Glossary of Terms

• Fair Market Value

  Amount of money for which property will sell following negotiations between the owner of such property who will sell but is not required to sell and a proposed Buyer for such property who is not obligated to buy such property.
  
  
• Fixed Rate Mortgage

  A loan in which the rate of interest is fixed over the life of the loan. Payments on a fully amortized, fixed rate loan will not change.
  
  

• FHA (Federal Housing Administration)

  A federal agency which insures first mortgages, enabling lenders to loan a very high percentage of the sales price.
  
  
• Floodplain

  The extent of the land adjoining water which, because of its topography, would flood if the water overflowed its banks.
  
  
  
  

The South Central Wisconsin MLS serves Dane, Sauk , Columbia, Rock, Dodge, Iowa, Green, Lafayette, Grant, and Richland Counties, as well as portions of Jefferson, Crawford, Vernon, Juneau, Monroe, Adams, Marquette, Green Lake, and Waushara Counties.

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