal law which outlaws
debtor harassment, and regulates collection agencies,
original creditors' collection offices (if separate),
and creditors' lawyers. The original creditor
may be covered by state law. |
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Fair Housing Act
Landmark federal law that makes
it illegal to refuse to rent or sell to anyone
based on race, color, religion, sex, or national
origin. The 1988 amendments to the act 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
(FmHA)
A U.S. Department of Agriculture
agency that provides credit to farmers and rural
residents. |
fascia
A flat board that runs horizontally along the
eaves of a roof, typically capping the ends of
the roof rafters to give the roof edge a more
finished look and provide a base for attaching
gutters. |
Federal Home Loan Mortgage
Corporation (FHLMC)
The Federal Home Loan Mortgage
Corporation is commonly known as Freddie Mac.
The company buys mortgages from lending institutions,
pools them with other loans, and sells shares
to investors. |
Federal Housing Administration
(FHA)
This government agency operates
a variety of home-loan programs. Its most popular
is the Section 203(b) program, which provides
low-rate mortgages to buyers who make a down payment
as small as 3 percent. |
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Federal Housing Administration
(FHA)
This government agency operates
a variety of loan programs including the Section
203(b) program, which provides low-rate mortgages
to buyers who make a down payment of as little
as 3 percent. |
Federal National Mortgage
Association (FNMA)
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 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
(FTC)
The government agency that
regulates companies and industries, from credit
bureaus and collection agencies to timeshare operators
and some creditors. National headquarters: Sixth
and Pennsylvania Avenue NW, Washington, D.C. 20580.
Phone: (202) 326-2222. |
fee simple
This type of ownership, also called fee simple
absolute, 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. |
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fee simple absolute
This type of ownership, also
called fee simple, 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 subject to certain conditions. |
fenestration
A term referring to the way windows are arranged
in a building. |
feng shui
An ancient Chinese design philosophy in which
the positioning and physical characteristics of
the home are believed to affect the fortunes of
the owner. |
FHA loans
Mortgages that are insured by the Federal Housing
Administration (FHA). The FHA operates loan plans
for investors and purchasers of rural property,
and provides low-rate mortgages to buyers who
make a down payment as small as 3 percent. |
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. |
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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. |
financed closing costs
Closing costs that are added
to the loan amount. This practice saves the borrower
cash up front, but increases the borrower's monthly
payment. |
finder's fee
A fee in any amount that is paid to someone. |
finish grade
A finish that prepares a lot for landscaping. |
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fire wall
A buffer composed of fire-resistant material. |
firm commitment
A promise made by a lender to loan money for the
purchase of property. |
first mortgage
The primary mortgage on a property. The first
mortgage takes priority over all other voluntary
liens. |
fixed installment
The monthly payment on a home
loan. |
fixed time
The specific weeks in a year that 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. |
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fixer-upper
A house that needs refurbishment or remodeling
and 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. |
flip switch
An electrical switch operated by pushing the control
knob up or down. |
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float arm
A wire-like device in some types of toilets that
attaches a float ball to the ball cock. |
float ball
A round or oval ball that floats on top of the
water inside the tank of some toilets. When it
reaches its highest position, it shuts off the
flow of water. |
float floor drain
A drain that diverts water
from the basement to a collection area. Water
is then removed with a sump pump. |
floating slab
A concrete floor that is not connected to the
foundation wall. |
floating wall
Walls built to withstand movement in the basement
floor. |
flood certification
The process of determining
whether a property is located within a known flood
zone. If the property is in a flood zone, the
lender will probably require federally provided
flood insurance. |
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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. |
flue
A chimney, usually made of metal, designed to
exhaust unwanted gasses and byproducts from a
combustion appliance such as a furnace or water
heater. A fireplace also has a flue to carry away
smoke. |
flush door
A flush door has smooth surfaces, as opposed to
a panel door, which has raised or recessed panels. |
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flush valve
The passageway between a toilet tank and bowl.
When you flush a toilet, water rushes through
the flush valve into the bowl. |
flush valve seat
The seal in the passageway between a toilet tank
and bowl. A stopper, flapper, or seat ball plugs
the flush valve seat .When you flush a toilet,
the seat is opened and water rushes through the
flush valve into the bowl. |
footing
A concrete foundation that supports a structure. |
For Sale By Owner (FSBO)
The seller acts as the selling
agent and handles the sales process directly with
the buyer or buyer's agent. In this situation,
the seller does not pay a listing commission. |
forbearance
A course of action a lender may pursue to delay
foreclosure or legal action against a delinquent
borrower. |
foreclosure
Legal process by which a lender ends the borrower's
interest in a property after a loan is defaulted.
The lender may sell the property and keep the
proceeds for mortgage and legal costs, using excess
proceeds to satisfy other liens or return to the
borrower. |
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forfeiture
The relinquishing of property rights by a delinquent
borrower. |
foundation
The support structure of a house. |
four-way switch
A device that uses three switches to permit an
appliance or outlet to be operated from all three
switches. |
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 (FHLMC), a congressionally chartered
institution that buys mortgages from lenders and
resells them as securities on the secondary mortgage
market. |
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free-market lots
Owners of these types of lots
may hire any builder to construct their home. |
freehold estate
An estate in which ownership is for an indeterminate
length of time. |
French doors
Two adjoining doors inlaid with glass that open
from the middle. |
front footage
The measurement of a parcel of land by the number
of feet of street frontage. |
front-end ratio
A lender calculation that compares a borrower's
monthly housing expense (principal, interest,
taxes, and insurance) to gross monthly income. |
frontage
The portion of property that borders a roadway
or body of water. |
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FSBO (For Sale By Owner)
The owner acts as the agent
to avoid paying a sales commission. |
full-service broker
A real estate broker who performs
all transaction services including listing and
selling. |
fully amortized adjustable-rate
mortgage
A mortgage that amortizes,
or pays down, the balance of a loan. |
functional obsolescence
A loss in value to an improvement
resulting from functional problems caused by age
or poor design. |
furnace
An enclosed heating device powered by coal, oil,
propane or natural gas. |
furring strips
Strips of wood used to support walls, ceilings,
or floors on irregular or masonry surfaces. |
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fuse
A small device in an electrical circuit that is
designed to shut down the circuit in the event
of an electrical overload or short circuit. |
