Real Estate Glossary Letter : F 

Real Estate Glossary Letter : F 

******************************

 

FACADE – The exterior face of a house or other building. Commonly referred to by style names – eg. Traditional, Colonial, Federation, Classic, Executive, Regency, Riviera, Tuscany, Vogue and many more.

FASCIA– A board carrying a gutter around the eaves of a building.

FAMILY ROOM – An informal living room, usually the centre of family activities.

FEATURE SURVEY – A survey to determine the boundaries of a property.

FEE SIMPLE – The fullest and highest possible estate one can possess in real estate. Ownership of unlimited duration. Upon the owner’s death, real estate will pass to their heirs. Note, however, that in Australia, no person other than the Crown can ‘own’ land absolutely.

FENCE – A wall-like barrier around an allotment, yard or farm, usually of wood or steel wire or colour bond, but may be of brick or other material.

FIBRO CEMENT – Building material made of compressed fibres cemented into rigid sheets.

FIDUCIARY DUTY – The relationship between a real estate agent and a client is called a fiduciary relationship. Fiduciary means faithful servant, and an agent is a fiduciary of the client called the principal. In real estate, an agent can be the agent of a seller or a buyer but not both.
Agents usually act in the sellers’ best interest with the authority of a Sales Agency Agreement which sets out their duties and responsibilities. It is one based on trust.
Here’s are some of the fiduciary duties that an agent owes the client. Care: The agent must use all their skills to the best of their ability on behalf of the client. Confidentiality: The agent must keep confidential any information given to them by her client, especially information that may be damaging to the client in a negotiation. Disclosure: The agent must disclose to the client any information they receive that may benefit the client’s position in a negotiation. Loyalty: The agent owes undivided loyalty to the client and puts the client’s interests above their own. Obedience: The agent must obey all lawful orders that the client gives her.

FIDUCIARY RELATIONSHIP – One of trust and confidence in which the agent owes the client certain duties. These include care, obedience, loyalty, disclosure, accounting, and confidentiality. In real words, the agent’s fiduciary responsibility to their client means, your goals and interests are what we work for. This is a legal relationship, with legal requirements.

FIELD BOOK – Field books are old Lands Department records. These are filed in a storeroom adjacent to the survey examination section. They can be viewed on request at the plan lodgement counter. The Land Services Group holds an index book listing the date issued and the surveyor that the book was issued to.

FINANCE APPROVAL IN WRITING – This is written notification provided to a buyer, advising that their bank or financial institution has agreed to lend them money to purchase a certain property. Sometimes known as unconditional loan approval.

FINANCE BROKER – Helps borrowers by providing expert information in comparing the many loans available in the marketplace. A qualified broker looks at the client’s specific needs and circumstances and should be able to interpret which type of loan best suits their client and why. They should actively follow through on a borrowers’ application every step of the way.

FINGER JOINT – A method of creating a longer piece of moulding by interlocking two shorter pieces end to end.

FINIAL – Decorative finish at the top of the gable.

FINISH – The natural surface of a material, or the final applied coat for the walls, floors or ceilings.

FIRE RESISTANCE RATING – Means the minimum period of time during which an element of a structure may be expected to function satisfactorily while subjected to a standard fire test, as set down by the relevant authority.

FIREPROOFING – The use of incombustible materials to protect structural components of a building so it can withstand a complete burn-out of contents without losing structural integrity.

FIRST HOME OWNERS GRANT – FHOG – A scheme providing first homeowners with a financial incentive to purchase a home.

FIRST RIGHT OF REFUSAL – The right granted to a person to have the first privilege to buy or lease real estate, or the right to meet any offer made by another.

FISCAL YEAR – The business year as distinguished from the calendar year. The most commonly used period in Australia is 1 July to 30 June.

FIT OFF – The installation of fixtures and elements after the rough-in phase.

FITTINGS – Items which can be removed without damaging the property such as garden ornaments, lighting and air conditioners. They must be listed in the contract of sale if the buyer wants them to remain with the property.

FIXED FLOOR COVERINGS – Fixed to the floor – wall to wall carpet, kitchen lino, laminate flooring etc. This term does not cover loose rugs.

FIXED INTEREST RATE – An interest rate that remains unchanged for a set period, for example, for the whole term of the loan, or the first year of a loan.

FIXED PRICE CONTRACT – Also referred to as a Lump Sum contract – A contract with a set price for the work; the final cost for the owner is the same whether the contractor’s actual expenses for labour and materials is lower or greater than the estimate.

FIXED RATE MORTGAGE – A loan with a locked-in interest rate.

FIXTURES – Items, which are attached to the property and cannot be removed without causing damage to the property such as bathroom suites, carpets, window fittings, built-in wardrobes and kitchen stoves. They are usually included in the sale.

FLASHING– Sheet metal, copper, lead, or tin used in roof and wall construction to protect a building from seepage of water.

FLAT – A self-contained dwelling unit in a multi-unit building.

FLAT ROOF – A roof having a slope just sufficient to provide for proper drainage; one where the pitch does not exceed 20 degrees.

FLIGHT – An uninterrupted series of steps between floors or between a floor and a landing.

FLOAT AND SET – A two-step technique for applying plaster to brickwork. After the undercoat layer of plaster has partially set, the top coat is applied and trowelled to a smooth finish.

FLOOR AREA – The Total horizontal surface of a specific floor, or the total area of all floors in a multi-storey building.

FLUE – Large pipes that allow fumes to escape from a fireplace, a furnace, or a gas water heater.

FOOTING – That part of a construction designed to transfer loads of the superstructure to the supporting foundation distributing it over a greater area. Usually constructed of reinforced concrete to support base brickwork. It ties or locks the foundation into the ground, preventing shifting or settling

FORCED SALE – The act of selling real estate, normally by court order. Usually, sales like this are made at auction. A forced sale may be as a result of a breach under a mortgage, unpaid taxes or council rates.

FORECLOSE – Removing the right, title and interest of the owner of a property or asset, usually due to a default of due payments.

FORECLOSURE – A Term used in the USA for a Morgagee Sale. Not commonly used in Australia. (See Mortgagee Sale)

FORFEIT – The loss of anything of value because of failure to act or otherwise do that which was agreed upon. A purchaser under an unconditional contract of sale may forfeit his deposit if he fails to effect a settlement by the due date.

FORM 1 (Vendor’s statement) – Information which the seller must provide to the buyer advising of restrictions such as easements and outgoings such as rates, and any other notices.

FORMWORK – Wood or other materials used to shape concrete as it dries.

FOREIGN INVESTMENT REVIEW BOARD – FIRB – An Australian Government entity that reviews foreign investment proposals and advises Government on foreign investment policy.

FOUNDATION – The natural or built-up formation of soil, sub-soil or rock upon which a building or structure is supported. OR The supporting portion of a building, including the footings.

FRAME – (i) In joinery, the name given to the frame around a door or window opening.
(ii) In carpentry, the main timbers of a structure when fitted and joined together.

FRAMED BUILDING – A construction built around a weight-bearing skeleton or framework.

FREE AND UNRESTRICTED RIGHT OF WAY– A specific right of way as set out in section 89 and schedule 5 of the Real Property Act 1886.

FREEHOLD – Absolute ownership subject to limitations imposed by the state; also known as a fee simple estate. An estate held in perpetuity.

FRONTAGE – The distance land or a building extends on a street, where a building faces.

FSBO – FOR SALE BY OWNER – A home that is being sold by the owner of the property without the representation of a broker.

Designed by Rayantaban