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F

Fiduciary	A person in a position of trust or responsibility with specific duties to act in the best interest of the client
First Mortgage	A mortgage on property creating a prior claim over any subsequent mortgages or charges and usually conveying the legal estate to the mortgagee. Upon foreclosure of the mortgage, the first mortgagee must be fully satisfied out of the proceeds before any subsequent claims.
Fixed-rate Mortgage	This is the usual form of mortgage where interest rate remains the same during the entire; life of the loan.
Fixture	Personal property that has become part of the real estate
Floating Rate of Interest	Rate of interest which fluctuates a certain number of percentage points above or below prime lending rates.
Foreclosure	Remedial court action taken by a mortgagee when default occurs on a mortgage, to cause forfeiture of the equity of redemption of the mortgagor.
Freehold	The ownership of a tract of land on which the building(s) are located. The most common type of ownership of real estate.
Front Foot	Measurement of land along a street or waterfront each front foot is one foot wide and extends to the depth of the lot.