FACE BRICK
A treated brick, usually glossy and of even quality, made for use as an exterior finish.
FACE VALUE
The value of notes, mortgages, etc., as stated on the face of the instrument, and not considering any discounting.
FACED WALL
A masonry wall, using different materials as a facing and backing, but with facing and backing bonded as one unit for load-bearing.
FACILITATOR
See: Qualified Intermediary.
FACTOR
(1) One who buys or sells goods in his own name, but acting as an agent for another. (2) One who buys accounts receivable at a discount.
FACTORING
Purchasing accounts receivable from a business at a discount.
FAIR CASH VALUE
See: Market Value.
FAIR CREDIT REPORTING ACT
A federal law giving one the right to see his or her credit report so that errors may be corrected. A lender refusing credit based on a credit report must inform the buyer which company issued the report. The buyer may see the report without charge if refused credit, or for a charge if just curious.
FAIR MARKET VALUE
Price that probably would be negotiated between a willing seller and willing buyer in a reasonable time. Usually arrived at by comparable sales in the area.
FAIR RENTAL
See: Economic Rent.
FAIR VALUE
The setting of a reasonable value by a court or board, for the establishment of public utility rates.
FAIRWAY
(1) The deepest part of a river or bay, through which boats travel. (2) A passageway kept open in a harbor or bay for boats to enter or exit. (3) A portion of a golf course, bounded on its width by the rough and on its length by the tee and the green.
FALLOW
(1) Land tilled and prepared for planting, but not planted. A method of soil conservation. (2) Land left idle which would ordinarily be planted.
FALSE ADVERTISING
In most instances when in connection with real estate, newspaper classified advertising which misrepresents the property, price or terms. A broker may have his or her license suspended or revoked if the offense is prolonged or deliberately fraudulent.
FAMILY ROOM
A room used informally for recreation, usually built off the kitchen.
FAN WINDOW
See: Circlehead Window.
FANNIE MAE
See: FNMA.
FARM
(1) A large parcel of land devoted to raising crops. (2) Land used for producing dairy products (dairy farm) or raising certain fish or animals, such as a lobster farm, oyster farm, etc. (3) A geographical area in which a real estate salesperson concentrates his or her business efforts (farms).
FARMER HOME ADMINISTRATION (FMHA)
The federal agency which makes, participates in, and insures loans for rural housing and farms.
FASCIA
A flat, long finishing band or board, used at the outer edge of a cornice, or to conceal rafter ends.
FAST FOOD RESTAURANT
A limited menu restaurant, offering quick service, low prices, and usually over-the-counter service rather than table service.
