Definition: The act of failing to pay money to a person entitled to receive it. Pronunciation: Used in a..
Category : F
Definition: An act found in Title VIII of the Civil Rights Act of 1968 that created protected classes of people and prohibits discrimination based on race, color, religion, sex, national origin, familial status or handicap status, when selling or renting residential property Pronunciation: Used in a Sentence: All licensed real estate agents must abide by ..
Definition: A protected class as defined in the Fair Housing Act, consisting of one or more individuals under age 18 living with a parent or legal guardian, pregnant women, foster parents and a person in the process of securing legal custody. Pronunciation: \fə-ˈmil-yəl, -ˈmi-lē-əl\ Used in a Sentence: A person cannot be denied housing based on ..
Definition: An active participant in the secondary mortgage market that buys and sells mortgages. Pronunciation: \ˈfa-nē\ \ˈmā\ Used in a Sentence: A few months after we bought our house our mortgage was sold to Fannie Mae by o..
Definition: A term to indicate either a geographical area or a group of people from which to solicit real estate business and which a real estate professional devotes special attention and study. Pronunciation: Used in a Sentence: A good salesperson learns everything there is to know in their farm area in order to solicit..
Definition: A federal agency that insures the deposits of member banks and savings associations. Pronunciation: Used in a Sentence: I always check to see if a bank is part of the FDIC when opening a..
Definition: A federal agency that insures mortgage loans made by FHA-approved lenders on homes that meet FHA standards in order to make mortgages more desirable investments for lenders. Pronunciation: Used in a Sentence: The FHA insures loans on real property, including condominiums, made by approved lending ins..
Definition: A federal agency that investigates and eliminates unfair and deceptive trade practices. Pronunciation: Used in a Sentence: Inducing purchasers to buy something by using high-pressure tactics is illegal under the Federal Trade C..
Definition: Any sale transaction that involves a federal agency in either the primary or secondary mortgage market. Under FIRREA, state-certified or state-licensed appraisers must be used for certain loans in federally regulated transactions. Pronunciation: \ˈfe-d(ə-)rə-lē\ \ri-ˈlā-təd\ \tran-ˈzak-shən\ Used in a..
Definition: The maximum possible estate one can possess in real property. It is the least limited interest and the most complete and absolute ownership in land. Pronunciation: Used in a Sentence: A fee simple estate is the largest bundle of leg..