The real estate industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. With this in mind, the experts at Commonwealth Land Title Insurance Company have compiled the following glossary of terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.
A | B | C | D | E | F | G | H | I | J | L | M | N | P | Q | R | S | T | U | V | W | Z
Fannie Mae (FNMA) –

Federal National Mortgage Association. A private corporation dealing in the purchases of first mortgages.



Fee Simple Deed –

The absolute ownership of a parcel of land. The highest degree of ownership that a person can have in real estate, which gives the owner unqualified ownership and full power of disposition.



FHA (Federal Housing Administration) –

A federal agency that insures first mortgages, enabling lenders to lend a very high percentage of the sale price.



Fixed Rate Mortgage –

A mortgage having a rate of interest that remains the same for the life of the mortgage.



Fixtures –

Personal property that is attached to real property and is legally treated as real property while it is so attached. Examples: medicine cabinets, window blinds and chandeliers.



Foreclosure –

A legal proceeding in which real estate secured by a mortgage or deed of trust is sold to satisfy the underlying debt.



Forgery –

The fraudulent signing of another’s name to an instrument such as a deed, mortgage or check.



Freddie Mac (FHLMC) –

Federal Home Loan Mortgage Corporation. A federal agency that purchases both conventional and federally insured first mortgages from members of the Federal Reserve System and the Federal Home Loan Bank System.