Saturday, August 3, 2013

Real Estate Terms And It's Meaning (F)

Kalpesh Shah
Kalpesh Shah

Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer credit 
reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one’s credit record.

Fee Simple
The greatest possible interest a person can have in real estate.

Fibro Cement
Building material made of compressed fibres cemented into rigid sheets.

Financial Institutions Duty. State duty on the receipts of financial institutions.

A person who essentially holds the character of a trustee. Real Estate agents and salespersons are considered by law to be fiduciaries, thus they have a duty to act primarily for the benefit of the principal (the person who employed them) and not their own. A fiduciary must act with the highest degree of care and good faith in relations with the principal and on the principal’s business. Penalties for failing in fiduciary duties may be quite severe.

First Mortgage
A mortgage that is the primary lien against a property.

Objects that can be removed from a property without causing damage to it.

Fixed Instalment
The monthly payment due on a mortgage loan. The fixed instalment includes payment of both principal and interest.

Fixed Rate Mortgage
A mortgage in which the interest rate does not change during the term of the loan.

Fixed items that cannot be removed without damaging either the property or the fixture itself, eg: cupboards.

The footing supports the building on its foundation.

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually results in the selling the property by auction and the proceeds being used to service the mortgage debt.

An estate in real property which continues for an indefinite period of time. Freehold estates may be inheritable or non-inheritable. Inheritable estates include the fee simple absolute, the qualified fee, and the fee tail. Non-inheritable estates include various life estates which are created by acts of parties, such as an ordinary life estate, or by operation of law.

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