Glossary of terms
Fee Simple: The legal term for the maximum interest in land available to a
person, or the maximum of legal ownership. Equivalent in many ways, for
practical purposes to absolute ownership.
Fiduciary: A person who holds a position of trust with respect to someone else
and is obliged, by virtue of the relationship of trust, to act solely in the other
Fixed-rate Mortgages: With this type of mortgage, the interest rate is set at a
specific level for a certain term, ranging from six months to five years or more.
Foreclosure: A legal action taken by a mortgagee to obtain possession of a
property, by reason of the mortgagor's default in payment of the principal and
or interest of the mortgage debt.
Fully Amortized Mortgage: Loan which is repaid completely by a series of
payments over the full duration of the amortization period.