| Term | Definition |
|---|
| fee simple estate | The most complete form of ownership of real property; absolute ownership. Commonly used to to denote a property where the owner has undivided title to the land on which the property is situated. |
| FHA | The Federal Housing Administration which insures mortgage loans made by approved lenders, in accordance with FHA regulations. |
| FHLMC | Acronym - Federal Home Loan Mortgage Corporation. See Freddie Mac. |
| fiduciary | The relationship of trust, honesty and confidence between agent and principal; the faithful relationship owed by an agent to the principal. |
| finder's fee | A fee charged by real estate brokers and apartment-finding services in exchange for locating a rental property. These fees are permitted by law. Some landlords, however, charge finder's fees merely for renting a place. This type of charge is not legitimate and, in some areas, is specifically declared illegal. |
| first mortgage | A mortgage which is in first lien position, taking priority over all other liens (which are financial encumbrances). |
| fixed rate mortgage | A mortgage with an interest rate and monthly payment that doesn't vary for the term of the loan. |
| fixture | Personal property which has been attached to real estate so as to become part of the real property. The article must meet at least one of three conditions: 1. Attached in a permanent manner. |
| Flood Control District | A special taxing district created to provide flood control in specific areas of a county. |
| flood insurance | A special and separate type of homeowner's insurance the provides coverage for damages resulting from flooding. Flood insurance is required by most lenders only if the property is located within a designated flood plain. The cost of the policy is related to the associated flooding risk. If a property has a small section of land located within a flood plain, but away from the residential improvements (house), the lender will still require a policy, but its cost will be much lower. Likewise, flood insurance policies for properties not located within any floodplain, are fairly inexpensive. Most flood insurance is underwritten by the federal government through FEMA and the National Flood Insurance Program in cooperation with private insurance agencies. More than 18,000 communities participate in the Federal flood insurance program. More than 3.8 million National Flood Insurance Program (NFIP) home and business policies are in effect. The United States experiences flooding threats throughout all four seasons of the year and, in fact, flooding is the most common natural disaster. There are, on average, 1000 floods per year in the U.S. Nearly everyone is at some risk of experiencing the effects of flooding. In the Houston area, 25 percent of flood-insurance claims come from areas outside a designated flood plain. |
