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Fee Simple

The terms "fee" and "fee simple" are substantially synonymous. The term "fee" is of old English derivation. "Fee simple absolute" is an estate in real property by which the owner has the greatest power over the title which it is possible to have, being an absolute estate. In modern use, it expressly established the title of real property in the owner, without limitation or end. They may dispose of it by sale, or trade or will, as he chooses.

FHA Loan

A loan that is underwritten to the standards of the Federal Housing Administration, which grants approval of the loan and insures the lender against financial loss.

Fiduciary

A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under rules of agency.

Fixtures

Appurtenances affixed to buildings or land, usually in such a way that they cannot be moved without damage to themselves or the property; plumbing, electrical fixtures, fences, trees, shrubbery, etc. Fixtures are real property.

FNMA (Fannie Mae)

A private corporation dealing in the purchase of first or second mortgages, at discounts.

Foreclosure

procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.

Forfeiture

Loss of money or anything of value due to failure to perform, such as a deposit given to insure performance.

Fraud

The intentional and successful employment of cunning, deception, collusion; or artifice used to cheat or deceive another person whereby that person acts upon it to the loss of his property and to his legal injury.

 

 

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