Career Resource Center Archive


Fixtures

Wednesday, December 12th, 2007
Any personal property that has been permanently attached to real property and therefore included in the transfer of real estate. The kitchen sink is a fixture.


First mortgage

Wednesday, December 12th, 2007
Mortgage on a property that is superior to any other. It is the first to be paid in the event of foreclosure.


Fiduciary

Wednesday, December 12th, 2007
Person acting in a position of trust, responsibility and confidence for another, such a broker for his client.


FHA

Wednesday, December 12th, 2007
Acronym for Federal Housing Authority, an agency created within the Department of Housing and Urban Development (HUD) that insures mortgages on residential property, with downpayment requirements usually lower than prevailing ones.


Fee simple

Wednesday, December 12th, 2007
Ownership of real property that is to be used and/or sold at the owner's discretion.


Fannie Mae

Wednesday, December 12th, 2007
Common name for the Federal National Mortgage Association, which buys and sells loans in the secondary mortgage market.


Fair market value

Wednesday, December 12th, 2007
See market value.


Exclusive-right-to-sell listing

Wednesday, December 12th, 2007
Listing that gives the broker the right to collect a commission no matter who sells the property during the listing period.


Exclusive agency listing

Wednesday, December 12th, 2007
Listing where the owner reserves the right to sell his property himself, but also agrees to list with no other broker during the listing period besides the appointed real estate broker.


Escrow company

Wednesday, December 12th, 2007
A firm that specializes in handling the closing of a transaction.


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