FALSE
PERSONATION:
The act of a person who falsely and fraudulently
claims to be another person.
FALSIFICATION:
The forging, altering, or counterfeiting of a
document, or knowingly making untruthful statements
or misrepresentations.
FEE
SIMPLE ABSOLUTE:
(Commonly called fee simple) A term describing
the total interest a person may have in land.
Such an estate is not qualified by any other interest
and passes upon the death of the owners to the
heirs free from any conditions.
FEE
SIMPLE DEFEASIBLE:
A fee simple estate that can be lost or defeated
by the happening of some event which occurs after
the initial grant, e.g., a breach of a condition
as contained in a deed restriction.
FEOFFMENT:
The granting of a fee.
FEUDAL
SYSTEM:
A political and economic system which prevailed
in Europe based upon the relation of overlord
to vassal. The feudal lord held paramount title
to the land. The interest in land acquired by
vassals was impermanent, and title always reverted
to the lord upon the vassal's death.
FICTITIOUS
NAME:
A name used for business purposes that differs
from the true name of the owner of the business.
FIDUCIARY:
A person who bears a special relationship of trust,
confidence, and responsibility to others, such
as a trustee or agent.
FILE
AND USE:
In most states, title insurers file rate schedules,
title insurance policy forms and endorsement forms
with the State Insurance Department or other state
agency and then may use such items or rates within
a specified period of time after filing. Rates
so filed ususally are mandatory.
FILING:
In the title industry, this term relates to the
delivery of real estate instruments to a recorder
for recording.
FINANCING
STATEMENT:
Evidence of a personal property security agreement
that may be filed with the Secretary of State
or recorded with the county recorder under prescribed
conditions. The financing statement has replaced
the chattel mortgage and will affect real property
if it relates to crops or timber.
FIRST
MORTGAGE:
A mortgage having priority as a lien over any
other mortgage or lien on the same property.
FIXTURE:
Personal property which is permanently attached
to real estate such as plumbing fixtures. So long
as a fixture is permanently attached, it is usually
regarded as part of the real estate.
FORECLOSURE:
A legal proceeding for the collection of real
estate mortgages and other types of liens on real
estate, which results in cutting off the right
to redeem the mortgaged property and often involves
a judicial sale of the property to pay the mortgage
debt.
FORECLOSURE
SALE:
Sale of property pledged as security for a debt.
The property is sold to pay the debt after a default
occurs.
FORESHORE:
Land between the low water mark and high water
mark, covered and uncovered by the ebb and flow
of the tide.
FORFEIT:
(1) Money or a right which a person loses upon
failure to perform an agreement, obligation, or
duty. (2) The act of losing money or a right as
described.
FORGED:
Fraudulently executed; counterfeited.
FORGERY:
The fraudulent signing of another's name to an
instrument such as a deed or mortgage or check.
FRANCHISE:
(1) A right or privilege conferred by law, e.g.,
Right to operate a railroad or a bus service.
(2) A contractual right to engage in a particular
business using a trade name or designation owned
by another person.
FRAUD:
A deception deliberately practiced in order to
obtain an unfair or unlawful gain.
FRAUDULENT:
Obtained, performed, or characterized by deceit
or fraud.
FREEHOLD:
A life estate or a fee simple estate.
FRONT
FOOT:
A unit of measurement, one foot in length, along
the front boundary line of a piece of property
which measurement, when assigned a dollar value,
is a factor in determining the total value or
sale price of a tract.
FUTURE
ADVANCE CLAUSE:
Clause in a deed of trust permitting the lender
to make additional advances in the future that
will also be secured by the deed of trust. (See
"Open-end Mortgage.")
FUTURE
INTEREST:
An estate in real property entitling the owner
to possession and enjoyment at a future date.
