REAL ESTATE DICTIONARY - F
Fannie Mae (Federal National Mortgage Association/FNMA)
FNMA is one of the major secondary market investors
that purchases loans from mortgage companies and other
depository institutions. The company is a private corporation
and its stock is traded on the New York Stock Exchange.
Federal Home Board
The board which oversees the Federal Home Loan Bank
systems.
Federal Home Loan Bank
Provides liquidity to supervised financial service companies,
such as savings and loans and credit unions. The bank
system has several districts.
Federal Home Loan Board
The board which charters and forbids discrimination
in the sale.
Federal Home Loan Mortgage Corporation (Freddie
Mac/FHLMC)
A government sponsored agency that is also a publicly
traded company on the New York Stock Exchange that purchases
mortgage loans from mortgage bankers and financial depository
institutions. FHLMC is a major secondary market investor.
Federal Housing Administration
A federal agency which insures first mortgages, enabling
lenders to loan a very high percentage of the sale price.
Federal National Mortgage Association
See Fannie Mae.
Federal Reserve Bank
The regulatory agency for certain commercial banks and
bank holding companies. Sets monetary policy for the
country and provides liquidity for supervised financial
institutions.
Federal Tax Lien
A lien attached to property for nonpayment of a federal
tax.
Federal Tax Return
The U.S. government's method to identify individual
and company's annual tax responsibility. The tax returns
identify the income and taxes.
Fee Simple
Highest possible degree of ownership of land. The estate
allows owners to have unrestricted powers to dispose
of property, and which can be left by will or inherited.
Fiduciary
A person in a position of trust or responsibility with
specific duties to act in the best interest of a client.
Real estate brokers and mortgage brokers are fiduciaries.
Financial Depositor Institutions
Banks, savings and loans or credit unions.
First Mortgage
Mortgage holding priority over the claims of subsequent
lenders against the same property.
Fixture
Personal property affixed to structures or land, usually
in such manner that they cannot be independently moved
without damage to themselves or the property housing,
supporting, or pertinent to them. Varies under state
laws.
Foreclosure
A proceeding in or out of court to extinguish all rights,
title and interest of the owner (s) of a property in
order to sell the property and satisfy a lien against
it.
Freddie Mac
See Federal Home Loan Mortgage Corporation.
Full Disclosure
Revealing all known facts which may affect the decision
of a buyer or tenant.
Functional Obsolescence
Impairment of functional capacity or efficiency. For
example, homes without indoor plumbing (while they may
contain working outdoor plumbing facilities) are considered
functionally obsolete.
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