FAIR MARKET VALUE. The price obtainable in the market which is fair in view of conditions currently existing; The price at which a willing seller will sell and a willing buyer will buy, neither being under pressure.
FIDUCIARY. A relationship of trust; A person in a position of trust and confidence, such as a real estate broker who has the legal duty of loyalty to act in the best interests of his principal.
FIXTURE. Personal property which has become real property because it is attached to real property and is intended by the parties to pass with the property or because of custom in the locality, and it can not be removed without agreement.
FORECLOSURE. A lender-initiated procedure whereby property mortgaged or pledged in security of a debt is sold to pay the debt in the event of default in payments or terms.
FORFEITURE. The loss of money or anything of value due to the failure to perform an act as agreed upon.
FORESHORE. Land between and high-and low-tide lines. The owner owns absolutely up to the high-tide marks, but is subject to the right of the public to the low-tide line.
FRAUD. The intentional and successful employment of any cunning, deception, collision or artifice used to circumbent, cheat or deceive another person whereby that person acts upon it resulting to the loss of his property and to his legal injury.
FREEHOLD. An estate in fee simple; A life estate.
FRONT FOOT. A measurement one foot wide starting on the streetline to a depth of 100 feet.
