Federal Housing Administration (FHA) – An agency of the Federal Government which insures certain real estate loans.

Federal National Mortgage Association (FNMA) – An agency formerly of the Federal Government that buys and sells mortgages in the secondary money market. “Fannie Mae.”

Fee Simple – An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will, as he chooses.

Fiduciary – A person in a position of great trust and confidence, as the relationship between principal and broker.

First Refusal, Right Of – A right, usually given by an owner to a lessee, which gives the lessee the first chance to buy the property if the owner decides to sell. The owner must have a legitimate offer which the lessee can then match or refuse.

Fixture – An article of personal property which has been installed in or attached to land or a building thereon, in such a manner, that it is now considered to be a part of the real estate.

Foreclosure – A foreclosure procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.

Fraud – The intentional and successful employment of deception in order to cheat or deceive another person and to thereby gain some dishonest advantage.