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- 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.
- 401(k) plans Financial plans
that allow employees to set aside
tax-deferred income for retirement or
emergency purposes.
- 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.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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