Real Estate Glossary
Browse the glossary using this index
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externalitiesThe principle of externalities states that factors external to a specific parcel of real estate may have favorable or unfavorable consequences on the value of that real estate. Proximity to a lake or river will often contribute to the value of real property, however, other externalities such as proximity to a land fill or other inharmonious land use may detract from a property’s value. | |
extraordinary assumptionrefers to when an appraiser must presume as fact information that is otherwise uncertain in order to complete the appraisal. Every appraisal requires assumptions to be made. An appraiser may not be able to make an interior inspection of the subject when the property is a foreclosure. It may be necessary for the appraiser to assume the quality and condition of the interior in order to proceed with the assignment. These assumptions about the interior would be classified as an extraordinary assumption. The use of extraordinary assumptions is covered in USPAP Standards Rule 1-2(f). | |
F |
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Fair Housing Acttitle VIII of the Civil Rights Act of 1968, which declares a national policy of providing fair housing throughout the United States. Makes discrimination based on race, color, sex, familial status, handicap religion or national origin illegal in connection with the sale or rental of most dwellings. | |
Familialdefined as having one or more individuals under the age of 18 living with a parent or guardian. It also includes a woman who is pregnant and anyone in the process of receiving custody of a child under the age of 18. | |
Fannie Maea government sponsered enterprise established to purchase mortgage loans in the secondary mortgage market from the primary lenders. | |
Farm Credit Systema federal agency of the Department of Agriculture that offers programs to help families purchase or operate family farms. | |
Farm Service Agency (FSA)a federal governement agency that provides credit assistance to farmers and other individuals who live in rural areas. | |
Farmer Maca government sponsered enterprise that operates similary to Fannie Mae and Freddie Mac but for agricultural loans. | |
Federal Deposit Insurance Corporation (FDIC)an independent federal agency that insures the deposits in commercial banks. | |