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- 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 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.
- Federal Home Loan Mortgage Corporation
- 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)
- A government agency that operates a variety of home-loan programs through insuring residential mortgage loans made by private lenders.
- 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.
- 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.
- First mortgage
- The primary mortgage on a property that has priority over all other voluntary liens.
- Fixed installment
- The monthly payment on a loan.
- Fixed lease
- A lease in which the lessee pays a fixed rental amount for the duration of the lease.
- Fixed-rate mortgage
- A loan with an interest rate that will remain at a specific rate for the term of the loan.
- 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.
- Flood insurance
- Hazard coverage that is required in designated flood areas.
- Flood plain
- Flat, flood-prone areas located along waterways.
- 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.
- Freestanding
- A term used to describe industrial and commercial properties. The property type often is developed in an industrial park setting or as a build-to-suit on a selected piece of property. Freestanding properties usually are designed for manufacturing, distribution, assembly, packaging, and similar uses. In commercial establishments providing goods and services in single or multiple use buildings of various sizes, the larger, newer freestanding stores also are referred to as big boxes.
- Fully amortized mortgage loan
- A method of loan amortization in which equal periodic payments completely repay the loan.
- Future value
- The amount to which money grows over a designated time period at a specified interest rate.
Some definitions come from the Certified Commercial Investment Member Institute (CCIM).
