| F Terms
: |
Face Rental Rate
|
The asking rental rate published by the landlord. |
Fair Housing Act
|
A law that prohibits discrimination in all facets of the
homebuying process on the basis of race, color, national origin,
religion, sex, familial status, or disability. |
Fair Trading
|
Office of Fair Trading and Business Affairs, an office of
the Department of Justice in Victoria and in New South Wales.
In Queensland, Northern Territory and the Australian Capital
Territory it is known as Consumer Affairs; in Western Australia,
the Minis. |
Fee Simple
|
An estate under which the owner is entitled to unrestricted
powers to dispose of the property, and which can be left by
will or inherited. Commonly, a synonym for ownership. |
Fibro Cement
|
Building material made of compressed fibres cemented into
rigid sheets. |
FID
|
Financial Institutions Duty. State duty on the receipts
of financial institutions. |
Fiduciary
|
A person who essentially holds the character of a trustee.
Real estate agents and salespersons are considered by law
to be fiduciaries, thus they have a duty to act primarily
for the benefit of the principal (the person who employed
them). |
Finance
|
The commercial activity of providing funds and capital. |
First Mortgage
|
The senior mortgage which, by reason of its position, has
priority over all junior encumbrances. The holder of the first
or senior mortgage has a priority right to payment in the
event of default. |
First Refusal Right or Right Of First Refusal
|
A lease clause giving a tenant the first opportunity to
buy a property at the same price and on the same terms and
conditions as those contained in a third party offer that
the owner has expressed a willingness to accept. |
Fittings
|
Objects that can be removed from a property without causing
damage to it. |
Fixed Expenses
|
Expenditures such as property taxes, license fees, and property
insurance that are not directly affected, by the occupancy
of the property. |
Fixed Rate Mortgage
|
A mortgage in which the interest rate does not change during
the term of the loan. |
Fixtures
|
Personal property that becomes real property when attached
in a permanent manner to real estate. |
Flex Space
|
A building providing its occupants the flexibility of utilizing
the space. Usually provides a configuration allowing a flexible
amount of office or showroom space in combination with manufacturing,
laboratory, warehouse distribution, etc. |
Footing
|
The footing supports the building on its foundation. |
Foreclosure
|
A legal process in which mortgaged property is sold to pay
the loan of the defaulting borrower. |
Foreign Direct Investment
|
investment made by a foreign individual or company in productive
capacity of another country . for example, the purchase or
construction of a factory. |
Freddie Mac
|
Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered
corporation that purchases residential mortgages, securitizes
them, and sells them to investors; this provides lenders With
funds for new homebuyers. |
Freehold
|
An estate in real property which continues for an indefinite
period of time. Freehold estates may be inheritable or non-inheritable.
Inheritable estates include the fee simple absolute, the qualified
fee, and the fee tail. Non-inheritable estates include |
Future Proposed Space
|
Space in a proposed commercial development which is not
yet under construction or where no construction start date
has been set. |