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Real Estate Agent Dictionary
Bookmark this page as a resource for real estate terms.
FAIR MARKET VALUE Legal term synonymous with MARKET VALUE.
FEE When applied to property, an inheritable estate in land.
FEE SIMPLE The most comprehensive ownership of real property known to law; the largest bundle of ownership rights possible in real estate. Fee simple title is sometimes referred to as "the fee".
FEE TAIL An estate or interest in land which cannot be conveyed but which must descend to the heirs of the holder; abolished in most states.
FIRST MORTGAGE The mortgage on property that is superior in right to any other mortgage.
FIXTURE chattel which is affixed to and becomes a part of real property.
FORECLOSURE Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.
FOREIGN EXCESS REAL ESTATE Excess real property located outside the U.S., Puerto Rico, American Samoa, Guam, the Trust Territory of Pacific Islands, or Virgin Islands. May not include timber or installed equipment.
FORFEIT Loss of money, property, or the right to property by failure to act or by negligent or improper action. Property lost is called a forfeiture.
FRAUD The intentional perversion of truth to deceive another person, whereby that person acts upon it to his legal injury.
FREEHOLD An estate in fee simple or for life.
FRONT FOOT One foot along the street frontage of a property.
FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. For example, functional obsolescence may be attributable to such things as outmoded plumbing or fixtures, inadequate closet space, poor floor plan.
GENERAL LIEN A lien which attaches to all property owned by the debtor.
GENERAL WARRANTY A covenant in the deed whereby the grantor agrees to protect the grantee against the world.
GRADUATED LEASE A lease that provides for the varying rental rate, often based upon future determination; sometimes rent is based upon result of periodic appraisals; used largely in long-term leases.
GRADUATED RENTAL SYSTEM concession lease in which lessee's percentage rental fluctuates with the ratio of his gross income to gross fixed assets. Also provides for a nonrefundable Fixed Minimum Rental (FMR). Percentage rental is offset against the FMR.
GRANT The act of conveying or transferring real property, the operative words in a conveyance of real estate are to "grant, bargain, and sell". The grantor (the person who conveys the real estate) delivers the grant, in the form of a deed, to the grantee.
GRANTEE Entity to whom a grant is made, or to whom real estate is conveyed. The buyer.
GRANTOR Entity who makes a grant, conveys real estate by deed. The seller.
GROSS INCOME The projected annual income from operation of a business or from management of a property.
GROSS RENT MULTIPLIER Ratio of sales price to monthly rental income for single family residential properties.
GROUND LEASE A lease to use land for a stated period; may be secured by improvements which the tenant will provide.
GUIDE ACQUISITION LINE A line on the map accompanying a design memorandum showing the tentative boundaries of the land to be acquired for a project.
HABENDUM CLAUSE The "to have and to hold" clause which defines or limits the quantity of the estate granted in the pre of the deed.
HAZARDOUS MATERIALS See CONTAMINATION.
HECTARE A metric surface measure: 10,000 square meters or 2.471 acres.
HEREDITAMENTS Every sort of inheritable property, such as real, personal, corporeal, and incorporeal.
HIGH WATERLINE The line of high water at ordinary tides.
HOLDING AGENCY The Federal agency accountable for a piece of property.
HOLDOVER TENANT A tenant who remains in possession of leased property after the expiration date of the lease term.
HOME STEAD A home that is used as a personal residence. where there is homestead protection, the homeowner generally files a homestead declaration with the county recorder, setting forth his marital status.