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- Facade The part of a building facing the street or a
courtyard.
- Fair Credit Billing Act A federal law that governs credit and
charge card billing errors. If a credit or charge card company violates
any provision, consumers can sue to recover damages.
- Fair Credit Reporting Act. A federal law passed in 1971 that
regulates the activity of credit bureaus. It is designed to prevent
inaccurate or obsolete information from staying in a consumer's credit
file and requires credit bureaus to have reasonable procedures for
gathering, maintaining and disseminating credit information. The act also
requires credit bureaus to show a consumer their credit file if the
consumer presents proper identification, although the bureau reserves the
right to charge a fee for doing so.
- Fair Debt Collection Practices Act. A federal law passed in
1977 which outlaws debtor harassment and other types of collection
practices. The act regulates collection agencies, original creditors who
set up a separate office to collect debts, and lawyers hired by the
creditor to help collect overdue bills. An original creditor--the company
or individual that originally granted the credit--is not covered by the
act, but may be covered by similar measures approved by state governments.
- Fair Housing Act Landmark federal law passed in 1965 and
amended in 1988 that makes it illegal to deny rent or refuse to sell to
anyone based on race, color, religion, sex or national origin. The 1988
amendment expanded the protections to include family status and
disability.
- Fannie Mae The official name of the Federal National Mortgage
Association, it is a congressionally chartered, shareholder-owned company
that buys mortgages from lenders and resells them as securities on the
secondary mortgage market.
- Farmer's Home Administration A U.S. Department of Agriculture
agency that provides credit to farmers and rural residents.
- Fascia A board that connects the ends of the roof rafters and
provides a surface to support gutters.
- Federal Home Loan Mortgage Corporation,law The Federal Home
Loan Mortgage Corporation, commonly known as Freddie Mac. The company buys
mortgages from lending institutions, pools them with other loans and then
sells shares to investors.
- Federal Housing Administration (FHA) This government agency
operates a variety of home-loan programs. Its most popular is the Sec.
203(b), program, which provides low-rate mortgages to buyers who make a
down payment as small as 3 percent.
- Federal National Mortgage Association Now officially dubbed
Fannie Mae, this federally chartered agency buys mortgages from lending
institutions, pools them with other loans and sells shares to investors.
- Federal Reserve Board A group of economists and other experts
who set the nation's monetary policy. Its chief tool to control inflation
is the power to control interest rates.
- Federal Trade Commission The government agency responsible
for regulating a variety of companies and industries, from credit bureaus
and collection agencies to timeshare operators and certain types of
creditors. National headquarters: Sixth and Pennsylvania Avenue NW,
Washington, D.C. 20580. Phone: (202) 326-2222.
- Fee simple This type of ownership is the maximum interest a
person can have in a piece of real estate. It entitles the owner to use
the property in any manner they see fit, in accordance with state and
local laws.
- Fee simple defeasible The owner of the property holds a fee
simple title contingent upon certain conditions.
- Federal style The all-American home architecture style that
evolved after the Revolutionary War. Details include bigger windows and a
front doorway surrounded by glass and topped with an arched window.
- FHA loans Mortgages that are insured by the Federal Housing
Administration. The FHA's 203(b) loan program provides low-rate mortgages
to buyers who make a down payment as small as 3 percent. The agency also
operates loan plans for investors and purchasers of rural property.
- Feng shui An ancient Chinese belief that the physical
characteristics of a house and the positioning of the home will affect the
fortunes of the owner.
- Fiduciary duty The relationship of trust that buyers and
sellers expect from a real estate agent. The term also applies to legal
and business relationships.
- Field changes Modifications made on the construction site
that do not match blueprints.
- Fill dirt Soil brought in to solidify a finished foundation.
- Filled land An area where the ground has been raised by
adding dirt, gravel or other fill material.
- Finder's fee A fee in any amount that is paid to someone.
- Finish grade A finish that prepares a lot for landscaping.
- Fire wall A buffer composed of fire-resistant material.
- Firm commitment A promise made by a lender when it agrees to
loan money for the purchase of property.
- First mortgage The primary mortgage on a property that has
priority over all other voluntary liens.
- Fixed installment The monthly payment on a home loan.
- Fixed-rate mortgage A home loan with an interest rate that
will remain at a specific rate for the term of the loan. About 75 percent
of all home mortgages have fixed rates.
- Fixed time The specific weeks in a year an owner of a
timeshare arrangement has access to accommodations.
- Fixer-upper A house that needs refurbishment or remodeling It
usually sells at a below-market price.
- Fixture Personal property permanently attached to a house,
such as drapery rods, toilets, built-in bookcases or a furnace.
- Flashing Metal strips placed around chimneys, skylights,
vents, windows, doors, beneath shingles and along seams in the roof to
prevent water seepage.
- Flat fee A set fee charged by a broker instead of a
commission.
- Flat roof A roof with a level surface.
- Floor area ratio The calculation of the floor area of all
homes or buildings in a project. It is used in the planning and
development of a site.
- Float floor drain A drain that diverts water from the
basement to a collection area. Water is then removed with a sump pump.
- Floating wall Walls built to withstand movement in the
basement floor.
- Flood insurance Hazard coverage that is required in
designated flood areas.
- Flood plain Flat, flood-prone areas located along waterways.
- Florida rooms Enclosed porches built on the side or back of a
home.
- Footings Concrete foundations that support a structure.
- Forbearance A course of action a lender may pursue to delay
foreclosure or legal action against a delinquent borrower.
- Foreclosure The legal process reserved by a lender to
terminate the borrower's interest in a property after a loan has been
defaulted. When the process is completed, the lender may sell the property
and keep the proceeds to satisfy its mortgage and any legal costs. Any
excess proceeds may be used to satisfy other liens or be returned to the
borrower.
- Forfeiture The relinquishing of property rights by a
delinquent borrower.
- For Sale By Owner (FSBO) The owner acts as the agent to avoid
paying a sales commission.
- Foundation The support structure of a house.
- Foyer The entrance hall to a home or building.
- Framing The construction of the skeletal framework of a
house.
- Freddie Mac The common name for the Federal Home Loan
Mortgage Corporation, a congressionally chartered institution that buys
mortgages from lenders and resells them as securities on the secondary
mortgage market.
- Free-market lots Owners of these types of lots may hire any
builder to construct their home.
- French doors Two adjoining doors inlaid with glass that open
from the middle.
- Frontage The portion of property that borders a roadway or
body of water.
- Fully amortized adjustable-rate mortgage A mortgage that
amortizes, or pays down, the balance of a loan.
- Furnace An enclosed heating device powered by coal, oil,
propane or natural gas.
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