Glossary of Real Estate Terms (fi-fl)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Fiduciary duty

• The relationship of trust that buyers and sellers expect from a real estate agent. The term also applies to legal and business relationships.

Field changes

• Modifications made on the construction site that do not match blueprints.

Fill dirt

• Soil brought in to solidify a finished foundation.

Filled land

• An area where the ground has been raised by adding dirt, gravel or other fill material.

Finder's fee

• A fee in any amount that is paid to someone.

Finish grade

• A finish that prepares a lot for landscaping.

Fire wall

• A buffer composed of fire-resistant material.

Firm commitment

• A promise made by a lender when it agrees to loan money for the purchase of property.

First mortgage

• The primary mortgage on a property that has priority over all other voluntary liens.

Fixed installment

• The monthly payment on a home loan.

Fixed-rate mortgage

• A home loan with an interest rate that will remain at a specific rate for the term of the loan. About 75 percent of all home mortgages have fixed rates.

Fixed time

• The specific weeks in a year an owner of a timeshare arrangement has access to accommodations.

Fixer-upper

• A house that needs refurbishment or remodeling It usually sells at a below-market price.

Fixture

• Personal property permanently attached to a house, such as drapery rods, toilets, built-in bookcases or a furnace.

Flashing

• Metal strips placed around chimneys, skylights, vents, windows, doors, beneath shingles and along seams in the roof to prevent water seepage.

Flat fee

• A set fee charged by a broker instead of a commission.

Flat roof

• A roof with a level surface.

Floor area ratio

• The calculation of the floor area of all homes or buildings in a project. It is used in the planning and development of a site.

Float floor drain

• A drain that diverts water from the basement to a collection area. Water is then removed with a sump pump.

Floating wall

• Walls built to withstand movement in the basement floor.

Flood insurance

• Hazard coverage that is required in designated flood areas.

Flood plain

• Flat, flood-prone areas located along waterways.

Florida rooms

• Enclosed porches built on the side or back of a home.

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