Glossary in Letter F

Façade
The part of a building facing a street or 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 that regulates credit bureaus and credit reports.
Fair Debt Collection Practices Act
A federal law which outlaws debtor harassment, and regulates collection agencies, original creditors collection offices (if separate), and creditors lawyers. The original creditor may be covered by state law.
Fair Housing Act
Landmark federal law that makes it illegal to refuse to rent or sell to anyone based on race, color, religion, sex, or national origin. The 1988 amendments to the act expanded the protections to include family status and disability.
Fair Market Value
The value that a willing and knowledgeable buyer would pay, and a willing and knowledgeable seller would accept, in an arm's-length transaction for a property.
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.
Farmers Home Administration (FmHA)
A U.S. Department of Agriculture agency that provides credit to farmers and rural residents.
Federal Home Load Mortgage Corporation (FHLMC)
Another name for Federal Home Load Mortgage Corporation is "Freddie Mac" whereby the company buys mortgages from lending institutions, pools them with other loans, and sells shares to investors.
Federal Housing Administration (FHA)
A governmental agency that operates a variety of home-loan programs. It is most famous for the Section 203(b) program whereby low-rated mortgages are provided to buyers who make a down payments as small as 3 percent.
Federal Reserve Board
A group of economists and other experts that all come forth to set the nation's monetary policy. Their chief tool is to control inflation rates in which their sourced power to control interest rates.
Federal Trade Commission (FTC)
A government Agency that regulates companies and industries, from credit bureaus and collection agencies to timeshare operators and some creditors. National headquarters: Sixth and Pennsylvania Avenue NW, Washington, D.C. 20580. Phone: (202) 326-2222.
Fee Simple
A type of ownership that the maximum interest a person can have in a piece of real estate whereby it entitles the owner to use the property in any manner they see fit, in accordance with the state and local law.
Fee Simple Defesible
A Fee simple title subjected to certain conditions held by the owner of the property.
Fenestration
A term referring to the way windows are arranged in a building.
Feng Shui
Feng Shui is the ancient Chinese practice of placement and arrangement of space to achieve harmony with the environment. The literal translation is "wind and water".
FHA Loans
A federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The loan may be issued by federally qualified lenders.
Fiduciary Duty
A legal relationship between two or more parties (most commonly a "fiduciary" or "trustee" and a "principal" or "beneficiary") that in English common law is arguably the most important concept within the portion of the legal system known as equity.
Financed Closing Costs
Added loan amount due to the closing costs whereby such practices would save the borrower cash up front, but increases the borrowers monthly payment.
Flood Certification
The process of determining whether a property is located within a known flood zone. If it is, the lender will probably require federally provided flood insurance.