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13 Cards in this Set
- Front
- Back
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FEE SIMPLE
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MOST COMPLETE AND ABSOLUTE FORM OF OWNERSHIP IN A PARCEL OF REAL ESTATE
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FHA MORTGAGE
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RESIDENTIAL MORTGAGE THAT IS INSURED BY FEDERAL HOUSING AUTHORTY
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FIDUCIARY RELATIONSHIP
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AN OBLIGATION OF TRUST IMPOSED ON AN AGENT TOWARDS HIS PRINCIPLE-AGENT KNOWN AS FIDUCIARY
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FIRST MORTGAGE
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THE MORTGAGE WITH PRIORITY OVER ALL OTHER LIENS(EXCEPT TAXES) THAT WILL BE SATISFIED FIRST
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FIXTURE
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AN ARTICLE, ONCE CLASSED AS PERSONAL PROPERTY, THAT HAS BECOME AFFIXED TO THE REAL ESTATE AND NOW CLASSED AS REAL PROPERTY
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FLEXABLE PAYMENT MORTGAGE
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A LOAN IN WHICH THE PAYMENT SCHEDULE IS SUCH THAT SMALLER PAYMENTS ARE MADE IN EARLY YEARS AND PAYMENTS INCREASE IN LATER YEARS
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FNMA
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FEDERAL NATIONAL MORTGAGE ASSOCIATION-FANNIE MAY-BUYS AND SELLS RESIDENTIAL MORTGAGES
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FORECLOSURE
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IN THE EVENT OF DEFAULT BY THE BORROWER, A LEGAL PROCESS WHEREBY A PROPERTY PLEDGED BY SECURITY FOR DEBT IS SOLD TO SATISFY THE DEBT
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FORFEITURE
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A LOSS OF VALUE OR MONEY DUE TO LACK OF PERFORMANCE UNDER A CONTRACT
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FREEHOLD ESTATE
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AN ESTATE THAT IS FOR A INDETERMINATE LENGTH OF TIME-SUCH AS FEE SIMPLE OR LIFE ESTATE
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FRONT FOOT
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MEASUREMENT OF LAND ALONG THE STREET LINE
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FUNCTIONAL OBSOLESCENCE
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-TYPE OF DEPRECIATION OF REAL PROPERTY-A DEFECT IN STRUCTURE OR DESIGN OF PROPERTY
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ECONOMIC OBSOLESCENCE
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-LOSS OF VALUE DUE TO CAUSES WITHIN A NEIGHBORHOOD
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