FIND THE DEFINITION FOR ANY REAL ESTATE TERM

Click on the letters above for terms beginning with that letter, and then click on the term below.

Don’t see a term here?  Feel free to ask us.  (Unfortunately, however, we cannot give you real estate or legal advice.)

FAIR HOUSING ACT – The federal law that prohibits discrimination in housing based on race, color, religion, national origin, sex, handicap and familial status.

FANNIE MAE – See FEDERAL NATIONAL MORTGAGE ASSOCIATION.

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – A corporation established by the federal government to purchase loans in the secondary market.  Now officially known by their nickname, FREDDIE MAC. Primarily purchases conventional loans.

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – The oldest U.S. secondary mortgage market institution. Now officially known by their nickname, FANNIE MAE.  Originally a branch of the federal government, then privatized in 1968. It remained a private corporation until recent years when the government reacquired it to deal with management problems and the mortgage crisis.  Purchases all types of loans from lenders to allow them to have the capital to make new loans.  Lenders must comply with all criteria established by Fannie Mae from the very beginning of the loan process if they wish to sell the loan to Fannie Mae later on.

FHLMC – See FEDERAL HOME LOAN MORTGAGE CORPORATION.

FIDUCIARY – 1.  The relationship between an agent and a client.  A high level of trust and confidence that one party places in another.  2.  Another name for the agent.

FINANCING – Obtaining money to make a purchase from another source, such as a bank.

FNMA – See FEDERAL NATIONAL MORTGAGE ASSOCIATION.

FREDDIE MAC – See FEDERAL HOME LOAN MORTGAGE CORPORATION.

FSBO – A property that is For Sale By Owner.

FULL WARRANTY DEED – See GENERAL WARRANTY DEED.

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