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Real Estate Glossary and Terms

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Realty Terms beginning with F

Fair Market Value
The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.

Fee Simple
Outright ownership of real estate meaning the property is free of any liens or other claims against title.

Fee Simple Defeasible
When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.

First Mortgage
A mortgage loan that is the first or primary lien against a property.

Fixed Rate Mortgage
The interest rate remains the same for the term of the mortgage.

A house that is sold for less than market value or for a discounted price because it requires significant maintenance or repairs.

Personal property that becomes real property when it is attached to a structure. For example, chandeliers, built-in bookcases, cabinets, and drapery rods are all considered fixtures.

Flat Fee
A dollar amount requested by a broker instead of being paid commission, which is usually a percentage of the sale.

For Sale By Owner
When a homeowner tries to sell his or her property without help from a agent®. Many homeowners attempt to sell on their own to avoid paying commission to a agent®.

Court action taken by a mortgagee when a borrower has defaulted.

Full Market Value
In reference to property taxes, refers to the tax rate that is applied to 100 percent of the property's value. Also known as full cash value.