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Fiduciary
A person in a position of trust, responsibility, and confidence for another such as a Broker for his client.
Financial liability
The amount of money one can lose, one's risk exposure.
Financing statement
A recorded document designed to protect the rights of a chattel lien holder.
First mortgage
The mortgage on a property holding senior priority and the first to be paid in even of foreclosure.
Fixity
Refers to the fact that land and buildings require long periods of time to pay for themselves.
Fixture
An object that has been attached to land so as to become real estate.
Flat-fee broker
A broker who for a fixed price will list a property and help the owner sell it.
Forbear
Not to act.
Foreclose
To terminate, shut off, or bar a mortgagee's claim to property after he defaults; foreclosure suit.
Foreclosure
The procedure by which a person's property can be taken and sold to satisfy an unpaid debt.
Form appraisal
An appraisal done on a preprinted form such as for a loan application.
Formal will
A will that is properly witnessed.
Four unities of a joint tenancy
Time, title, interest, and possession.
Fraud
An act intended to deceive for the purpose of inducing another to give up something of value.
Freddie Mac
A Real Estate industry nickname for the Federal Home Loan Mortgage Corporation.
Freehold estate
An estate in land that is held in fee or for life.
Front foot
One linear foot along the street side of a lot; assessment calculation.
Fructus industriales
Annual plantings that require cultivation.
Fructus naturales
Trees, perennial plants, and uncultivated vegetation.
Functional obsolescence
Depreciation that results from improvements that are inadequate, overly adequate, or improperly designed for today's needs.
Fungible
Freely substitutable.
Furlong
220 yards.
Gain on the sale
The difference between the amount realized and the basis.
General agency
An agency wherein the agent has the power to transact the principal's affairs in a particular business or at a certain location.
General partnership
A form of co-ownership for business purposes wherein all partners have a voice in its management and unlimited liability of its debts.
General plan
A comprehensive guide for land development.
Gift deed
A deed that state "love and affection" as the consideration.
Ginnie Mae
A Real Estate nickname for the Government National Mortgage Association.
Good consideration
Consideration without monetary value such as love and affection.
Government National Mortgage Association
A government agency that sponsors a mortgage-backed securities program and provides subsidies for residential loans.
Government survey
A system for surveying land that uses latitude and longitude lines as references.
Graduated payment mortgage
A fixed interest rate loan wherein the monthly payment starts low and then increases.
Grant
The act of conveying ownership.
Grant deed
A deed that is somewhat narrower than a warranty deed in terms of covenants and warranties.
Grantee
The person named in a deed who acquires ownership.
Grantor
The person named in a deed who conveys ownership.
Grantor-Grantee indexes
Alphabetical lists used to locate documents in the public records.
GRI (Graduate, Realtors Institute)
A designation awarded to Realtors who complete a prescribed course of real estate study.
Gross rent multiplier (GRM)
A number, that when multiplied by a property's gross rents, produces an estimate of the property's worth.
Ground lease
The lease of land alone.
Ground rent
Rent paid to occupy a plot of land.
Groundwater level
The upper limit of percolating water below the earth's surface.
Guardian's deed
Used to convey property of a minor or legally incompetent person.
Guide meridians
Survey lines running north and south that correct for the earth's curvature.
Habendum clause
The "To have and to hold" clause found in deeds, part of the words of conveyance.
Hearing and confirmation
For an assessment district. |
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