The amount that a property would command if it were currently available for lease. Contrast with Contract rent. See Economic rent, Rent control, Section 8 housing.
Archives: Glossary Terms
Fair Market Value
The amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under any pressure to buy or sell.
Federal Fair Housing Act of 1968
A federal law that prohibits discrimination against any person due to race, color, religion, sex, handicap, familial status, or national origin in the sale, rental, leasing, financing and advertising of housing or in the prevention of real estate brokerage services
Fee Simple
In modern estates, the terms “fee” and “fee simple” mean substantially the same thing.
Fee Simple Absolute
A Title that is absolute and unqualified and is the best one can have giving complete ownership and control of real property without any conditions or limitations..
Fee Simple Defeasible
An estate in fee subject to the occurrence of a condition happening subsequently or afterwards, upon which the estate may be terminated. See Fee simple determinable.
Fee Simple Determinable
A fee that may terminate upon the occurrence of a specific event that may or may not ever occur or the time of which is uncertain..
Fee Simple Estate
The greatest interest that one can have in real property which is unqualified, of indefinite duration, freely transferable and inheritable..
Fee Simple Limited
See Fee simple determinable
Fee Simple Qualified
An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs. See Fee simple determinable.