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.
Fuse A device that allows power to be
channeled into a home.
