Dictionary

Definition:   A tenancy in real property with no set end date that can be measured by the lifetime of an individual or can be inherited by heirs. Pronunciation:   \ˈfrē-ˌhōld\\i-ˈstāt\ Used in a Sentence:   Fee simple is the most comprehensive freehold estate.

Definition:  Title to real property that is absolute and unburdened by any liens, mortgages, clouds or other encumbrances. Pronunciation: Used in a Sentence:    After review the abstract of title the attorney’s opinion was the title was free and clear.

Definition:   A secondary mortgage market institution that buys and sells conventional, FHA and VA loans. Pronunciation: Used in a Sentence:   Two months after our closing our lender sold our mortgage to Freddie Mac.

Definition:   The intent to intentionally deceive or misrepresent a material fact in order to gain an unfair advantage or to harm another person. Pronunciation:  \ˈfrȯd\ Used in a Sentence:   He was found guilty of bank fraud.  

Definition:   A session in which testimony and evidence are presented, especially before an official. Pronunciation:  \ˈfȯr-məl\ \ˈhir-iŋ\ Used in a Sentence:    The licensee requested a formal hearing to review and rule on the disputed charges.

Definition:  Any agreement that contains all the essentials of a contract, including that it is in writing and under seal,  a contract that depends on a particular form. Pronunciation:   \ˈfȯr-məl\ \ˈkän-ˌtrakt\ Used in a Sentence:   We had a formal contract with the broker to sell our property.

Definition:   An outline of the charges against a licensee that must be addressed within the statutory time frame. Pronunciation:   \ˈfȯr-məl\ \kəm-ˈplānt\ Used in a Sentence:   The licensee received a formal complaint that detailed the charges against him.

Definition:   A legal procedure whereby property used as security for a debt is sold to satisfy the debt owing to default in payment of the mortgage note or default in other terms of the mortgage document. Pronunciation:   \(ˌ)fȯr-ˈklō-zhər\ Used in a Sentence:    Once the owner stopped making mortgage payments, the lender started foreclosure proceedings on the property.  

Definition:   What a sales associate does after a sale to maintain customer contact and goodwill. Pronunciation:   \ˈfä-lō-ˌəp\ Used in a Sentence:   A few weeks after the sale the agent did a follow-up with the buyers to make sure there were no problems.