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F
Fair Housing Acct
of 1968: the federal law that prevents
discrimination in Houston based on race, color, religion, or national origin;
amended in 1974 to include sex and in 1988 to include handicap and familial
status in the protected categories.
Fannie Mae:
a privately owned corporation that participates in the secondary market by
buying conventional, FHA, and VA loans. Formerly the Federal National Mortgage
Association (FNMA).
Farm Service Agency (FSA):
an agency of the US Department of Agriculture that makes and guarantees loans
and provides credit counseling and supervision to farmers and ranchers who are
temporarily unable to obtain private, commercial credit.
Farmer Mac:
a secondary market for farm real estate loans; the Federal Agricultural Mortgage
Corporation.
Federal Agricultural
Mortgage Corporation: See Farmer Mac.
Federal Emergency
Management Agency (FEMA): a government
agency that sets program standards for flood insurance.
Federal Home Loan
Mortgage Corporation (FHLMC): See
Freddie Mac
federal judgment lien:
lien obtained by the US or an agency, department, commission, board, or other US
entity that affects all real and personal property of the judgment debtor.
Federal National Mortgage
Association (FNMA): See Fannie Mac
Federal Reserve System:
a central banking system designed to manage the nation’s economy; “the Fed”.
fee simple estate: the maximum possible estate or right of ownership of real property,
continuing forever. Sometimes called a fee or fee simple absolute.
fee simple subject to a
condition subsequent: an estate
conveyed “provided that” or “if” it is used for a specific purpose. If it is no
longer used for that purpose, it reverts to the original grantor or his heirs by
their exercise of the right of reentry.
feudal system:
a system of ownership usually associated with pre-colonial England in which the
king or other sovereign was the source of all rights. The right to possess real
property was granted by the sovereign to an individual as a life estate only. ON
the death of the individual, title passes back to the sovereign, not to the
decedent’s heirs.
FHA loan:
a loan insured by the Federal Housing Administration and made by an approved
lender in accordance with FHA regulations.
fiduciary relationship:
a relationship of trust and confidence, as between trustee and beneficiary,
attorney and client, or principal and agent.
financing statement: See Uniform Commercial Code.
fire and extended
coverage insurance: a type of policy
to protect against fire, hail, windstorm, and other damage.
first mortgage:
a mortgage that is superior in right to any other mortgage; absent
subordination, it must be recorded first.
fiscal policy:
the government’s policy in regard to taxation and spending programs. The balance
between these two areas determines the amount of money the government will
withdraw from or feed into the economy, which can counter economic peaks and
slumps.
fixture:
an item of personal property that has been converted to real property by being
permanently affixed to the realty.
flexible-payment loan:
a payment plan in which a mortgagor makes lower monthly payments for the first
few years of a loan and larger payments for the remained of the term.
forcible entry and
detainer: a court suit initiated by
the landlord to evict a tenant from leased premises after the tenant has
breached one of the terms of the lease or has held the property after the
lease’s expiration.
foreclosure:
a legal procedure whereby property used as security for a debt is sold to
satisfy the debt in the event of default in payment of the mortgage note or
default of other terms in the mortgage document. The foreclosure procedure
brings the rights of all parties to a conclusion and passes the title in the
mortgaged property to either the holder of the mortgage or the third party who
may purchase the realty at the foreclosure sale, free of all encumbrances
affecting the property subsequent to the mortgage.
formal will:
a written instrument disposing of property on the death of the maker, the
testator must be the legal age and sound mind, and not subject to undue
influence. The document must be signed and witnessed; also known as a witnessed
will.
fraud:
a misstatement of a material fact made with intent to deceive or made with
reckless disregard of the truth, and that actually does deceive.
Freddie Mac:
a corporation established to purchase primarily conventional mortgage loans in
the secondary mortgage market. Chartered as the Federal Home Loan Mortgage
Corporation (FHLMC).
freehold estate:
an estate in land in which ownership is for an indeterminate length of time, in
contrast to a leasehold estate.
fully amortized loan: a loan in which the principal and interest are payable in monthly or
other installments to reduce the loan balance to zero at the end of the loan
term.
functional obsolescence:
a loss of value to improved real property due to inadequate, outmoded, or
inappropriate improvements.
future interest:
a person’s present right to an interest in real property that will not result in
possession or enjoyment until some time in the future, such as reversion or
right of reentry.
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