Browse the glossary using this index

Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL

Page: (Previous)   1  2  3  (Next)
  ALL

F

fee simple

refers to the maximum ownership that can be enjoyed in real estate. It permits the owner the greatest control over the land. This estate is freely transferable and inheritable.

fee simple defeasible

An 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 determinable

A fee simple estate qualified by a special limitation. Language used to describe limitation includes works "so long as" or "while" or "during."

feudal

refers to the concept of land ownership associated with medieval Europe. Under the feudal system, no one other than the King and his chosen nobility were land owners. Kings and nobility allowed others to live and work on the land, but the privilege required compensation to the “crown” in the form of military service or the fruits of their labor.

FHA loan

part 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 bond

This 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.


Fiduciary

A legal and ethical relationship based on trust and confidence.


FIRREA

Financial 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.

fixity

refers to the permanence and durability of land (real estate).

fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty.


Page: (Previous)   1  2  3  (Next)
  ALL