Dictionary

Follow-up

Definition:   What a sales associate does after a sale to maintain customer contact and goodwill. Pronunciation:   \ˈfä-lō-ˌəp\ Used in a Sentence:   A few weeks after the sale the agent did...

Flag Lot

Definition:   A lot characterized by a long access road or driveway leading back to the main part of the lot. Pronunciation: Used in a Sentence:    When we looked at...

Fixture

Definition:  An article that was once personal property bu has been so affixed to the real estate it has become real property (such as tile, track lighting, fencing) Pronunciation:   \ˈfiks-chər\...

First Mortgage

Definition:  A mortgage on a property that is superior in right to any other mortgage, the first mortgage recorded. Pronunciation: Used in a Sentence:   When paying off mortgage debt, the...

Final Order

Definition: A decision rendered by the FREC. Pronunciation:  \ˈfī-nəl\ \ˈȯr-dər\ Used in a Sentence:    The FREC issued a final order at the conclusion of the informal hearing.

Fiduciary

Definition:   A person in a position of trust and confidence with respect to another person. Pronunciation:   \fə-ˈdü-shē-ˌer-ē\ Used in a Sentence:  A fiduciary’s responsibilities are both ethical and legal.