· 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, law 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
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.
· 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.
· 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.
· 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.
· 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-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.
· Fixed
time The specific weeks in a year an owner of a
timeshare arrangement has access to accommodations.
· 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.
· 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.
· 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.
· Florida
rooms Enclosed porches built on the side or
back of a home.
· Footings Concrete
foundations that support a structure.
· 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.
· For
Sale By Owner (FSBO) The owner acts as the
agent to avoid paying a sales commission.
· 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.
· 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
