FAIR HOUSING ACT
The federal law that prohibits discrimination in all facets of housing based on race, color, religion, sex, handicap, familial status and national origin.
FARMER'S HOME ADMINISTRATION (FmHA) An agency of the federal government that provides credit assistance to farmers and other individuals who live in rural areas.
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
EARNEST MONEY An independent federal agency that insures the deposits in commercial banks.
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
EARNEST MONEY A corporation established to purchase primarily conventional mortgage loans in the secondary mortgage market.
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) A quasi-government agency established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders.
FEDERAL RESERVE SYSTEM United States central banking system, comprising 12 Federal Reserve Banks controlling 12 districts under the Federal Reserve Board, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates.
FEE SIMPLE ABSOLUTE The maximum possible estate in real property that gives the owner the greatest power over the title, continuing forever, subject only to governmental powers. A term now used synonymously with fee simple.
FEUDAL SYSTEM A system of ownership usually associated with precolonial legal and military obligations among the warrior nobility of Europe during the Middle Ages, revolving around the three key concepts of lords, vassals and fiefs.under this system 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 in fief or fee characterized by homage, legal and military service of tenants, and forfeiture.
FHA LOAN A loan insured by the Federal Housing Administration and made by an approved lender in accordance with the FHA's regulations.
FIDUCIARY One in whom trust and confidence is placed; as the relationship between principal and broker (for example, in handling or supervising the affairs or funds of another party). The fiduciary has the responsibility of managing the money for the benefit of the beneficiary (another party) and is responsible for investing the assets until they are turned over to the beneficiary.
FIDUCIARY RELATIONSHIP A relationship of trust and confidence, as between trustee and beneficiary, attorney and client or principal and agent.
FINANCIAL INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT (FIRREA) This act restructured the savings and loan association regulatory system; enacted in response to the savings and loan crisis of the 1980s.
FISCAL POLICY The federal government's policy in regard to taxation and spending programs to achieve full employment and non-inflationary economy. The balance between taxation and spending programs determines the amount of money the government will withdraw from or feed into the economy to counter economic peaks and slumps.
FIXTURE An item of personal property that has been converted to real property by being permanently affixed to the realty.
FORECLOSURE A legal procedure whereby a mortgagor of real property is deprived of his interest in that property due to failure to comply with terms and conditions of the mortgage. 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.
FRACTIONAL SECTION A parcel of land less than 160 acres, usually found at the edge of a rectangular survey.
FARMER'S HOME ADMINISTRATION (FmHA) An agency of the federal government that provides credit assistance to farmers and other individuals who live in rural areas.
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
EARNEST MONEY An independent federal agency that insures the deposits in commercial banks.
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
EARNEST MONEY A corporation established to purchase primarily conventional mortgage loans in the secondary mortgage market.
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) A quasi-government agency established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders.
FEDERAL RESERVE SYSTEM United States central banking system, comprising 12 Federal Reserve Banks controlling 12 districts under the Federal Reserve Board, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates.
FEE SIMPLE ABSOLUTE The maximum possible estate in real property that gives the owner the greatest power over the title, continuing forever, subject only to governmental powers. A term now used synonymously with fee simple.
FEUDAL SYSTEM A system of ownership usually associated with precolonial legal and military obligations among the warrior nobility of Europe during the Middle Ages, revolving around the three key concepts of lords, vassals and fiefs.under this system 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 in fief or fee characterized by homage, legal and military service of tenants, and forfeiture.
FHA LOAN A loan insured by the Federal Housing Administration and made by an approved lender in accordance with the FHA's regulations.
FIDUCIARY One in whom trust and confidence is placed; as the relationship between principal and broker (for example, in handling or supervising the affairs or funds of another party). The fiduciary has the responsibility of managing the money for the benefit of the beneficiary (another party) and is responsible for investing the assets until they are turned over to the beneficiary.
FIDUCIARY RELATIONSHIP A relationship of trust and confidence, as between trustee and beneficiary, attorney and client or principal and agent.
FINANCIAL INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT (FIRREA) This act restructured the savings and loan association regulatory system; enacted in response to the savings and loan crisis of the 1980s.
FISCAL POLICY The federal government's policy in regard to taxation and spending programs to achieve full employment and non-inflationary economy. The balance between taxation and spending programs determines the amount of money the government will withdraw from or feed into the economy to counter economic peaks and slumps.
FIXTURE An item of personal property that has been converted to real property by being permanently affixed to the realty.
FORECLOSURE A legal procedure whereby a mortgagor of real property is deprived of his interest in that property due to failure to comply with terms and conditions of the mortgage. 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.
FRACTIONAL SECTION A parcel of land less than 160 acres, usually found at the edge of a rectangular survey.