Real Estate Glossary
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federal funds rateis the rate recommended by the Federal Reserve for the member banks to charge each other on short term loans. | |
Federal Reserve Systemthe country's central banking system, which exercises responsibility for the nation's monetary policy by regulating the supply of money and interest rates. | |
fee simple | ||
fee simple defeasibleAn estate in which the holder has a fee simple title that may be divested upon the occurence or nonoccurence of a specified event. There are two categories of defeasible fee estates: fee simple on condition precendent (fee simple determinable) and fee simple on the condition subsequent. | ||
fee simple determinableA fee simple estate qualified by a special limitation. Language used to describe limitation includes works "so long as" or "while" or "during." | ||
FHA loanpart of the Federal Housing Administration, which was to stimulate home ownership, the lender has to agree to make loans that can be amortized over at least 20 years with loan to value ratios of 80%. | |
fidelity bondThis insurance would be required for the brokers providing community association management services. The handling of funds from a community association totaling in excess of $60,000 requires the property manager to carry a fidelity bond or insurance to protect against the loss of such funds. | |
FiduciaryA legal and ethical relationship based on trust and confidence. | |
FIRREAFinancial Institutions Reform, and Recovery, and Enforcement Act (FIRREA) enacted in 1989 by Congress in response to the taxpayer funded bailout of the failed savings and loan associations during the 1980s. FIRREA required appraisers involved in federally related transactions to be state licensed or certified. | |