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Real Estate Terms - F

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Fiduciary

A person in a position of trust and confidence, as between principal and broker. The broker as a fiduciary owes loyalty and other duties to the principal.

 

Fri Dec 21 2007

First Mortgage

A mortgage having priority over all other voluntary liens against a specific property.

 

Fri Dec 21 2007

Fixed-Rate Mortgage

A mortgage loan wherein the rate oi interest charged the borrower remains constant over the loan term.

 

Fri Dec 21 2007

Foreclosure

Procedure in which property pledged as security for a debt is sold at public auction to pay the debt after a default in payment and terms.

 

Fri Dec 21 2007

Free and Clear

Subject to no liens, especially voluntary liens

 

Fri Dec 21 2007

Front Footage

(1) The linear measurement along the front of a parcel of land. (2) The portion of the parcel that fronts the street or walkway.

 

Fri Dec 21 2007

Functional Obsolescence

Loss in value attributable to out-of-date or poorly designed equipment where newer equipment and structures have been invented.

 

Fri Dec 21 2007


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