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Real Estate / Mortgage Glossary : F
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Fair Market Value
The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.
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FAQ
Short for frequently asked questions. The section of a Web site where the bank or financial institution posts answers to consumers' most commonly asked questions about the banking services.
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Fee Simple
Outright ownership of real estate, free of any liens or other claims against title.
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Fee Simple Defeasible
A condition in which someone has outright ownership of real estate, free of any liens or other claims against title, but whose use of the property has restrictions
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Fiduciary
An individual, company or association responsible for managing someone else's assets. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy and those responsible for managing the finances of a minor.
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Fiduciary Duty
A requirement that a person in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and honesty on behalf of a client.
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Field Changes
Modifications made to a building on-site.
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Filing Extension
An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
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Finance Canada
Federal department responsible for Canada's economic performance and regulation of financial institutions.
Click here to visit website.
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Finance Charge
The charges that include all of the interest expected to be earned over the life of a loan, in addition to the service charges, mortgage insurance premiums and certain other charges related to a loan.
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Finder Fee
A fee paid by a party to another for services rendered.
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Firm Commitment
A lender's promise to lend money to a specific borrower on specified terms at a certain time.
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