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PENTHOUSE An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building. FEE SIMPLE The largest estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land: it is of indefinite duration, freely transferable and inheritable. Fee simple title is sometimes referred to as "the fee. FEDERAL HOUSING ADMINISTRATION (FHA) A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans. SECOND MORTGAGE A mortgage which is junior or subordinate to a first mortgage; typically, an additional loan imposed on top of the first mortgage, which is taken out when the borrower needs more money. CERTIFICATE OF TITLE Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance. PROPERTY MANAGEMENT That aspect of real estate devoted to the leasing, managing, marketing and overall maintenance of the property of others. |
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