In real estate, an estimate of the quality or value of property; the process by which conclusions of the value of property are obtained; also refers to the report setting forth the estimate of value together with the basis for such conclusions.
|Federal Housing Administration (FHA)|
An agency of the U.S. Department of Housing and Urban Development (HUD). It insures residential mortgage loans made by private lenders. FHA also sets standards for underwriting mortgages.
|Home Owners Association (HOA)|
A nonprofit organization that manages the common areas and services of a planned unit development or condominium project. In a condominium project it has no ownership interest in the common areas; in a planned unit development it holds title to common areas.
A mortgage made subsequent to another and subordinate to the first one.