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REAL ESTATE AND MORTGAGE TERMS:
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- FNMA is one of the major secondary market investors that purchases
loans from mortgage companies and other depository institutions.
The company is a private corporation and its stock is traded
on the New York Stock Exchange.
- The board which oversees the Federal Home Loan Bank systems.
- Provides liquidity to supervised financial service companies,
such as savings and loans and credit unions. The bank system
has several districts.
- The board which charters and forbids discrimination in the
sale.
- A government sponsored agency that is also a publicly traded
company on the New York Stock Exchange that purchases mortgage
loans from mortgage bankers and financial depository institutions.
FHLMC is a major secondary market investor.
- A federal agency which insures first mortgages, enabling lenders
to loan a very high percentage of the sale price.
- See Fannie Mae.
- The regulatory agency for certain commercial banks and bank
holding companies. Sets monetary policy for the country and
provides liquidity for supervised financial institutions.
- A lien attached to property for nonpayment of a federal tax.
- The U.S. government's method to identify individual and company's
annual tax responsibility. The tax returns identify the income
and taxes.
- Highest possible degree of ownership of land. The estate allows
owners to have unrestricted powers to dispose of property, and
which can be left by will or inherited.
- A person in a position of trust or responsibility with specific
duties to act in the best interest of a client. Real estate
brokers and mortgage brokers are fiduciaries.
- Banks, savings and loans or credit unions.
- Mortgage holding priority over the claims of subsequent lenders
against the same property.
- Personal property affixed to structures or land, usually in
such manner that they cannot be independently moved without
damage to themselves or the property housing, supporting, or
pertintent to them. Varies under state laws.
- A proceeding in or out of court to extinguish all rights,
title and interest of the owner(s) of a property in order to
sell the property and satisfy a lien against it.
- See Federal Home Loan Mortgage Corporation.
- Revealing all known facts which may affect the decision of
a buyer or tenant.
- Impairment of functional capacity or efficiency. For example,
homes without indoor plumbing (while they may contain working
outdoor plumbing facilities) are considered functionally obsolete.
GLOSSARY:
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