|
Fannie Mae |
nickname for the Federal National Mortgage Association. Fannie Mae
is a federally chartered corporation owned by private stockholders. It
is the largest National mortgage holder and was created in 1938. It was
initially established to create a secondary market and expand the flow
of mortgage monies to make home ownership available to all. The
Board of Fannie Mae is comprised of private stockholders, but the
President may appoint Board members, as well. The group typically
buys and sells mortgages for profit. Today Fannie Mae sells FHA-insured
and other agency-guaranteed or insured mortgages and some conventional
mortgages. |
|
fee simple estate |
The maximum possible estate or right
of ownership of real property continuing forever. Sometimes called a
fee or fee simple absolute.
|
|
feudal system |
A system of ownership usually
associated with pre-colonial England, in which the king or other
sovereign is the source of all rights. The right to possess real
property was granted by the sovereign to an individual as a life estate
only. Upon the death of the individual, title passed back to the
sovereign, not to the decedent’s heirs.
|
|
FHA loan |
A loan, insured by the Federal
Housing Administration and made by an ‘approved lender in accordance
with the FHA’s regulations.
|
|
fiduciary relationship |
A relationship of trust and
confidence, as between trustee and beneficiary, attorney and client, and
principal and agent.
|
|
financing statement |
See UNIFORM COMMERCIAL CODE.
|
|
First mortgage |
mortgage that has priority as a
lien over all other mortgages. In cases of foreclosure, the first
mortgage will be satisfied before other mortgages.
|
|
fiscal policy |
The government’s policy in regard to
taxation and spending programs. The balance between these two areas
determines the amount of money the government will withdraw or
feed into the economy in an attempt to
counter economic-peaks and slumps.
|
|
Fixed Rate Mortgage |
a mortgage home loan that utilizes a fixed percentage rate over the
life of the loan |
|
foreclosure |
A legal procedure whereby property
used as security for a 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. The foreclosure procedure brings the rights of all
parties to a conclusion and passes the title in the mortgaged property
to either the holder of the mortgage or a third party who may purchase
the realty at the foreclosure sale, free of all encumbrances affecting
the property subsequent to the mortgage.
|
|
franchise |
A private contractual agreement to
run a business using a designated trade name and operating procedures.
|
|
fraud |
Deception intended to cause a person
to give up property or a lawful right.
|
|
freehold
estate |
An estate in land in which ownership is
for an indeterminate length of time, in contrast to a leasehold estate.
|
|
frieze |
A frieze
is a horizontal band which runs above doorways and windows or below the
cornice. The frieze may be decorated with designs or carvings. |
|
FSBO |
For Sale By Owner, an abbreviation used by realty agents describing
homeowners who decide to go it alone in selling their home. Also
called fizzbo's |
|
future interest |
A person’s present right to an
interest in real property that will not result in possession or
enjoyment until some time in the future, such as a reversion or right of
reentry.
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
