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Letter=F

Word: Definition:
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.