Fixtures
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.
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Real Estate Words Glossary Archive
First mortgage
Mortgage on a property that is superior to any other. It is the first to be paid in the event of foreclosure.
Fiduciary
Person acting in a position of trust, responsibility and confidence for another, such a broker for his client.
FHA
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.
Fannie Mae
Common name for the Federal National Mortgage Association, which buys and sells loans in the secondary mortgage market.
Exclusive-right-to-sell listing
Listing that gives the broker the right to collect a commission no matter who sells the property during the listing period.
Exclusive agency listing
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 account
Special bank account into which escrow monies are deposited and from which they are disbursed. Lawyers and real estate brokers maintain escrow accounts to hold money in trust for others.
Escrow
Money or documents held by a third party until specific conditions of an agreement or contract are fulfilled.
Escheat
Reversion of property to the state when the owner dies without leaving a will and has no heirs to whom the property may pass.
Equity build-up
Term used to refer to the increase of one's equity in a property due to mortgage balance reduction and price appreciation.
Equity
Value an owner has in a piece of property less the debt against it. For example, if the market value of a house is $150,000 and the owner has paid off $10,000 of a $75,000 mortgage, the owner has $85,000 equity.
