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F Dictionary Terms

F (Abbr)
Forwarding (as in freight forwarding).
Fair Market Value (FMV)
See Market Value.
Fannie Mae
See Federal National Mortgage Association (FNMA).
Farmer's Home Administration (FmHA)
A Department of Agriculture agency that provides financing to farmers or rural area buyers who usually cannot obtain a loan elsewhere.
Federal Home Loan Mortgage Corporation (FHLMC)
A corporation, authorized by Congress, that provides secondary mortgage market support for conventional mortgages. Also called Freddie Mac.
Federal Housing Administration (FHA)
A government agency that insures first mortgages, but does not lend money and sets the conditions of homes and the financial conditions of borrowers. It is a division of the Department of Housing and Urban Development (HUD).
Federal National Mortgage Association (FNMA)
A corporation, created by Congress, that provides support to the secondary mortgage market for conventional mortgages. Also called Fannie Mae.
Fee Simple
The largest possible estate, right of ownership or interest in a property a person can have without time limitation.
Fiduciary
A person serving in a position of trust and confidence for another.
Final Value Estimate
See Reconciliation.
Finance Charge
A fee that must be paid to get a loan.
Firm Commitment
An agreement to loan or insure a loan on a property.
First Mortgage
A mortgage that is first obtained on a home and is first to be foreclosed.
First Proviso
An old designation for household goods.
Fixed Ceiling For Repairs
A clause in an offer to purchase asking the seller to pay for any repairs the purchaser sees necessary. These costs are usually negotiated in an offer.
Fixed Expenses
Annual costs, like taxes or insurance, that must be paid whether or not the property is occupied.
Fixed-Rate Loan
A mortgage loan in which the interest rate stays the same for the term of the loan.
Fixture
An item that once was personal property, but became real property when it was affixed to real estate. The item, unless specifically noted by the seller, will be included in the sale of the property. Large appliances are often left behind by the seller and added to the sale.
Flatbed Carrier
A carrier using flatbed trailers under the terms, rates and authorities of a household goods carrier for transport of containerized household goods between ports and/or warehouses. Charges for such carriage are normally based on net weight of the shipment, but often subject to a specified minimum density factor.
Flat Floor
A term referring to the structure of the floor of a trailer. A freight flat floor is level from the trailer's nose to its back door. A household goods trailer floor is initially level, but drops at the front deck, then becomes level again, and is not a flat floor.
Flexible Payment Loan
A fixed-term, fixed-rate mortgage, with a reduced monthly payment, where a portion of the down payment goes into escrow and the borrower pays reduced payments that gradually increase over time. The balance of the payment comes from the escrow account until payment reaches the full amount.
Floodplain Insurance
Federal government insurance for flood damage in a floodplain area.
Fly Sheet
A document containing specific information on each real estate listing such as room descriptions. Also called Data Sheet or Information Sheet.
FMCSR (Abbr)
Federal Motor Carrier Safety Regulations.
Forbearance
Delaying foreclosure on a mortgage with an agreement to make up payments at a later date.
Foreclosure
Procedure whereby a lender sells a property to collect payment due to default and to pay off debt.
Foreign Post
See Host Country.
Foreign Salary
See Host Country Payment.
Foreign Service Premium
A cash allowance given to an employee who agrees to transfer to a foreign location. Also called International Adjustment Allowance or International Assignment Premium.
Foreign Service Vacation
A vacation to the expatriate's home country while still assigned to a foreign location. The price of the trip is usually reimbursed or partly reimbursed by the company, but regular vacation time is used.
Foreign Trade Zone
Land set aside, normally within a port area, to which cargo can be transferred for storage, manipulation or processing without payment of duties at the time of the transfer. The cargo can leave the zone for direct export or, upon payment of duty, can be shipped or distributed within the U.S.
Formal Entry
See Consumption Entry.
Forfeiture
The loss of the right of something because of failure to meet the terms of an agreement.
Forwarding Fee
A fee charged by a lender for information on a loan such as processing a mortgage payoff.
Freddie Mac
See Federal Home Loan Mortgage Corporation (FHLMC).
Free on Board (FOB)
Used to clarify who pays freight charges in connection with the selling price of an article by the seller to the buyer at a specified point. It must always be followed by clarification as to what point the cargo has been handled free on board, e.g., dock of warehouse at origin, and should always specify to what point the freight charges have been prepaid.
Free-Time
A period of time specified by a carrier during which no charge will be assessed for holding cargo at a pier, dock, warehouse facility, etc., pending pickup by a consignee, or for allowing a container, trailer or railcar to be held by a customer or consignee for loading or unloading. See Demurrage and Detention.
Freight All Kinds (FAK)
Rates assessed regardless of the commodity being transported. It is normally used with ocean or rail carriage, and normally only when no specific commodity rate is available.
Freight
Goods to be shipped or transported.
Freight Bill
A document for describing a shipment, its weight, amount of charges, the rate for charges, taxes and whether charges are collected or prepaid.
Freight Charges
The charge assessed for transporting freight.
Freight Forwarder
A licensed business that assembles and dispatches shipments on behalf of others in foreign or domestic commerce and handles the formalities involved with such shipments.
Front Footage
The measurement of the length of the property line that borders the street.
Fuel Surcharge
A mechanism for distributing needed fuel-cost recovery revenue to van operators and haulers who are responsible for purchasing fuel.
Full Value Protection (FVP)
A valuation option under which Atlas assumes liability to the customer for either the full cost of repairs or the replacement value of articles lost, missing or destroyed without deduction for depreciation, subject to the terms of Atlas tariffs. If the customer chooses an optional deductible, he or she assumes the loss up to the deductible amount.
Fumigation
The treatment of disinfecting goods that have been exposed to insects or bacteria. It often is requested by the customer or is required by the U.S. Department of Agriculture or another government agency.
Functional Obsolescence
Defects in a structure that take away from its value, and ultimately, its marketability. Such defects usually involve physical or design features of the structure that are no longer desirable to property buyers. These defects are referred to as curable if they can be replaced and incurable if they cannot.
Furniture Allowance
See Household Furnishing Allowance.
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