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FEDERAL FAIR HOUSING ACT
- A1968 federal law prohibiting discrimination in housing based on race,
color, sex, national origin, religion, family status or handicap.
FARMERS HOME ADMINISTRATION - See RECD.
FEDERAL HOUSING ADMINISTRATION (FHA)
- A federal agency overseeing many programs to facilitate available
financing for home ownership.
FEE SIMPLE ESTATE
- The highest quality estate possible. No limitations on the estate
exist that are not voluntarily created or accepted (with the exception
of government limitations).
FEUDAL SYSTEM
- Government ownership of all property with no private ownership
allowed.
FIDUCIARY
- An agent acting on behalf of another (the principal) with a duty of
the utmost loyalty, care, etc.
FINANCING CONCESSIONS
- An unusually high amount paid by a seller to assist a buyer in
obtaining financing.
FIXTURE - An item of personal
property that has been affixed to real estate and becomes a part of the
real property.
Foreclosure
A legal term applied to any of the various methods of enforcing payment
of the debt secured by a mortgage, or deed of trust, by taking and
selling the mortgaged property, and depriving the mortgagor of
possession.
FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (FIRPTA)
- Federal legislation requiring withholding of income taxes at closing
for foreign investors.
FORFEITURE
- The total loss of rights under a contract, due to nonperformance by
one party.
FRAUD -
An intentional deception, misstatement or omission of material facts
that cause a person harm by reliance on them.
FREEHOLD - FREEHOLD ESTATE
- A possessory interest in real estate for an unknown duration. Could
last a lifetime or longer (through inheritance).
FRONTAGE
- The distance that property abuts on a particular feature such as a
road or water.
FUNCTIONAL OBSOLESCENCE
- Loss in value because of deficiencies in design or usefulness as
opposed to normal wear and tear.
FUTURE INTEREST
- An interest in real property that will be perfected after some future
event.
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