Real Estate Glossary

A     B     C     D     E     F     G     H     I     J     K     L     M     N     O     P     Q     R     S     T     U     V     W     X     Y     Z
Enter a Word:
Fair market value
See market value.

Fannie Mae
Common name for the Federal National Mortgage Association, which buys and sells loans in the secondary mortgage market

First mortgage
Mortgage on a property that is superior to any other. It is the first to be paid in the event of foreclosure.

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.

Legal action instigated by a lender to end all ownership rights when mortgage payments have not been kept up.

Freddie Mac
Common name for the Federal Home Loan Mortgage Corporation, which buys and sells loans in the secondary mortgage market.

Fee simple
Ownership of real property that is to be used and/or sold at the owner’s discretion.

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.

Person acting in a position of trust, responsibility and confidence for another, such a broker for his client.

We use our best efforts to present the most accurate and up-to-date information, but we are not responsible for the results of any defects that may be found to exist, or any lost profits or other consequential damages that may result from such defects. You should not assume that this content is error-free or that it will be suitable for the particular purpose that you have in mind when using it. The owner and operator of the website that displays this data makes no warranty or representation of any kind with respect to the completeness or accuracy of the information included herein.