The Real Estate
Encyclopedia: F-J

FAR stands for Floor Area Ratio (sometimes called FSI, or Floor Space Index). This ratio tells you how much you’re allowed to build on a parcel of land; it’s a ratio that compares the total floor space in a building to the size of the plot it sits on. It’s pretty...

Horizontal improvements are the physical infrastructure components installed on a parcel of land to prepare it for development and occupancy prior to vertical construction. Unlike vertical improvements, which refer to buildings and above-ground structures, horizontal...

A Guaranteed Maximum Price (GMP) is a construction contract arrangement in which a contractor agrees to complete a project for a price that will not exceed a specified maximum amount, except in cases involving approved scope changes or unforeseen conditions defined...

A form-based code is a land development regulation system that emphasizes the physical form, design, and spatial relationship of buildings and public spaces rather than strictly separating land uses through conventional zoning categories. Unlike traditional zoning...

A flag lot is a parcel of land characterized by an irregular shape in which the main buildable portion of the property is set back from the public street and connected to it by a long, narrow access strip. The configuration resembles a flag attached to a pole, with...

Fee simple absolute is the highest and most complete form of property ownership recognized under modern real estate law. It grants the owner full possessory rights to the property for an indefinite duration, including the rights to occupy, use, sell, lease, transfer,...

The Fair Housing Amendments Act of 1988 (FHAA) is a federal law that expanded and strengthened the protections established under the Fair Housing Act of 1968. Enacted as Title VIII amendments to the Civil Rights Act, the FHAA prohibits discrimination in the sale,...

The Homeowners Protection Act (“HPA”), also known as the Private Mortgage Insurance Cancellation Act of 1998, is a federal law that establishes rules for the cancellation and termination of private mortgage insurance (“PMI”) on certain residential mortgage loans. PMI...

A Home Equity Line of Credit (“HELOC”) is a revolving line of credit secured by the equity a borrower has in a residential property. Unlike a traditional mortgage or home equity loan that provides a lump-sum disbursement, a HELOC allows borrowers to access funds as...

The Fair Credit Reporting Act (“FCRA”) is a federal law enacted in 1970 to promote accuracy, fairness, and privacy in the collection and use of consumer credit information. The law regulates how consumer reporting agencies, lenders, employers, and other entities...