Real Estate Terms F

Real Estate Terms Glossary

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Fee Simple: An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited. Commonly, a synonym for ownership.

File and Use: In most states, title insurers file rate schedules, title insurance policies and endorsement forms with the State Insurance Department or other state agency and then may use such items or rates starting within a specified period of time after filing. Rates so filed usually are mandatory.

Fixed Rate Mortgage: A mortgage having a rate of interest which remains the same for the life of the mortgage.

Flat Fee Listing: A real estate brokerage charges a fixed fee for listing services which typically includes MLS advertising.

Foreclosure: The sale of property used as security for a debt after default in payment.

Forfeiture of Title: A common penalty for the violation of conditions or restrictions imposed by the seller upon the buyer in a deed or other proper document. For example, a deed may be granted upon the condition that if liquor is sold on the land, the title to the land will be forfeited (that is, lost) by the buyer (or some later owner) and will revert to the seller.

Full Disclosure: In real estate, revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose known defects in the property for sale or lease.

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