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Fair Market Value (FMV)

See Market Value.

Fee Simple

The largest possible estate, right of ownership or interest in a property a person can have without time limitation.


A person serving in a position of trust and confidence for another.

Final Value Estimate

See Reconciliation.

Finance Charge

A fee that must be paid to get a loan.

Firm Commitment

An agreement to loan or insure a loan on a property.

First Mortgage

A mortgage that is first obtained on a home and is first to be foreclosed.

First Proviso

An old designation for household goods.

Fixed Ceiling for Repairs

A clause in an offer to purchase asking the seller to pay for any repairs the purchaser sees necessary. These costs are usually negotiated in an offer.

Fixed Expenses

Annual costs, like taxes or insurance, that must be paid whether or not the property is occupied.

Fixed-Rate Loan

A mortgage loan in which the interest rate stays the same for the term of the loan.


An item that once was personal property, but became real property when it was affixed to real estate. The item, unless specifically noted by the seller, will be included in the sale of the property. Large appliances are often left behind by the seller and added to the sale.

Flat Floor

A term referring to the structure of the floor of a trailer. A freight flat floor is level from the trailer's nose to its back door. A household goods trailer floor is initially level, but drops at the front deck, then becomes level again, and is not a flat floor.

Flatbed Carrier

A carrier using flatbed trailers under the terms, rates and authorities of a household goods carrier for transport of containerized household goods between ports and/or warehouses. Charges for such carriage are normally based on net weight of the shipment, but often subject to a specified minimum density factor.

Flexible Payment Loan

A fixed-term, fixed-rate mortgage, with a reduced monthly payment, where a portion of the down payment goes into escrow and the borrower pays reduced payments that gradually increase over time. The balance of the payment comes from the escrow account until payment reaches the full amount.

Fly Sheet

A document containing specific information on each real estate listing such as room descriptions. Also called Data Sheet or Information Sheet.


Delaying foreclosure on a mortgage with an agreement to make up payments at a later date.

Force Majeure

The title of a common clause in contracts, exempting the parties for non-fulfillment of their obligations as a result of conditions beyond their control, such as earthquakes, floods or war.


Procedure whereby a lender sells a property to collect payment due to default and to pay off debt.

Foreign Post

See Host Country.

Foreign Salary

See Host Country Payment.

Foreign Service Premium

A cash allowance given to an employee who agrees to transfer to a foreign location. Also called International Adjustment Allowance or International Assignment Premium.

Foreign Service Vacation

A vacation to the expatriate's home country while still assigned to a foreign location. The price of the trip is usually reimbursed or partly reimbursed by the company, but regular vacation time is used.


The loss of the right of something because of failure to meet the terms of an agreement.

Formal Entry

See Consumption Entry.

Forwarding Fee

A fee charged by a lender for information on a loan such as processing a mortgage payoff.

Free on Board (FOB)

Used to clarify who pays freight charges in connection with the selling price of an article by the seller to the buyer at a specified point. It must always be followed by clarification as to what point the cargo has been handled free on board, e.g., dock of warehouse at origin, and should always specify to what point the freight charges have been prepaid.


A period of time specified by a carrier during which no charge will be assessed for holding cargo at a pier, dock, warehouse facility, etc., pending pickup by a consignee, or for allowing a container, trailer or railcar to be held by a customer or consignee for loading or unloading. See Demurrage and Detention.


Goods to be shipped or transported.

Freight All Kinds (FAK)

Rates assessed regardless of the commodity being transported. It is normally used with ocean or rail carriage, and normally only when no specific commodity rate is available.

Freight Bill

A document for describing a shipment, its weight, amount of charges, the rate for charges, taxes and whether charges are collected or prepaid.

Freight Charges

The charge assessed for transporting freight.

Freight Forwarder

A licensed business that assembles and dispatches shipments on behalf of others in foreign or domestic commerce and handles the formalities involved with such shipments.

Front Footage

The measurement of the length of the property line that borders the street.

Fuel Surcharge

A mechanism for distributing needed fuel-cost recovery revenue to van operators and haulers who are responsible for purchasing fuel.

Functional Obsolescence

Defects in a structure that take away from its value, and ultimately, its marketability. Such defects usually involve physical or design features of the structure that are no longer desirable to property buyers. These defects are referred to as curable if they can be replaced and incurable if they cannot.

Furniture Allowance

See Household Furnishing Allowance.