The Real Estate
Encyclopedia: F-J

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...

The Home Ownership and Equity Protection Act (“HOEPA”) is a federal consumer protection law enacted in 1994 as an amendment to the Truth in Lending Act (“TILA”) to address abusive lending practices associated with certain high-cost mortgage loans. HOEPA establishes...

The Gramm-Leach-Bliley Act (“GLBA”), enacted in 1999, is a federal law that governs how financial institutions collect, protect, and share consumers’ nonpublic personal information. The law applies to a broad range of financial institutions, including banks, mortgage...

A “hard pull” (also called a hard inquiry) on a credit report occurs when a lender reviews a borrower’s credit history as part of a formal application for credit, such as a mortgage loan. In the mortgage context, the lender obtains the borrower’s credit report from...

In real estate and insurance, Insurable Value refers to the amount for which a property is insured against loss or damage. It typically includes the value of the improvements, such as buildings and structures, but excludes the value of the land and other components...