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..
Definition: A person in a position of trust and confidence with respect to another person. Pronunciation: \fə-ˈdü-shē-ˌer-ē\ Used in a Sentence: A fiduciary’s responsibilities are both ethical ..
Definition: A decision rendered by the FREC. Pronunciation: \ˈfī-nəl\ \ˈȯr-dər\ Used in a Sentence: The FREC issued a final order at the conclusion of the informa..
Definition: A mortgage on a property that is superior in right to any other mortgage, the first mortgage recorded. Pronunciation: Used in a Sentence: When paying off mortgage debt, the first mortgage must be paid before any other ..
Definition: An article that was once personal property bu has been so affixed to the real estate it has become real property (such as tile, track lighting, fencing) Pronunciation: \ˈfiks-chər\ Used in a Sentence: Once the wood flooring was installed it was considered a fixture in ..