Glossary

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fee simple

The most complete, unlimited form of ownership of real property. A property where the owner has undivided title to the property.

fiduciary

Person or institution who manages money or property for another and who must exercise a standard care imposed by law, i.e., personal representative or executor of an estate, a trustee, etc.

fixed rate mortgage

A mortgage with an interest rate and monthly payment that doesn't vary for the term of the loan.

fixture

Personal property which has been attached to real estate so as to become part of the real property.

flood insurance

A special and separate type of insurance which provides coverage for damages resulting from flooding. Most flood insurance is underwritten by the federal government through FEMA and the National Flood Insurance Program in cooperation with private insurance agencies.

For Sale By Owner (FSBO)

An individual homeowner who is attempting to sell his property without a real estate broker.

foreclosure

A legal process instituted by a mortgagee or lien creditor after the debtor's default.

fraud

A false representation of a matter of fact which is intended to deceive another.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.