Glossary of Real Estate Terms

There are 125 entries in this glossary.
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Term Definition
Fair Credit Reporting Act

It is a consumer protection law which regulates the revelation of customer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on ones credit record.

Fair market value

Fair market value means the highest price that a consumer, willing but not bound to buy, would pay, and the lowest a seller, willing but not bound to sell, would accept.

FHA mortgage

FHA mortgage is a kind of mortgage which is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.

Firm commitment

Firm commitment means a lenders contract to make a loan to a particular borrower on particular assets.

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