Glossary

The front exposure of any building. Often used to describe an artificial or false front which is not consistent with the construction of the rest of the building.

A federal law regulating the way credit agencies disclose consumer credit reports and the remedies available to consumers for disputing and correcting mistakes on their credit history.

The price at which two unrelated parties, under no duress, are willing to transact business.

A private, shareholder-owned company that works to make sure mortgage money is available for people to purchase homes. Created by Congress in 1938, Fannie Mae is the nation’s largest source of financing for home mortgages.

The boards that enclose the eaves.

The U.S. Government agency created in 1933 which maintains the stability of and public confidence in the nation’s financial system by insuring deposits and promoting safe and sound banking practices.

A sub-agency of the U.S. Department of Housing and Urban Development created in the 1930’s to facilitate the purchase of homes by low-income, first-time home buyers. It currently provides federally-subsidized mortgage insurance for private lenders.

A certified, professional appraiser who forms an opinion of the fair market value of property and receives a set fee in exchange.

A complete, unencumbered ownership right in a piece of property.

A form or ownership, or holding title to real estate. It is the most complete form of title, having an unconditional and unlimited interest of perpetual duration.

A mortgage that is insured by the Federal Housing Administration (FHA).

The opinion of value of a piece of property resulting from an appraisal following the USPAP guidelines.

The primary loan or mortgage secured by a piece of property.

A mortgage which has a fixed rate of interest over the life of the loan.

Any piece of personal property which becomes permanently affixed to a piece of real property.

The metal used around the base of roof mounted equipment, or at the junction of angles used to prevent leaking.

Supplemental insurance which covers a home owner for any loss due to water damage from a flood. Often required by lenders for homes located in FEMA-designated flood zones.

The representation of a building which shows the basic outline of the structure, as well as detailed information about the positioning of rooms, hallways, doors, stairs and other features. Often includes detailed information about other fixtures and amenities.

The furnace exhaust pipe, usually going through the roof.

The valve between the toilet bowl and the tank.

The partially buried support for a vertical structural member such as a post.

The process whereby a lender can claim the property used by a borrower to secure a mortgage and sell the property to meet the obligations of the loan.

The loss of property or money due to the failure to meet the obligations of a mortgage or loan secured by that property.

The solid structural element upon which a structure is built.

The segment of a property that runs along a point of access, such as a street or water front.

A decrease in the value of property due to a feature or lack thereof which renders the property undesirable. Functional obsolescence can also occur when the surrounding area changes, rendering the property unusable for its originally intended purpose.