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façade

The part of a building facing a street or courtyard.

facilitator

A real estate professional that assists with the transaction but does not have an agency relationship with the buyer or seller. Also known as a transaction broker or intermediary.

Fair Credit Billing Act

A federal law which protects consumers against violations involving credit and charge card billing errors.

Fair Credit Reporting Act

A federal law designed to regulate procedures, to prevent old or inaccurate information from remaining on record and gives the right for individuals to inspect their own credit files.

Fair Debt Collection Practices Act

A federal law which outlaws debtor harassment, and regulates collection agencies, original creditor collection offices and creditors lawyers.

Fair Housing Act

A federal law that makes it illegal to refuse to rent or sell to individuals based on race, color, religion, sex, national origin, family status and disability.

Fannie Mae

The Federal National Mortgage Association is a shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market.

Farmers Home Administration (FmHA)

A U.S. Department of Agriculture agency that provides credit to farmers and rural residents.

fascia

The flat board that runs horizontally along the eaves of a roof to give the roof edge a finished look and to provide a base for attaching gutters.

FEDERAL FAIR HOUSING LAW

A law prohibiting discrimination in terms of race, sex, color, or national origin in renting or selling houses and apartments.

Federal Home Loan Mortgage Corporation (FHLMC)

The Federal Home Loan Mortgage Corporation (or Freddie Mac) buys mortgages from lending institutions, pools them with other loans, and sells shares to investors.

Federal Housing Administration (FHA)

A government agency which operates a variety of home-loan programs.

Federal National Mortgage Association (FNMA)

Fannie Mae is a shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market.

Federal Reserve Board

The Federal Reserve Board consists of a group of economist and other experts who set the nations monetary policy, control inflation and interest rates.

Federal style

An architectural style of home that includes big windows and a front doorway surrounded by glass and topped with an arched window.

Federal Trade Commission (FTC)

A government agency which regulates companies and industries such as credit bureaus, collection agencies, timeshare operators and some creditors.
National headquarters: Sixth and Pennsylvania Avenue NW, Washington, D.C. 20580. Phone: (202) 326-2222.

fee simple

A type of ownership where the owner has maximum interest in the property which entitles the owner to use the property in any manner they choose in accordance with state and local laws. Also known as fee simple absolute.

fee simple absolute

A type of ownership where the owner has maximum interest in the property which entitles the owner to use the property in any manner they choose in accordance with state and local laws. Also known as fee simple.

fee simple defeasible

The owner of the property holds a fee simple title that is subject to certain conditions.

fenestration

Refers to the way windows are arranged in a building.

feng shui

An ancient Chinese design philosophy in which the positioning and physical characteristics of the home are believed to affect the fortunes of the owner.

FHA loans

Mortgages that are insured by the Federal Housing Administration (FHA). The FHA loan plans are for investors and purchasers of rural property, and provides low-rate mortgages to buyers who make a down payment as low as 3 percent.

fiduciary duty

The relationship of trust that buyers and sellers expect from a real estate agent, or a legal or business relationship.

field changes

Modifications made to the building or construction site that do not match what is on the blueprints.

fill dirt

Soil that is 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.

financed closing costs

Costs that are added to the loan amount upon closing.

finders fee

A fee that is paid to another individual.

finish grade

Preparing a property for landscaping.

fire wall

A buffer wall composed of fire-resistant material.

firm commitment

A lenders promise to loan money for the purchase of property.

first mortgage

The primary mortgage on a property.

fixed installment

The monthly payment installment on a home loan.

fixed time

The specified weeks in a year that one of the owners has arranged access to the accommodations.

fixed-rate mortgage

A mortgage with an interest rate that remains at a specified rate for the entire term of the loan.

fixer-upper

A house that needs renovations or refurbishment; these houses usually sell at a below-market price.

fixture

Personal property that is permanently attached to a house.

flashing

Metal strips that are placed around chimneys, skylights, vents, windows, doors, beneath shingles and along seams to prevent water damage.

flat fee

A predetermined fee to be paid to a broker instead of a commission.

flat roof

A roof with a level surface; no slopes.

flip switch

An electrical switch with a control knob that is pushed up or down.

float arm

A device that attaches a float ball to the ball cock.

float ball

A round or oval ball that floats on top of the water inside some toilet tanks to regulate the water flow.

float floor drain

A drain that diverts water from a basement to a collection area which is then removed with a sump pump.

floating slab

A concrete floor that is not connected to the foundation wall.

floating wall

Walls built to withstand movement in the basement floor.

flood certification

The process of determining if a property is located within a known flood zone; if it is, the lender will require the inclusion of federally provided flood insurance.

flood insurance

Insurance on property that is required in designated flood areas.

flood plain

Flood prone areas that are located along waterways.

floor area ratio

The calculation of the floor space of homes and building; used in the planning and development of a site.

Florida rooms

Enclosed porches built onto the side or back of a home.

flue

A chimney that is designed to exhaust unwanted gasses and byproducts from a combustion appliance.
A fireplace has a flue to carry away smoke.

flush door

A door with smooth surfaces.

flush valve

The passageway between a toilet tank and bowl.

flush valve seat

The seal in the passageway between a toilet tank and bowl.

footing

A concrete foundation that supports a structure.

For Sale By Owner (FSBO)

The seller acts as their own selling agent and handles all the sales proceedings directly with the buyer, eliminating the need to pay any commissions.

forbearance

A course of action a lender may pursue to delay foreclosure or legal action against a delinquent borrower.

foreclosure

A legal process where the lender takes back the property upon default of the loan by the borrower. The lender sells the property and keeps the proceeds to pay for the mortgage and legal costs and returns the balance, if there is any, to the borrower.

forfeiture

Where the delinquent borrower relinquishes property rights.

foundation

The structural support of a building.

four-way switch

A device used when three or more switches are needed to control the same light fixture.

foyer

The entranceway or hall to a home or building.

framing

The skeletal framework of a building.

Freddie Mac

The Federal Home Loan Mortgage Corporation buys mortgages from lending institutions, pools them with other loans, and sells shares to investors.

free-market lots

Type of lot which allows an owner to hire any builder to construct a home on the lot.

freehold estate

Where ownership is for an indeterminate length of time.

French doors

Two adjoining doors inlaid with glass that open from the middle.

front footage

The size of the property measured by the number of feet from the street frontage.

front-end ratio

A calculation that lenders use to determine a borrowers monthly housing expenses to gross monthly income.

frontage

The portion of a property that borders a roadway or body of water.

FSBO (For Sale By Owner)

The seller acts as their own selling agent and handles all the sales proceedings directly with the buyer, eliminating the need to pay any commissions.

full-service broker

A real estate broker who performs all transactions for the sale of a property; includes the listing and the selling.

fully amortized adjustable-rate mortgage

A mortgage that amortizes the balance of a loan.

functional obsolescence

When an improvement loses value because of functional problems caused by age or poor design.

furnace

An enclosed heating device that can be powered by coal, oil, propane or natural gas.

furring strips

Strips of wood that are used to support walls, ceilings, or floors on irregular or masonry surfaces.

fuse

A small device that is in an electrical circuit and is designed to shut down the circuit in the event of an electrical overload or a short circuit situation.