Dictionary

Final Order

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 informal hearing.

Fiduciary

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 and legal.

Fee Simple Estate

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...

Federally Related Transaction

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...

Federal Trade Commission (ftc)

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...

Federal Housing Administration (fha)

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...