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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

F

Fair Credit Reporting Act

A federal law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies, and establishes procedures for rectifying errors on individuals' credit records

Fair Housing Act

A federal law which prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status and national origin

Fair market value

The highest price that a buyer, who is willing but not required to buy, would pay for a piece of property or home, and the lowest price that a seller, who is willing but not required to sell, would accept

Fannie Mae

The Federal National Mortgage Association (also FNMA), a private corporation which is federally chartered to provide financial products and services that increase the availability and affordability of housing, by purchasing mortgages from banks and other lending institutions; the FNMA is the largest non-bank financial services company in the world, as well as the largest resource for financing of home mortgages in the U.S.

Farmer's Home Administration (FmHA)

A federal agency that provides credit assistance to farmers and other individuals residing in rural areas of the U.S.

Federal Deposit Insurance Corporation (FDIC)

An independent federal agency that insures the deposits in commercial banks

Federal Home Loan Mortgage Corporation (FHLMC)

A corporation established to purchase primarily conventional mortgage loans in the secondary mortgage market

Federal Housing Administration (FHA)

An agency of the U.S. Department of Housing and Urban Development (HUD), whose function is the insuring of residential mortgage loans made by private lenders; while setting standards for construction and underwriting, the FHA itself does not lend money, or construct housing

FHA insurance

Mortgage insurance provided by the Federal Housing Administration to protect banks, savings and loans, and mortgage companies against loss on real estate loans

FHA loan

A loan insured by the Federal Housing Administration, and made by an approved lender in accordance with the FHA's regulations

Federal National Mortgage Association (FNMA)

A governmental agency established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders

Fee simple

The greatest interest in a parcel of land that is possible, or the total interest in real property

Fiduciary relationship

A relationship of trust and confidence, as between principal and agent, trustee and beneficiary, attorney and client

Finder's fee

A commission paid to a mortgage broker for sourcing a mortgage loan for a prospective borrower

First mortgage

A mortgage that is the primary lien against a property

Fixed-rate mortgage (FRM)

A mortgage in which the interest rate remains fixed over the duration of the term of the loan

Fixture

Any item of property that is attached to real property such that it becomes a permanent part of the real property, and therefore is usually sold with it

Foreclosure

A legal proceeding usually initiated by the lender or creditors, involving a forced sale of a property owned by a borrower who has defaulted on payment of, or on the terms of, a loan on said property, and whereby the borrower is deprived of his or her interest in the property

Forfeiture

The loss of money, property, rights, or privileges due to a breach of legal obligation

Forfeiture of Title

The provision in a deed that accounts for title being passed to another, should certain terms not be met or certain circumstances occur

Freddie Mac

The Federal Home Loan Mortgage Corporation (also FHLMC), a private corporation that is federally chartered to purchases and sells mortgage loans; a major player in the secondary market, along with the Federal National Mortgage Associate (FNMA)

Front ratio

The ratio of a potential borrower's monthly housing costs to their gross monthly income, utilized by lenders to qualify an applicant for a loan; typically 28-40 percent is acceptable

Fully amortized ARM

An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to pay off the remaining balance at the interest accrual rate over the amortization term

Fully indexed note rate

Te index value at the time of application for an adjustable rate mortgage (ARM) plus the gross margin stated in the note

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Real Estate Tips
Real Estate Contracts >Purchase Agreements

Whether it consists of several pages of big type or a few pages of fine print, a real estate purchase agreement is a serious, legally binding document. In most areas, there are "boiler plate" forms that spell out what each party agrees to do by certain dates and what happens if either side breaks the contract.

The best time to familiarize yourself with these forms is when you are beginning your search. Ask the real estate agent for a copy of the purchase agreement and then review it, keeping in mind that it has the force of law. If you don't understand the document, consult an attorney. If there is a dispute between buyer and seller, a court will hold you to what the purchase agreement specifies, not what you thought it meant or what you thought the real estate agent said it meant.

There are several key points you should be clear about. What are the deadlines for loan application and obtaining financing? If you decide to back out because of the structural inspection report, can you do that? Do appliances convey? When will the closing take place? If you understand these clauses before you find the perfect house, you will avoid a lot of stress and minimize the likelihood of misunderstandings.

See All Tips In The "Real Estate Contracts" Category >
See Complete Library Of Hundreds Of Tips In 30+ Categories >

Real Estate Trivia
Q 
What is the world's most expensive Monopoly set?

A 
San Francisco jeweler Sidney Mobell created an exclusive $2 million Monopoly set, with solid 23 carat gold houses, chimneys made of rubies and sapphires and dice with 42 full cut diamonds for spots.
See More Real Estate Trivia >


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Carmela, Jason and Jonathan Kaiser, REALTOR®, real estate agent and broker for Brookhaven Township, Smithtown Township and The North Shore, New York home listings, property and land for sale - NUMBER1EXPERT

Carmela, Jason, and Jonathan Kaiser
Fortune Realty of LI

24 Arbor Ridge Lane
South Setauket, NY 11720
Carmela Kaiser : 631-379-1612
Jason Kaiser: 631-764-1422
Jonathan Kaiser: 631-235-2646
Office: 631-320-0800
Fax: 631-846-1771
CarmelaKaiser@NUMBER1EXPERT.com
jonkaiser@fortunerealtyli.com

I’m Carmela Kaiser, Broker/Owner of Fortune Realty of L.I. I bring over twenty-five years experience in real estate including numerous awards and an impressive record as a top producer. I achieved this by following what I believe is basis of real estate sales: putting the needs of my clients first and foremost. As a result, about 85% of my business now comes from personal referrals and repeat business achieved by giving outstanding customer service, both during and after the transaction, and by always making my clients’ best interest my top priority. This is the foundation on which Fortune Realty of LI was founded. I work with a talented family team of agents, available to our clients seven days a week. We address every aspect of your real estate transaction with three times the manpower and attention. With a combined thirty-five years experience in real estate and over 900 homes marketed and sold, our clients’ best interest is our top priority!

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