Glossary of Terms – F
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Fair market value:
The value established on real property that is determined to be one that a buyer is willing to pay and a seller is willing to sell.
Fee simple:
A manner of owning land, in one’s own name and free of any conditions, limitations, or restrictions.
Financial statements:
Documents that show the financial status of the condominium corporation, apartment building, or other revenue property at a given point in time. Generally includes income and expense statement and balance sheet.
Fiscal year:
The 12-month period in which financial affairs are calculated.Floating-rate mortgage:
Another term for variable-rate mortgage.
Foreclosure:
A legal procedure whereby the lender obtains ownership of, or right to sell, the property following default by the borrower.
