Continue Real Estate Vocab Letter F

Front 1

Fair and accurate credit transactions act of 2003 (FACTA)

Back 1

Federal law that amended the Fair Credit Reporting (FCRA) to create procedures to assist consumers who are victims of identity theft.

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facilitator

Back 2

a real estate agent working in a natural nonagency relationship with the parties to facilitate 使更容易 更便利 a transaction

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fair credit reporting act (FCRA)

Back 3

federal law detailing consumer rights in loan transactions involving credit reports

provide consumer rights as to knowldge of, and conrrection to, credit reports

Front 4

Fair employment and housing act (rumford act)

Back 4

california law that provides protection from harassment or discrimination in employment or housing on the basis of age (40 and over), ancestry, color, religious creed, denial of family and medical care leave, disability (mental and physical) including HIV and AIDS, marital status, medical condition (cancer and genetic characteristics), national origin, race, religion, sex, and sexual orientation.

Front 5

Fair housing act

Back 5

federal law that prohibits discrimination in provision of housing on the basis of race, color, religion, sex, national origion, ancestry, disability, or familial status; Title VIII of the civil rights ACT of 1968

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Fair housing amendment act of 1988

Back 6

entends the civil rights act of 1968 to include disability and familial status

expanded federal protections against discrimination in provision of housing to include families with children and person with disabilities

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Federal personal responsibility and work opportunity act

Back 7

act that denies government benefits to illegal immigrants

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Fannie Mae

Back 8

formerly the federal national mortgage association; created in 1938 to provide a secondary mortgage market for federally related mortgage loans; now also purchases conventional mortgage loan.

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Fannie Mae (federal national mortgage association)

Back 9

now a private corporation dealing in the secondary mortgage market

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Farmer Mac

Back 10

provides financing of agricultural real estate and rural housing loans and liquidity to agricultural and rural housing lenders;

Front 11

Farmer Mac ( federal agricultural mortgage corporation)

Back 11

now a private corporation providing a secondary mortgage market for farms and rural housing

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Federal depository insurance corporation (FDIC)

Back 12

insures savings, checking, and other deposit accounts in insured institutions, up to $250,000 per depositor, per insured bank, for each ownership category

Front 13

Federal funds rate

Back 13

the interest rate at which depository institutions lend balances at the federal reserve to other depository institutions overnight.

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Federal housing administration (FHA)

Back 14

created in 1934 to provide mortgage insurance on loans made by FHA approved lenders throughout the United States; part of the Department of Housing and Urban development

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Federal Housing Finance Agency

Back 15

federal agency created following the merger of the federal housing finance board (FHFB) and the office of federal housing enterprise oversight (OFHEO))

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Federally related transaction

Back 16

transaction that involves a federally charttered or insured lender

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Federal reserve system (The fed)

Back 17

central banking system of the United States that regulates the flow of money and cost of credit;

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Fee simple

Back 18

the highest possible degree of ownership in real property

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Fee simple absolute

Back 19

a feee simple estate with no restrictions on its use

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Fee simple defeasible

Back 20

an interest in land, such as a fee simpl conditional or fee simple with special limitation, that may result in the estate of ownership being defeated

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Fee simple estate

Back 21

the greatest interest in real property one can own, including the right to use the property at present and for an indeterminate period in the future

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Fee simple qualified

Back 22

a fee simple estate with some restrictions on the right of possession

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Feng shui

Back 23

law governing orientation and spatial relationship in regard to the flow of energy

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Fico score

Back 24

consumer credit score developed by the Fair issac corporation

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Fictitious name

Back 25

a name that does not include the surname of every principal in an enterprise

Front 26

Fictitious business name statement

Back 26

document indicating the name under which a business is operating; field with the county where the business is located

Front 27

Fictitious name statute

Back 27

provides procedure for filing and advertising a fictitious name. When the statute is complied with, the firm can use and defend a suit under the fictitious name.

Front 28

Fiduciary

Back 28

a person in a position of trust and confidence who owes a certain loyalty to another, such as an agent to a principal

Front 29

Fictitious trust deed

Back 29

a trust deed that is recorded for the sole purpse of being referenced in other trust deeds to incorporate its terms

Front 30

Fiduciary duty

Back 30

the duty of trust and confidence

Front 31

Financial institutions reform, recovery, and enforcement act of 1989 (FIRREA)

Back 31

federal legislation passed in response to the savings and loan crisis of the 1980s; established requirement for state appraiser licensing

Front 32

Final map

Back 32

under the subdivision map act, the final map is recorded when local approval has been obtained.

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Fiscal year

Back 33

a business or an accounting year as distinguished from a calendar year

Front 34

Fire stops

Back 34

wood blocks palced at intervals between wall studs to slow spread of fire

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Financing statement

Back 35

A statement that when filed with the Secretary of State becomes a lien on personal property for five years.

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fiscal year

Back 36

a business or an accounting year as distinguished from a calendar year

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Fixed - rate mortgage

Back 37

loan secured by mortgage or deed of trust on real estate that carries an interest rate that does not change over the life of the loan

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finder’s fee

Back 38

a fee paid to a nonlicensee for introducing a party

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Fixture

Back 39

anything permanently attached to land or improvements so as to become real property

items of personal property that have become so attached to realty as to become real property

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Flashing

Back 40

metal strips intended to prevent water entry at openings in a roof for chimneys, vents, dormers, and changes in roof line.

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Foreclosure

Back 41

sale of real property by mortgagee, trustee, or other lienholder on default by the borrower

procedure to bar all rights of a debtor in property

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Foreign corporation

Back 42

a corporation organized in a state other than california

Front 43

Form appraisal report

Back 43

a short report, typically two pages plus addenda, using a preprinted form to summarize the data contributing to an appraiser’s conclusion of value

Front 44

Forfeiture

Back 44

breach of a condition subsequent in a deed; entitles grantor or grantor’s successor to reacquire title to the property

loss of a right as punishment for an act or nonperformance of an act.

Front 45

Form appraisal report

Back 45

a short report, typically two pages plus addenda, using a preprinted form to summarize the data contributing to an appraiser’s conclusion of value

Front 46

Form - based planning

Back 46

type of land use planning permitted in California that provides for a mix of land uses while taking into account the relationship of buildings and public areas.

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Foundation

Back 47

base of building, typically of poured concrete consisting of walls or footings

Front 48

Frame

Back 48

support posts, beams, and roof members, typically wood in residential construction; steel - rame construction is common for commercial structures and is also used for homes

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Four - by - fouring

Back 49

the illegal attempt to avoid the subdivided lands law by breaking one parcel into four parcels and having the grantees again break each parcel into four parcels

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Franchise

Back 50

a contract or agreement between the franchisor (grantor) and the franchisee (grantee)

the right to engate in a business under a common marketing plan

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Franchise tax

Back 51

california tax on corporations

Front 52

Franchise investment law

Back 52

a disclosure law administered by the corporation commissioner to protect prospective purchasers of franchises

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Fraud

Back 53

an act or omission for the purpose of deceiving another

Front 54

Fraudulent misrepresentation

Back 54

deliberate intent to deceive; fraudulent misrepresentation of a material fact in a real estate transaction is graounds for a legal action that may result in damages or rescission

Front 55

Freddie Mac (federal home loan mortgage corporation)

Back 55

now a private secondary mortgage corporation

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Freddie Mac

Back 56

formelyy the federal home loan mortgage association; private corporation under federal supervision created by congress in 1970 to provide a secondary market for conventional residential mortgage loans

Front 57

Freehold estate

Back 57

fee simple or life estates

an estate in land in which ownership is for an indeterminate length of time, as in a fee simple or life estate

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Front foot

Back 58

property measured by the front linear foot on its street line, each front foot extending the depth of the lot

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Fructus industriales

Back 59

plant growth that is the result of cultivation 耕作 栽培

crops produced by labor and inddustry

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Functional obsolescence

Back 60

loss in value due to adverse factors within a structure that affect its marketability, such as its design, layout, or utility.

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Fructus naturales

Back 61

plant growth that does not require cultivation, such as natural trees, grasses, and shrubbery

products of the land produced by nature alone

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Full disclosure of materail facts

Back 62

obligation of real estate licensee to make known to the licensee’s client as well as propspective purchasers all facts concerning the property and likely to affect its value that are known to the licensee and that the licensee is not otherwise prohibited by law from disclosing