Category: F

FUNCTIONAL OBSOLESCENCE RETOTD Episode 00200

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FUNCTIONAL OBSOLESCENCE A form or source of accrued depreciation considered in the cost approach to market value. The reduced capacity of a property or improvements to perform their intended functions due to new technology, poor design, or changes in market…

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FORCE MAJEURE RETOTD Episode 00199

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FORCE MAJEURE A force that cannot be controlled by the parties to a contract and prevents them from complying with the provisions of the contract. This includes acts of God such as a flood or a hurricane, or acts of…

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FICO SCORE RETOTD Episode 00197

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FICO SCORE FICO is an abbreviation for Fair Isaac Corporation and refers to a person’s credit score based on credit history. Lenders and credit card companies use the number to decide if the person is likely to pay his or…

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FANNIE MAE (FNMA) RETOTD Episode 196

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FANNIE MAE (FNMA) The Federal National Mortgage Association – A quasi-governmental corporation authorized to sell debentures in order to supplement private mortgage funds by buying and selling FHA (Federal Housing Administration) and VA (Veterans Affairs) loans at market prices. Federal…

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FAIR MARKET VALUE RETOTD 00195

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FAIR MARKET VALUE The sale price at which a property would change hands between a willing buyer and willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

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FORECLOSURE RETOTD Episode 00090

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FORECLOSURE The process whereby a lender can claim the property used by a borrower to secure a mortgage and sell the property to meet the obligations of the loan. It’s the legal process by which a borrower in default under…

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FEE SIMPLE ESTATE RETOTD: Episode 00015

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FEE SIMPLE ESTATE An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit…

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