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Canadian Real Estate / Mortgage Glossary : F

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

 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.

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.

 Fee Simple
Outright ownership of real estate, free of any liens or other claims against title.

 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

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.

 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.

 Field Changes
Modifications made to a building on-site.

 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.

 Finance Canada
Federal department responsible for Canada's economic performance and regulation of financial institutions.
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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.

 Finder Fee
A fee paid by a party to another for services rendered.

 Firm Commitment
A lender's promise to lend money to a specific borrower on specified terms at a certain time.

 First Lien
Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.

 First Mortgage
A mortgage that is the primary lien against a property.

 Fiscal Deficit
When the government spends more money than it receives in revenue over the course of one year.

 Fiscal Policy
The use of government spending and taxation policies to influence the economy.

 Fiscal Surplus
When the government receives more in revenue than it spends over the course of the year.

 Fixed Assets
Assets like machinery, land, buildings, or property used in operating a business that will not be consumed or converted into cash during the current accounting period.

 Fixed Expenses
Fixed business costs that do not change with the volume of business, such as rent for business premises, insurance payments, utilities, etc.

 Fixed Installment
Periodic (usually monthly) payment on a loan whose sum does not vary.

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