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Glossary (click letters)

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FAIR MARKET VALUE – an appraisal term for the price which a property would bring in a competitive market, given a willing seller and willing buyer, each having a reasonable knowledge of all pertinent facts, with neither being under any compulsion to buy or sell.

FARM – land used for agricultural purposes for crop and livestock farming.

FEDERAL FUNDS (FED FUNDS) – Fed Funds is the interest rate charged by those banks with excess reserves on hand (reserves over and above the minimum required by the Federal Reserve) to those banks in need of overnight loans to meet reserve requirements. Since it is set daily, the Federal Funds rate is the most sensitive indicator of the direction of interest rates.

FIT–OUT – tenant improvements within a commercial property.

FIXED–RATE MORTGAGE – a mortgage with an interest rate that remains constant for the life of the loan.

FIXTURES – personal property which for some reason, such as the manner of attachment, has become realty. Such property is also referred to as chattel real.

FLEX SPACE – an industrial property, which has both an office and an industrial component.

FLOOR–TO–AREA RATIO (FAR) – the relationship between the total amount of floor space in a multi–story building and the base of that building. FAR’s are dictated by zoning laws, in effect, stipulate the maximum number of stories a building may have.

FORECLOSURE – the process by which a lender takes back a property on which the mortgage has defaulted. A service may take over a property from a borrower on behalf of a lender. A property usually goes into the process of foreclosure if payments are more than 90 days past due.

FOUNDATION – the concrete slab beneath the property, which holds the property in place.

FRANCHISE FEES – the fee is usually an initial purchase requirement plus an ongoing percentage of gross sales of the business.

FRANCHISE – a business arrangement undertaken for the purpose of marketing a product or service. One party (the franchiser) provides marketing and selling expertise for a fee to another party (the franchisee) who in turn sells the product or service in the marketplace.

FREESTANDING RETAIL – a building which contains only one retail business. Fast–food franchises and retail stores are often freestanding buildings.

FREESTANDING – one commercial building meant to be occupied by a single user.

FULL SERVICE – a hotel definition that represents services provided to its guests outside of lodging (i.e. room service, concierge services, and restaurant).

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