Real Estate Appraisal Terms
Help You Understand The Appraisal Process
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Information and terminology about commercial real estate appraisal real estate appraisals, real estate appraisers, home appraisal service, real estate appraisal, home appraisal, real estate appraiser
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This is a law to protect consumers. It lists the rules for disclosing a consumer's credit by for agencies reporting credit and states procedures for correcting errors on a individual's credit report.
Fair Market Value
The highest price a prospective buyer will pay for a property. It is also the lowest price that a seller will accept as payment for a property.
Fannie Mae (FNMA)
The formal name is Federal National Mortgage Association, founded by an act of Congress. This company largest supplier of home mortgage funding in the United States.
Fannie Mae's Community Home Buyer's Program
This is an income-based lending program, where Fannie Mae, along with mortgage insurers offer underwriting guidelines that are flexible, to increase lower income prospective buyers more funds and reduces the cash necessary to buy a home.
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This is an agency of the federal government's U.S. Department of Housing and Urban Development ( aka HUD). The primary purpose is to insure residential mortgages that are financed through lending institutions. FHA establishes the standards for underwriting loans and for construction. It does not plan development projects and does not loan money.
Fee Simple
The greatest/largest interest an individual can have in real estate.
Fee Simple Estate
An unlimited and unconditional estate of inheritance that represents the largest estate and greatest interest in land possible. There is no time limit for this estate. Note: A unit owner of a condominium owns only the the air space within his purchased area of the property. He is also an "owner in common" for the land and common area of the property.
FHA Mortgage
This is an FHA insured mortgage. An FHA loan is often referenced as a "government loan."
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This is a lending institution agreement to finance a loan for a borrower for a specified property.
First Mortgage
The mortgage that is in the first position for any and all loans that have been recorded against a specific property. This typically refers to the date when the property loans are recorded.
Fixed-Rate Mortgage
A mortgage where the interest rate is static for the life span of the mortgage.
Fixture
This is personal property that converts to real property whenever it is permanently fixed/attached to real estate property.
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Flood Insurance
Insurance that pays the insurance owner for physical damage to property as a result of flooding. Flood insurance is a requirement for all real estate located with flood areas as designated by federal law.
Foreclosure
This is the legal process where a borrower who is in default for a property mortgage loses their financial interest in the property. This frequently includes sale of the property by public auction and the money from this sale is used to pay down the mortgage.
401(k)/403(b)
An employer-sponsored investment plan where employees place tax-deferred income for their retirement or for specified emergency purposes. 401(k) plans are established by private companies, not government agencies. A 403(b) plan is the designation for a similar program for not for profit organizations.
401(k)/403(b) Loan
This is a loan that is used, typically for emergency situation, allowing for loans against the amount an individual has accrued in a 401 program. 401K plans usually allow individuals to withdraw funds for use as a down payment for purchasing residential real estate.
